New Shipping Service from China to Eastern Saudi Arabia Opens

Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
TT

New Shipping Service from China to Eastern Saudi Arabia Opens

Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)

The Saudi Ports Authority (MAWANI) launched on Monday, in cooperation with the Saudi Global Ports Company, a new shipping service from China to the King Abdulaziz Port in al-Dammam, in eastern Saudi Arabia, as part of the Kingdom's drive to consolidate its position as a global logistics hub,

In a statement, MAWANI said that the new service is offered by a consortium of vessels deployed by Pacific International Lines (PIL), Regional Container Lines (RCL), and CULINES (CUL).

It added that the move aims to strengthen the Authority’s efforts to develop Saudi Arabia as a global leader in logistics and transportation.

The new service, which connects the most important ports in central and southern China to the Arabian Gulf, provides weekly direct and regular shipping.

The first service arrived on Dec. 15 in Saudi Global Ports berth. It took off from the ports of China to King Abdulaziz Port in Dammam, and then will return directly to China’s Port of Ningbo-Zhoushan, as a clear indication of the importance of Saudi exports to the Far East markets and the remarkable development in the capabilities of King Abdulaziz Port.

The Authority aims to enhance connectivity and reduce the shipping time between Saudi Arabia’s ports with the main Chinese and the region’s ports, in order to support and stimulate the export of national products and the direct flow of imports and increase trade movement between the two countries.

The statement noted that the new step comes as a continuation of the strategic initiatives and partnerships launched by MAWANI with major international shipping line companies, within the objectives of the National Strategy for Transport and Logistics Services and in accordance with the Kingdom’s Vision 2030.



Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
TT

Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.