ADNOC Logistics & Services (ADNOC L&S) has completed the acquisition of two additional VLCCs, taking the total number of these large oil tanker types purchased in 2021 to eight. The VLCC fleet expansion will play a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe. The launch of Murban Futures contracts will also allow ADNOC L&S to further improve its vessel capacity utilisation in the crude oil sector.
The latest acquisitions include a newbuild VLCC which is expected to be delivered in the first quarter of 2023, and an existing vessel that is scheduled to join the fleet in the second quarter of 2021. Captain Abdulkareem Al Masabi, CEO, ADNOC Logistics and Services said, “The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain. Following our strategic vessel acquisitions in 2020-2021, and combined with our integrated logistics and marine solutions, we are confident that our customers will gain a significant edge in terms of time and cost savings for their upstream and downstream operations, including ADNOC Group entities.”
The eight VLCC vessels being added are a mix of 4 newbuilds and four modern existing vessels. The latest existing vessel being added is equipped with a scrubber, which removes sulphur oxides from the ship’s engine, improving its environmental performance. The newbuild vessel, to be built at Daewoo in South Korea, will be fitted with a dual-fuel engine, providing a more environment-friendly operation.