Management Discussion and Analysis Report
ASYAD Shipping Pte Ltd Singapore ASPL performance exceeded the budgeted amount by 136.2%. Since its establishment in 2023, ASPL has achieved significant growth in both its Product Tanker and Dry Bulk sectors. Its Product Tanker fleet expanded from 3 to 13 chartered-in vessels. The company emphasizes fleet renewal, maintaining an average fleet age of 6.42 years to meet regulatory requirements. ASPL renewed its one-year Contract of Affreightment (COA) with Petrochina, strengthening its market position Additionally, the Oceania market, particularly Australia and New Zealand, has been a significant contributor to the positive results. The Singapore office secured key contracts with major clients such as Exxon Mobil, Trafigura, and Ampol Australia. In the Dry Bulk sector, ASPL chartered 25 vessels, focusing on medium-to-long-term charters and exploring market opportunities for continued growth. IT (Communication Systems) In 2024, Asyad Shipping successfully upgraded its fleet with advanced Marlink (VSAT) and Starlink communication systems across 21 owned vessels. This dual setup ensures high-speed internet up to 230 Mbps and seamless communication through automatic failovers, enhancing operational continuity and keeping the company at the forefront of maritime technology. New Builds and Dry Dock Asyad Shipping has been actively expanding and maintaining its fleet with several new builds and ongoing dry dock maintenance. The company currently has six vessels under construction, including two LNG carriers expected for delivery in 2026 and four VLCCs scheduled for delivery between 2026 and 2027. Additionally, seven vessels underwent successful dry dock maintenance in 2024, including Raysut, Adam LNG, and Sohar LNG, all of which were delivered on time and in optimal condition. These investments in fleet renewal and maintenance ensure that Asyad shipping’s fleet remains modern, compliant with international regulations, and ready to meet the demands of the market. Existing Fleet As of December 31, 2024, the fleet operated by Asyad Shipping consists of 86 vessels, including both owned / co-owned and chartered-in vessels. The fleet composition includes 22 Crude Tanker vessels, the Product Tanker segment includes 32 vessels. The Dry Bulk sector consists of 17 vessels, the fleet also includes 10 Gas Carriers and 5 Container vessels.
Omanization and Manpower Development As of December 31, 2024, Asyad Shipping achieved a total headcount of 456 people, reflecting an 11% growth compared to the previous year (2023). The company maintained a remarkable Omanization rate of 90.6% by year-end, underscoring its commitment to talent development and national capacity building. A key milestone in 2024 was the employment of 31 office staff employees and 39 seafarers (Electro-Technical Officers), further strengthening Asyad Shipping ' s workforce. By 2024, the company had successfully created 98 jobs for Omani Seafarers in collaboration with the Ministry of Labor, with 82 ETOs already employed under the project. To further enhance marine competencies, Asyad Shipping launched a training and employment program for 150 Omani Ratings in October 2024, providing them with six months of intensive training. In a significant achievement, two Omani officers were promoted to the rank of Master (Captain), with one commanding an LNG carrier and the other a VLCC. In addition to these initiatives, Asyad Shipping offered 58 opportunities for fresh graduates and interns in the logistics sector, reinforcing its ongoing commitment to talent development and the growth of the industry. The organization focused on fostering a culture of continuous learning by providing a variety of developmental initiatives. Notably, 14 employees successfully completed an advanced leadership program, strengthening their leadership skills and preparing them for key roles. Additionally, HR achieved a 98% completion rate of the Professional Development Program (PDP) training, with 614 employees participating in various learning interventions across different levels, including 32 international learning opportunities, and 5 secondment opportunities, both locally and internationally, to enhance professional exposure and skill sets. Notably, Asyad Shipping continues its commitment to promoting gender diversity at sea. In 2024, the company celebrated the promotion of the first Omani female to the role of «Chief Officer,» the second in command on a VLCC, marking a significant milestone in empowering women in the maritime sector. Furthermore, Asyad Shipping remains committed to enhancing national capabilities within the maritime sector by offering 290 cadetship opportunities within the company ' s fleet. Almost all cadets, who are studying at International Maritime College Oman (IMCO), are given Sea Time under Asyad Shipping fleet vessels. This effort is part of the company ' s broader goal to nurture the next generation of maritime professionals, with the average number of cadets growing from 100 per year a decade ago to 290 cadets annually over the last five years. Asyad Shipping remains committed to cultivating a diverse and inclusive talent pool, investing in the development of high-potential employees regardless of gender, nationality, or ethnicity. The company’s comprehensive range of leadership and technical training programs ensures that employees are equipped for growth and success within the organization, reinforcing the company’s role in building national maritime expertise and contributing to the overall excellence of the industry.
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