Asyad Shipping posted a 41 percent increase in net profit for the first quarter of 2026, driven by stronger profitability, high fleet utilisation and continued expansion of its shipping portfolio, according to a filing on the Muscat Stock Exchange (MSX).
The company reported net profit after tax of RO 16.1 million for the three months ended March 31, 2026, compared with RO 11.4 million in the corresponding period of 2025. EBITDA rose to RO 51.8 million from RO 49.1 million a year earlier, while EBITDA margin expanded to 67 per cent.
Gross revenue stood at RO 77.3 million compared with RO 83.8 million in Q1 2025, while direct costs declined significantly to RO 52.6 million from RO 62.2 million, supporting improved operational efficiency and profitability.
In the MSX filing, Dr Ibrahim al Nadhairi, Chief Executive Officer of Asyad Shipping, said the company's first-quarter results reflected the resilience of its business model amidst cyclical market conditions.
“Our first quarter results reflect the resilience of Asyad Shipping’s business model, with strong margins, improved profitability and high fleet utilisation driven by robust operations, balanced market exposure and a strong focus on safety and long-term value creation,” he said.
He added that the company has successfully navigated multiple market cycles and global disruptions since inception by maintaining disciplined operations and focusing on long term value creation.
“Our Q1 results further reinforce the strength of the business model, with strong EBITDA margin of 67% and net profit up 41% period-on-period, demonstrating solid performance across our diversified shipping portfolio,” Al Nadhairi noted.
The company highlighted that its long-term resilience is supported by a balanced strategy combining owned and chartered vessels, long-term charter coverage and selective exposure to spot markets to preserve earnings visibility while capturing upside opportunities.
Operationally, Asyad Shipping maintained a utilisation rate of 99.7 per cent across its fleet during the quarter, up from 97 per cent in Q1 2025. The company also reported zero lost-time incidents, zero major incidents and zero ship detentions during the period.
The company continued to advance its fleet renewal and expansion strategy during the quarter. It completed the sale of four older LNG carriers – Salah, Ibri, Ibri and Nizwa – as well as the sale of one VLCC vessel. Meanwhile, two of three Newcastle dry bulk carriers were delivered under 10-year contracts of affreightment.
As of March 31, 2026, Asyad Shipping’s fleet comprised 89 vessels, including 77 operating vessels and 12 vessels in the order book. The company also signed an agreement for three new-build VLCCs worth RO 149.6 million, with deliveries scheduled for 2028 and 2029.
Looking ahead, the company expects delivery of 10 vessels during 2026, including two LNG carriers, four VLCCs, two medium-range tankers and two Kamsarmax vessels. Five of these vessels will operate under long-term contracts, while others will be deployed in spot markets to capitalise on market opportunities.
“Asyad Shipping continued to advance its fleet renewal and expansion programme, strengthening our asset base and enhancing operational efficiency to support long-term growth”, Al Nadhairi said.
“We look forward to the year ahead with the delivery of 10 vessels bolstering our fleet across all segments”, he added.
The company said it had contracted revenues of approximately $2.2 billion extending beyond 2030, providing long-term cash-flow visibility despite market volatility.
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