ADNOC Logistics & Services plc (ADNOC L&S, ADX symbol ADNOCLS / ISIN AEE01268A239) announced on August 8, 2026, the acquisition of five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of approximately USD 1.3 billion (AED 4.8 billion).

VLGCs are among the largest vessels used to transport liquefied petroleum gas (LPG), while VLCCs are the largest crude oil tankers in commercial service, each capable of carrying approximately two million barrels of crude oil per voyage. The acquisition adds substantial owned tonnage to ADNOC L&S's fleet across both shipping segments.

The investment is aimed at rapidly expanding ADNOC L&S's gas and crude oil shipping capacity, while supporting ADNOC Group's integrated value chain and its continued growth across production, trading, and export volumes. ADNOC L&S is the shipping and maritime logistics arm of the Abu Dhabi National Oil Company (ADNOC), the state-owned energy company of the United Arab Emirates. Since its initial public offering on the Abu Dhabi Securities Exchange in 2023, ADNOC L&S has pursued a strategy of expanding its owned fleet and international shipping capabilities, including its 2024 acquisition of a majority stake in Navig8, a global shipping pool manager.

Of the 11 vessels acquired, nine — comprising six VLCCs and three VLGCs — were purchased on the secondary market and are scheduled for delivery in Q3 2026. Upon delivery, they will immediately enter service with ADNOC. The secondary market purchases enable near-term fleet growth without the multi-year lead times typical of newbuild orders, which at major shipyards across China and South Korea currently extend into the late 2020s. The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a leading Chinese shipyard, with delivery expected in Q4 2026.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: "This USD 1.3 billion investment reflects the disciplined execution of our growth strategy and our commitment to building world-class maritime logistics capabilities for the energy sector. By adding 11 vessels, we are expanding our capacity to support ADNOC's growing exports, serve customers in key markets and capture opportunities in international energy trade. Our strong financial position and cash generation enable us to invest in growth and deliver sustainable shareholder value."

The transactions are expected to provide near-term operational and earnings potential while increasing the scale, flexibility, and resilience of the company's shipping platform. The expansion comes as the UAE continues to invest in growing its crude oil production capacity and as global LPG trade volumes rise, driven by import demand across Asia and other regions.

Source: ADNOC Logistics & Services