ADNOC Logistics & Services (ADNOC L&S) is to purchase three additional LNG carriers, taking the total it now has on order to five. The new vessels, each with a capacity of 175,000m3, are significantly larger than those in the current ADNOC L&S fleet, which are 137,000m3 capacity.
ADNOC L&S previously announced in April 2022 that it will acquire two new LNG vessels. All five of the new vessels are scheduled for delivery in 2025 and 2026.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Our strategic acquisition of five state-of-the-art LNG vessels will support ADNOC’s existing LNG business as well as its significant growth plans. 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 favour more fuel-efficient vessels, such as the newbuilds that we are purchasing.”
All five newbuildings will be built at the Jiangnan Shipyard in China continuing its existing close relationship with ADNOC L&S. Jiangnan Shipyard was previously commissioned by ADNOC L&S in 2020 to build five Very Large Gas Carriers for AW Shipping, ADNOC L&S’ joint venture with China’s Wanhua Chemical Group.
The acquisition of larger, more energy efficient vessels will allow ADNOC L&S to meet growing customer demand while improving the environmental footprint of its fleet. The new vessels’ engine technology will reduce emissions and in combination with the innovative Air Lubrication System, further reduce fuel consumption by at least 10%.
ADNOC L&S operates more than 200 vessels transporting crude oil, refined products, dry bulk, containerised cargo, LPG and LNG to global markets.
Over the past 24 months, ADNOC L&S has acquired 16 deep sea vessels, including eight VLCCs and six product tankers.