Acquisition is part of company’s plans to overhaul LNG fleet
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of the Abu Dhabi National Oil Company (ADNOC) and the region’s largest shipping and logistics company, recently announced its decision to purchase three additional liqueified natural gas (LNG) vessels.
The new-build LNG vessels, each with a capacity of 175,000cbm, are significantly larger than the current ADNOC L&S fleet which have a capacity of 137,000cbm each.
ADNOC L&S previously announced in April 2022 that it will acquire two LNG vessels which brings the total number of new-build LNG vessels ordered to five, with the vessels scheduled for delivery in 2025 and 2026.
“Several dynamics are strengthening the LNG market which makes the timing of these acquisitions particularly significant. This includes a renewed emphasis on energy access and security, as well as new environmental regulations that favor more fuel-efficient vessels, such as the new-builds that we are purchasing,” commented Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
All five new-build LNG vessels will be built at the Jiangnan Shipyard in China. “We are committed to the promotion of new efficient, energy-saving and environmentally-conscious vessels and proud to be able to support ADNOC L&S’ growth strategy for the future,” remarked Lin Ou, Chairman, Jiangnan Shipyard.
ADNOC L&S has the largest and most diversified fleet in the Middle East, with more than 200 vessels transporting crude oil, refined products, dry bulk, containerized cargo, liqueified petroleum gas (LPG), and LNG to global markets.
Over the past 24 months, ADNOC L&S has acquired 16 deep sea vessels, including eight Very Large Crude Carriers (VLCC) in 2021, that added 16mn barrels of capacity.
Furthermore, the company acquired six product tankers, which expanded the product tanker fleet capacity to over 1mn MT as well as five VLGC for AW Shipping.