ABU DHABI (ALETIHAD)
ADNOC Logistics and Services (ADNOC L&S) has ordered two additional liquefied natural gas carriers from China’s Jiangnan Shipyard for a total of $444 million, taking the size of its LNG carrier fleet to 24 vessels, a statement from the company said.
The company exercised options for the two next-generation carriers, each with a capacity of 175,000 cubic metres, ADNOC L&S said in a statement. The vessels are scheduled for delivery in 2029 and are expected to be deployed on long-term charters.
Including the latest order, ADNOC L&S has announced approximately $2.7 billion in vessel acquisitions and newbuild commitments so far in 2026.
Its LNG fleet now comprises four legacy vessels, six next-generation carriers delivered since the fourth quarter of 2024 and another 14 vessels under construction.
The company said strong profitability and cash generation continued to support its investment in fleet expansion.
In a recent assessment, Bank of America (BofA) said ADNOC L&S’s earnings had benefited from exceptionally strong shipping markets and the company’s ability to provide services across ADNOC’s crude oil, refined products and LNG operations using its owned fleet and chartered vessels.
The investment bank recently raised its price objective for ADNOC L&S from Dh7.60 to Dh8.60 and reiterated its “Buy” rating.
In addition to commissioning new vessels, ADNOC L&S has acquired six very large crude carriers and five liquefied petroleum gas carriers for approximately $1.3 billion.
BofA said the vessels were being deployed to support ADNOC’s export operations, allowing the company to benefit from elevated freight rates.