ADNOC Logistics & Services (ADNOC L&S) has put $1.3bn to work on an 11-ship buying spree, picking up six very large crude carriers (VLCCs) and five very large gas carriers (VLGCs) through secondhand and newbuild resale deals, according to Splash247. The Abu Dhabi-listed shipping arm of energy group ADNOC is expanding its owned fleet as the parent company expands production, trading and export volumes.
The acquisition, reported by Splash247, comes less than a month after ADNOC L&S ordered four 175,000 cu m LNG carriers at Jiangnan Shipyard for about $900m. The 2029-delivery quartet lifted the company's LNG newbuilding programme to 18 ships. ADNOC L&S said at the time that fleet commitments since 2022, including its share of the AW Shipping newbuilding programme, had topped $5bn.
The 11-ship package at a glance
Nine ships — all six VLCCs and three VLGCs — have been acquired on the secondhand market and are due for delivery in the third quarter, according to Splash247. The remaining two VLGCs are newbuild resales from an undisclosed Chinese yard and are scheduled to arrive in the fourth quarter.
| Vessel type | Number of ships | Acquisition route | Expected delivery |
|---|---|---|---|
| VLCC | 6 | Secondhand | Q3 |
| VLGC | 3 | Secondhand | Q3 |
| VLGC | 2 | Newbuild resale (undisclosed Chinese yard) | Q4 |
| Total | 11 | Mixed | Q3/Q4 |
Splash247 noted that ADNOC L&S has not named the sellers or the vessels, but S&P sources have already named John Fredriksen's Frontline and Greece's Delta Tankers as VLCC counterparts and Petredec on the VLGC side.
Fleet expansion and operational impact
The additions will take ADNOC L&S's VLCC fleet to 14 ships and the VLGC fleet to 12 ships, according to the report.
The additions will take ADNOC L&S's VLCC fleet to 14 ships and the VLGC fleet to 12.
All 11 vessels are set to go straight into service with ADNOC following delivery as the energy group expands production, trading and export volumes. For freight forwarders and charterers tracking tanker capacity, the delivery schedule is the key operational detail: nine secondhand ships arrive in the third quarter and the two VLGC newbuild resales follow in the fourth quarter, Splash247 reported.
LNG newbuild programme
The tanker swoop follows a separate order for four 175,000 cu m LNG carriers at Jiangnan Shipyard, valued at about $900m, Splash247 reported. Those vessels, due in 2029, are part of a larger LNG newbuilding programme that now stands at 18 ships. Combined with the tanker acquisitions, ADNOC L&S's fleet commitments since 2022, including its share of the AW Shipping newbuilding programme, have topped $5bn.
Watch list
- Delivery of the nine secondhand ships in the third quarter and the two VLGC newbuild resales in the fourth quarter will determine how quickly the expanded fleet can be deployed.
- The identity of the undisclosed Chinese yard for the two VLGC newbuild resales remains outstanding.
- The 18-ship LNG newbuilding programme, including the four Jiangnan Shipyard carriers scheduled for 2029 delivery, will continue to shape ADNOC L&S's capital profile.
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