Adnoc Expands Fleet to Boost Oil Export Capacity Amid Regional Tensions

Adnoc Logistics & Services (Adnoc L&S), a subsidiary of Abu Dhabi National Oil Company (Adnoc), is expanding its fleet to boost oil export capacity. The company will pay AED4.8 billion ($1.3 billion) for five very large gas carriers and six very large crude carriers.

The acquisition comes as vessel flows through the Strait of Hormuz remain subdued due to the Iran war. Adnoc's board allocated $150 billion in capital expenditure between 2026 and 2030 to maintain its oil and gas operations through expansion and new projects.

The addition will increase Adnoc L&S's crude-carrier fleet to 14 and its gas fleet to 12, according to CEO Abdulkareem Al Masabi. The vessels are scheduled for delivery in the third quarter of 2026, with the exception of two VLGCs that are newbuild vessels acquired through a resale transaction from a Chinese shipyard.