The ADNOC supertankers deal will expand the company’s fleet and strengthen its ability to transport crude oil despite ongoing disruptions in key shipping routes.
ABU DHABI: ADNOC Logistics & Services (ADNOC L&S) has bought five very large crude carriers (VLCCs) in a deal worth around $590 million, as the company looks to strengthen its shipping network and keep oil moving despite regional tensions.
According to agencies, the vessels were purchased from tanker company Frontline Plc. The deal includes two ships built in 2012, bought for about $115 million each, and three newer vessels built in 2015, which cost around $120 million each.
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The move comes at a time when shipping routes through the Red Sea and the Strait of Hormuz continue to face disruptions because of regional conflicts. By expanding its own fleet, ADNOC aims to have greater control over transporting crude oil to customers around the world.
When asked about the deal, ADNOC L&S did not confirm the purchase directly. In a statement, the company said it does not comment on market rumours but regularly reviews its fleet requirements and growth opportunities.
The company already operates a fleet of more than 900 vessels, including crude oil tankers, gas carriers and support ships. Agencies also reported that ADNOC has acquired three very large gas carriers (VLGCs) and has ordered between 25 and 30 new vessels, including crude oil tankers, LNG carriers and LPG carriers, as part of its long-term expansion plans.
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Industry experts say owning more ships gives ADNOC greater flexibility during periods of global shipping uncertainty and helps ensure reliable deliveries to international customers.
The ADNOC’s supertankers purchase is one of the company’s biggest fleet expansion moves this year and highlights its continued investment in strengthening the UAE’s energy supply chain.
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