Abu Dhabi National Oil Company’s shipping arm, ADNOC Logistics & Services, has agreed to acquire 11 crude oil and gas carriers for approximately $1.3 billion, expanding its maritime fleet to benefit from surging crude exports following the UAE’s exit from OPEC.
What does the fleet expansion cover?
The acquisition comprises six Very Large Crude Carriers, each capable of carrying around 2 million barrels of crude, and five Very Large Gas Carriers used to transport fuels such as propane. The purchase nearly doubles ADNOC L&S’s VLCC fleet from eight to 14 vessels, while expanding its VLGC fleet to 12.
When will the new vessels be delivered?
Nine of the vessels, comprising six VLCCs and three VLGCs, were acquired on the secondary market and are scheduled for delivery in the third quarter of 2026, entering service with ADNOC L&S immediately afterward. The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a Chinese shipyard, with delivery expected in the fourth quarter of 2026.
Why is ADNOC expanding its fleet now?
The move comes as the UAE pushes more of its crude through the contested Strait of Hormuz following its exit from OPEC, a decision that is likely to see the country lift output over the longer term and require greater shipping capacity to support it. Despite much of the transit through the strait being choked off due to the ongoing war between the US and Iran, ADNOC has moved more crude through the waterway than any other producer over the past two months. By contrast, Saudi Arabia, which also operates a large tanker fleet, has increasingly relied on its own overland pipeline network to move crude from Gulf fields to the Red Sea for export, sidestepping the strait altogether.
What did ADNOC L&S leadership say about the acquisition?
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said the $1.3 billion investment reflects the disciplined execution of the company’s growth strategy and its commitment to building world-class maritime logistics capabilities for the energy sector, adding that the company’s strong financial position and cash generation enable it to invest in growth while delivering sustainable shareholder value.
What does this mean for the wider tanker market?
The acquisition comes amid a broader boom in crude tanker ordering, with trackers reporting the global orderbook swelling to near-record levels as national oil companies including ADNOC and Saudi Arabia’s Bahri expand controlled fleets to secure shipping capacity amid tightening vessel availability and rising freight costs across Gulf export routes.
