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The biggest oil producer in the United Arab Emirates spent $1.3 billion to expand its tanker fleet to benefit from surging crude exports after the country left OPEC and pushed more of its oil through the contested Strait of Hormuz.
Abu Dhabi National Oil Co.'s shipping arm almost doubled the number of its Very Large Crude Carriers, which can carry about 2 million barrels of crude, to 14 from eight, according to a statement. It also bought five ships that carry fuels like propane.
While much of the transit via the Strait of Hormuz has been choked off because of the war between the US and Iran, Adnoc has moved more crude through it than any other producer over the past two months. The company also announced that it left the Organization of the Petroleum Exporting Countries, a decision that in the longer-term means it will likely lift output and need more ships to do so.
Oil tanker markets have been shaken up this year after a South Korean tycoon, with backing from a unit of the world's biggest container shipping company, snapped up dozens of supertankers. Even prior to the Iran war, those efforts were propelling tanker earnings higher, but they've also added to reasons for producers to want to secure vessels for themselves, with a senior industry executive saying earlier this year that companies have been scrambling for tonnage.
Throughout the Iran war, Adnoc has used its own vessels and chartered tankers to shuttle crude and refined products, often under cover of darkness and with military escort, out of the Gulf where the barrels can be transferred to other ships.
The UAE has also been able to route oil through a cross-country pipeline skirting Hormuz. Since the pipeline can carry less than half of the roughly 3.6 million barrels a day of crude the UAE has exported over the past two months, tanker availability has proved key.
Saudi Arabia, which also owns a large tanker fleet, has been relying on its own pipeline, pumping crude from its fields near the Gulf across the Arabian peninsula to the Red Sea for export.
Adnoc L&S bought all six of the VLCCs and three of the Very Large Gas Carriers on the secondary market and the company will take delivery of the vessels this quarter. The two remaining VLGCs are newbuilds that will be delivered in the fourth quarter.
