#investments

Adnoc buys five supertankers for $590 million amid maritime route crisis

Abu Dhabi National Oil Company (Adnoc) acquired five Very Large Crude Carriers (VLCCs) for approximately $590 million from shipping company Frontline Plc. The purchase aims to expand its fleet in a context where conflicts in the Red Sea and the Strait of Hormuz are reducing the supply of tanker vessels. Adnoc L&S also commissioned between 25 and 30 new ships from various shipyards and increased its operational fleet to over 900 vessels.