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ADNOC Logistics & Services acquires 11 gas and crude tankers
ADNOC Logistics & Services announced that it has acquired 11 gas and crude oil tankers for AED 4.8bn ($1.3bn).
CEO Captain Abdul Karim Al Masabi said in a press statement that this latest investment is meant to support ADNOC's growing production, trading and export operations.
The company has worked on expanding its downstream business, thereby increasing the need to expand its transportation capacity. In July, ADNOC acquired Shell South Africa's downstream business for $1bn. This appears to be a well-justified approach, given that ADNOC Distribution reported in its latest earnings release a 59% y/y jump in net profit to AED 2.08bn ($568mn) in the first half of 2026.
The deal comprises five Very Large Gas Carriers (VLGCs), bringing the company's gas carrier fleet to 12 vessels, and six Very Large Crude Carriers (VLCCs), expanding its crude tanker fleet to 14.
Nine of the 11 vessels, six VLCCs and three VLGCs, were acquired from existing owners and are scheduled for delivery in Q3 2026, entering operational service immediately upon handover. The remaining two VLGCs were secured through a resale arrangement with a Chinese shipbuilder, with delivery expected in Q4 2026.
The acquisition accelerates ADNOC Logistics & Services' positioning as an integrated maritime arm of the broader ADNOC value chain. With global energy demand remaining elevated and ADNOC's upstream output continuing to grow, scaling tanker capacity reduces the group's reliance on third-party shipping and improves margin capture across the export chain.
Al Masabi noted the company's cash generation profile supports continued investment in growth, signalling further fleet or infrastructure expansion remains on the table as ADNOC pursues its longer-term production and trading targets.
