Today's Edition
ABU DHABI (WAM)
ADNOC Logistics & Services plc today announced the acquisition of five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of approximately $1.3 billion (Dh4.8 billion).
The investment will rapidly expand ADNOC L&S’ gas and crude oil shipping capacity and support ADNOC Group’s integrated value chain and continued growth in production, trading and export volumes.
Nine of the vessels, six VLCCs and three VLGCs, were acquired on the secondary market and are scheduled for delivery in Q3 2026.
They will enter service with ADNOC immediately following delivery.
The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a leading Chinese shipyard, with delivery scheduled for Q4 2026.
CEO of ADNOC L&S, Captain Abdulkareem Al Masabi, said, "This $1.3 billion investment reflects the disciplined execution of our growth strategy and our commitment to building world-class maritime logistics capabilities for the energy sector. By adding 11 vessels, we are expanding our capacity to support ADNOC’s growing exports, serve customers in key markets and capture opportunities in international energy trade. Our strong financial position and cash generation enable us to invest in growth and deliver sustainable shareholder value."
The transactions provide near-term operational and earnings potential while increasing the scale, flexibility and resilience of the company’s shipping platform.
