ADNOC Logistics & Services (ADNOC L&S) announced a $1.3 billion investment to acquire 11 new vessels, comprising six Very Large Crude Carriers (VLCCs) and five Very Large Gas Carriers (VLGCs). This move aims to significantly increase its gas and crude oil shipping capacity, supporting the ADNOC Group's expanding production, trading, and export volumes.
Nine of these vessels—six VLCCs and three VLGCs—were acquired from the secondary market and are slated for delivery in the third quarter of 2026, entering service immediately. The remaining two VLGCs are newbuild vessels, secured through a resale transaction from a Chinese shipyard, with delivery expected in the fourth quarter of 2026.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated that this investment aligns with the company's growth strategy and commitment to building world-class maritime logistics capabilities. He emphasized that the expansion will bolster ADNOC's export capabilities, serve key markets, and capitalize on opportunities in international energy trade. This acquisition will increase ADNOC L&S's VLCC fleet to 14 vessels and its VLGC fleet to 12.
Earlier reports from late July indicated ADNOC had purchased five VLCCs for approximately $590 million, with two 2012-built vessels costing about $115 million each and three 2015-built vessels costing about $120 million each. These acquisitions are part of a broader strategy by ADNOC to gain more control over its supply chain, particularly amidst geopolitical tensions impacting maritime routes like the Red Sea and the Strait of Hormuz.
This $1.3 billion investment will allow ADNOC L&S to provide additional shipping capacity within the current financial year, offering near-term operational and earnings potential while enhancing the scale, flexibility, and resilience of its shipping platform. The company's strong financial position and cash generation are enabling these significant investments in growth, aiming to deliver sustainable shareholder value.
