Muscat – Asyad Shipping Company, a subsidiary of Asyad Group, has reported a 41% year-on-year increase in net profit for the first quarter of 2026. The company’s net profit rose to RO16.1mn in Q1 2026, compared to RO11.4mn recorded in the same period last year.

In a filing to the Muscat Stock Exchange on Wednesday, Asyad Shipping said the increase in net profit was mainly driven by lower direct costs and gains from the sale of old LNG vessels.

However, the company’s gross revenue declined 8% to RO77.3mn in Q1 2026, compared to RO83.8mn in the corresponding period of 2025.

The company said the decline in revenue primarily reflected the expiry of time-charter contracts linked to four older LNG vessels – Salalah, Ibri, Ibra and Nizwa – which were subsequently sold as part of the group’s ongoing portfolio optimisation strategy.

Despite lower revenues, Asyad Shipping delivered a strong improvement in profitability, supported by cost efficiencies, an improved operating mix, and gains from asset disposals.

Dr Ibrahim al Nadhairi, CEO of Asyad Shipping, said the company’s first-quarter results reflected the resilience of its business model, supported by 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.

“Since inception, Asyad Shipping has successfully navigated multiple market cycles and global disruptions, building deep expertise in managing volatility in a cyclical industry. We have maintained a disciplined operating approach and strong safety performance during the period, recording zero lost-time incidents, reflecting our continued commitment to operational discipline and risk management,” he said.

“Our Q1 results further reinforce the strength of the business model, with a strong EBITDA margin of 67% and net profit up 41% year-on-year, demonstrating solid performance across our diversified shipping portfolio.”

Nadhairi added that the company continued to advance its fleet renewal and expansion programme during the first quarter to strengthen its asset base and enhance operational efficiency in support of long-term growth.

Asyad Shipping expects delivery of 10 vessels in 2026, including two new-build LNG carriers, four new-build VLCCs, two new-build medium-range tankers and two second-hand Kamsarmax vessels.

Five of the 10 vessels will be deployed on long-term contracts, balancing stable cashflow visibility with spot market exposure to capture potential upside. Vessels associated with expiring long-term charters, as well as new vessels without long-term contracts, will operate in the spot market, the company said.

As of March 31, 2026, Asyad Shipping’s fleet comprised 89 vessels, including 77 operational vessels – 46 owned vessels and 31 chartered-in vessels.