Abu Dhabi-based ADNOC Logistics & Services has acquired six VLCCs and five VLGCs for about $1.3bn, according to ADNOC Logistics & Services. The investment is valued at AED 4.8bn ($1.31bn).
All six VLCCs and three of the VLGCs were bought on the secondhand market and are due for delivery in the third quarter of 2026, with the vessels expected to enter service immediately. The remaining two VLGCs are newbuildings acquired through a resale transaction from a Chinese shipyard and are scheduled for delivery in the fourth quarter of 2026.
Once all 11 ships have been delivered, ADNOC L&S will operate 14 VLCCs and 12 VLGCs, increasing its capacity to transport crude oil and LPG for ADNOC exports and international energy trades. Chief executive Captain Abdulkareem Al Masabi said the investment would increase capacity for ADNOC exports and customers in key markets while giving ADNOC L&S additional exposure to international energy trade. The company expects the vessels to provide near-term operational and earnings potential while increasing the scale and flexibility of its shipping platform.
The transaction follows earlier fleet purchases that included five VLCCs from Frontline Plc for about $590m. Two were built in 2012 and valued at about $115m each, while three 2015-built VLCCs were priced at roughly $120m apiece. Three VLGCs were also acquired for about $115m each.
ADNOC L&S also placed an order on 10 July for four 175,000-cbm LNG carriers at Jiangnan Shipyard in Shanghai for about $900m, equivalent to AED 3.3bn ($899m). Delivery is scheduled for 2029, taking its LNG newbuilding programme to 18 ships.
ADNOC L&S is an Abu Dhabi-based energy maritime logistics company formed in 2016. It serves more than 100 customers in over 50 countries and has offices in 19 cities.
