Abu Dhabi ADNOC Spends $1.3 Billion on Tankers Amid Crude Export Boom

Abu Dhabi's ADNOC Logistics and Services (ADNOC L&S) is spending $1.3 billion on 11 new crude and gas carriers, expanding its fleet to 14 very large crude carriers (VLCCs). This move comes as the emirate's exports boom, with the company aiming to increase its control over its crude deliveries.

The acquisition includes six 175,000-cubic-metre LNG carriers delivered from China's Jiangnan Shipyard, valued at $1.2 billion. Four more LNG carriers are also ordered, bringing ADNOC L&S' total commitment to LNG and dual-fuel vessels to $6.25 billion since 2023.

The company's fleet expansion is seen as a bet that disrupted waterways will keep freight markets tight for years. The Strait of Hormuz has been impacted by Iran's draft rules, which would bar US and Israeli ships from the strait and charge hostile flags for passage.