ADNOC Logistics & Services (ADNOC L&S) has ordered three new tankers with a capacity of 90,000 cubic meters for an investment of 1.19 billion dirhams (equivalent to $324 million). This action is part of the company's fleet development plans, which is considered one of the aggressive programs in the shipping industry.
Order Details and Delivery Schedule
The three tankers are scheduled to be delivered in the second half of 2029 and have so far been financed through seven-year contracts with ADNOC Global Trading. Information regarding the manufacturer of these tankers has not been disclosed. With this investment, the cost is estimated to be approximately $108 million for each tanker.
Read more: Golden Energy Offshore Signs Two New Charter Contracts
Fleet Expansion and Its Impacts
The recent order adds a gas carrying capacity of 270,000 cubic meters and comes just two months after ADNOC L&S spent 4.8 billion dirhams (equivalent to $1.3 billion) to purchase six VLCC tankers and five VLGC tankers. This deal increased the company's VLGC fleet to 12 tankers, and with the delivery of the three new tankers, the total will reach 15 tankers, provided no other tankers are sold in the meantime.
Additionally, ADNOC L&S is also strengthening its LNG fleet, having ordered four LNG tankers with a capacity of 175,000 cubic meters from Jiangnan for nearly $900 million in July. In August, the company activated additional options to purchase two more tankers worth $444 million, bringing the total construction plan for these tankers to 20 vessels.
The new VLGC tankers are associated with specific charter contracts, while the value of the seven-year AGT contracts and tanker financing has not been disclosed. This event reflects the ongoing and targeted expansion of ADNOC L&S's activities in maritime transportation, particularly in the natural gas export sector.
Read more: Neptune Deep Project by OMV Petrom and Romgaz Approaches Gas Production in the First Half of 2027 · Increase in Attacks on Tankers in the Strait of Hormuz Reaches Highest Level Since the US-Iran War
