Oman's Asyad Shipping Company has announced that it has awarded Hyundai Heavy Industries Company (HHI) contracts for the construction of two new medium range product tankers as part of its fleet expansion strategy.

Due for delivery in 2029, these tankers will be sister vessels to six MR tankers previously ordered by Asyad Shipping, with the latest additions further expanding the company’s modern product tanker fleet.

The tankers are valued at RO40 million ($104 million), stated Asyad Shipping in filing to the Muscat stock exchange.

The contracts, sealed recently, cover the construction of two MR product tankers that will be secured under five-year time charter contracts with a leading global energy company.

Each vessel will have a deadweight capacity of 49,999 DWT and will incorporate advanced shipbuilding technologies and fuel-efficient designs, representing the next generation of MR product tankers, it stated.-TradeArabia News Service