This story requires a subscription
This includes a single user license.
Asyad revealed the sale of the vessels in a stock exchange announcement on Sunday.
According to the shipping firm, it entered into an agreement to sell its partially-owned LNG
vessels Ibra, Ibri, Nizwa, and Salalah, which were built by the company 20 years ago, on December 23 for $110 million.
Brokers said earlier last year that Asyad sold its 2006-built 147,384-cbm Moss-type vessel, Ibri LNG.
Asyad noted in the announcement that the four vessels are expected to be delivered to the new owner during the first quarter of 2026.
The firm did not disclose the buyer’s name.
The proceeds from the transaction are expected to be received upon the successful delivery of the vessels and will be distributed to the relevant shareholders in proportion to their respective ownership interests in the vessels, it said.
$51 million impact
The four vessels being disposed of formed part of the company’s initial fleet and have served as core assets since the company’s inception.
Following the expiry of their long-term time charter contracts, each with an original
duration of approximately 20 years, the vessels have demonstrated strong financial and technical performance over their operational lives, providing reliable international maritime transportation services for liquefied natural gas, Asyad said.
Asyad expects the transaction to result in a noncash accounting impact of approximately $51 million, as the agreed sale price is below the vessels’ aggregate net book value as of the 31st of December 2025, with a portion of the impact attributable to non-controlling interests and recognised in accordance with applicable accounting standards.
The shipping firm noted that the disposal reflects the company’s ongoing efforts to optimise its fleet profile, particularly in light of the vessel’s age and older technology, as well as the increasing regulatory and commercial challenges associated with the emissions performance of older vessels in the current market environment.
According to its website, Asyad operates a diversified fleet of over 90 vessels with a total deadweight capacity (DWT) of 11.4 million tons.
The LNG fleet includes these four vessels, the 2001-built Sohar LNG, and the 2014-built Adam LNG.
Asyad Shipping’s LNG ships support the transportation of LNG produced at Oman LNG’s Qalhat complex in Oman.
In December 2023, state-owned producer Oman LNG signed a long-term deal to charter two LNG carriers.
Prior to that, Asyad ordered two 174,000-cbm LNG carriers at South Korea’s Hyundai Samho Heavy Industries in December 2022.
