Asyad Shipping Company S.A.O.G. has awarded Hyundai Heavy Industries Co., Ltd. (HHI) shipbuilding contracts for the construction of two new Medium Range (MR) product tankers, with a total contract value of approximately $103.6 million.
The contracts, signed on 8 September 2026, cover the construction of two MR product tankers that will be secured under five-year time charter contracts with a leading global energy company.
The vessels are part of Asyad Shipping’s fleet expansion strategy and are expected to be delivered in 2029. The two 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.
Each vessel will have a deadweight capacity of approximately 49,999 DWT and will incorporate advanced shipbuilding technologies and fuel-efficient designs, representing the next generation of MR product tankers.
The investment will be funded through a combination of existing cash resources and debt financing, in line with Asyad Shipping’s strategy of investing in modern, fuel-efficient maritime assets supported by long-term charter arrangements with leading international energy companies.
The five-year charter agreements are expected to provide long-term revenue visibility while strengthening Asyad Shipping’s ability to meet growing demand for the transportation of refined petroleum products and energy commodities.
According to Asyad Shipping, the addition of the two vessels will enhance the company’s fleet reliability and resilience while supporting its efforts to capture opportunities arising from the continued growth of seaborne energy trade and international energy transportation demand.
The latest contracts follow Asyad Shipping’s earlier order for six MR tankers, announced in July 2026. Together, the vessels will strengthen the company’s presence in the global product tanker market and support its long-term fleet renewal and expansion strategy.
Source: Saudi Gulf Projects