Adnoc L&S Expands VLGC Fleet, Negotiates VLCC Deals as Gas Fleet Grows
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Adnoc Logistics & Services is adding two VLGCs to its fleet and is holding talks to acquire VLCCs, according to market sources consulted by TradeWinds. The move comes after the Abu Dhabi-based company spent $1.3 billion on vessel acquisitions over the summer.
New VLGC Order
Separately, Adnoc L&S confirmed an investment of AED 1.19 billion ($324 million) in three newbuilding VLGCs of 90,000 cubic metres, with delivery scheduled for the second half of 2029. The vessels already have seven-year charters secured with ADNOC Global Trading, although the shipyard responsible for construction had not been disclosed at the time the deal was reported.
Shipyard Revealed
Days later, TradeWinds reported that the expanded VLGC order was placed with Chinese shipbuilder Hengli Shipbuilding, disclosing a detail that had not previously been made public.
Fleet Expansion
The new order for three VLGCs adds to the August deal, when ADNOC L&S spent AED 4.8 billion ($1.3 billion) to acquire six VLCCs and five VLGCs, bringing its VLGC fleet to 12 units and, with the new order, to 15 once deliveries are completed. Lloyd's List noted that, taken together, these deals bring ADNOC's spending on tanker and gas carrier acquisitions to more than $1.6 billion amid heightened concern over regional security.
LNG Programme
The company has also been bolstering its liquefied natural gas fleet: it ordered four 175,000 cubic metre LNG carriers at Jiangnan Shipyard for around $900 million in July, and in August exercised options for two additional units worth $444 million, bringing that newbuilding programme to a total of 20 vessels.
