Muscat – Asyad Shipping Company, one of the leading players in deep-sea transportation, reported a 107% increase in net profit for the first nine months of 2026, supported by higher freight and time charter rates across its business segments and contributions from newly delivered vessels.

The Muscat Stock Exchange-listed shipping company posted net profit after tax of RO67.7mn for the nine months ended September 30, 2026, compared with RO32.6mn in the corresponding period of 2025, according to its preliminary unaudited financial results submitted to the MSX.

Asyad Shipping attributed the sharp profit growth primarily to higher freight and time charter rates across all five business segments, particularly crude oil transportation and liner shipping, alongside contributions from new vessel deliveries.

Time charter equivalent revenue, a key shipping industry measure of revenue generated from vessel operations, increased 9% to RO242.5mn in the first nine months of 2026 from RO223.4mn in the corresponding period of 2025.

Asyad Shipping said it maintained strong revenue levels, driven by improved results across most shipping segments. Gross revenue rose 10% to RO277.4mn from RO252.8mn a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 20% to RO183.1mn from RO152.1mn.

The EBITDA margin improved to 66% from 60%, while the net profit margin widened to 24% from 13%, reflecting stronger profitability during the period.

The company also reported an improvement in its performance in the third quarter of 2026. Compared with the second quarter, gross revenue increased 11%, while EBITDA and net profit rose 18% and 26%, respectively.

The sequential improvement was primarily driven by contributions from newly delivered vessels, greater exposure to spot markets across its business segments and higher market rates, which enabled the company to benefit from favourable market conditions, it said.

As of September 30, 2026, Asyad Shipping had 51 owned vessels and 30 chartered-in vessels, with a further 16 vessels due for delivery.

The company operates across five segments – crude, dry bulk, gas, liner and products – and serves customers in more than 60 countries. Its fleet comprises approximately 90 vessels, according to the company.