MUSCAT: Total assets of Asyad Shipping Company SAOG and its subsidiaries climbed around 10 per cent to reach a value of RO 1.191 billion as of September 30, 2025, compared to RO 1.085 billion at the end of 2024, the majority state-owned company – part of Asyad Group – has announced.

The increase was mainly due to a rise in property, vessels and equipment, right of use assets and trade receivables, the company stated in the Consolidated Board of Directors report for the nine-month period ended September 30, 2025.

During this period, the publicly traded company has seen its fleet of owned vessels increase to 49, up from 47 at the end of last year, while chartered vessels rose to 38, up from 36. A further 11 vessels are on order in line with the company’s ongoing expansion and growth in commercial activities.

Additions to the fleet during the year included two newly built Product Tankers and two second‐hand Very Large Crude Carriers (VLCCs), Qurayyat and Awabi. In addition, three second‐hand dry bulk vessels have been acquired and are scheduled for delivery during the first half of 2026. Total investments made by the Group in the fleet expansion and equipment during the year amounted to RO 158.6 million.

Meanwhile, net profit across the Group’s investments – spanning ship owning companies, vessel charter hire, voyage activities, and ship management activities – declined to RO 32.6 million for the nine-month period ended September 30, 2025, down from RO 45.9 million for the same period in 2024. Operating profit stood at RO 51.3 million, reflecting a decrease from RO 66.9 million in the comparative period. Gross revenue amounted to RO 252.8 million, representing a decline compared to RO 274.9 million recorded during the corresponding period in 2024.

“The Group’s performance during the first nine months of 2025 reflects the inherent cyclicality of the shipping industry and the broader market environment. The results were notably influenced by ongoing geopolitical and trade uncertainties including tariff adjustments and evolving global trade flows which collectively affected global demand and impacted overall industry performance,” the company stated.

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