ADNOC Logs $2.7 Billion Vessel Spend Amid Iran War Freight Rate Surge

ADNOC Logistics & Services has spent $2.7 billion on vessels this year as part of its efforts to increase the UAE's ability to transport energy exports.

The latest addition to this campaign is two new liquefied natural gas (LNG) carriers ordered for $444 million, which are scheduled for delivery in 2029.

This brings ADNOC L&S' total fleet to 24 LNG carriers, with 14 of those vessels currently under construction. The company's spending this year also includes the acquisition of ships already operating on the water.

The Iran war has highlighted the strategic value of owning ships capable of carrying energy supplies worldwide, as freight rates have surged across various markets since the conflict began.