Tuesday 29 November 2022 - 6:18:21 am

ADNOC L&S acquires 3 additional new-build LNG vessels


ABU DHABI, 2nd June, 2022 (WAM) -- ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of the Abu Dhabi National Oil Company (ADNOC) and the region’s largest shipping and logistics company, announced today its decision to purchase three additional liquefied natural gas (LNG) vessels.

ADNOC L&S is the region’s largest shipping and integrated logistics company and the state-of-the-art new-build vessels will bolster the company’s capacity as it responds to the growing global demand for LNG.

The new-build LNG vessels, each with a capacity of 175,000 m3, are significantly larger than the current ADNOC L&S fleet which have a capacity of 137,000 m3 each. ADNOC L&S previously announced in April 2022 that it will acquire two LNG vessels which brings the total number of new-build LNG vessels ordered to five, with the vessels scheduled for delivery in 2025 and 2026.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, "ADNOC is an active player in the evolving global energy landscape, where natural gas and LNG are playing an increasingly important role. ADNOC L&S’ strategic acquisition of five state-of-the-art LNG vessels will support ADNOC’s existing LNG business as well as its significant growth plans.

"Several dynamics are strengthening the LNG market which makes the timing of these acquisitions particularly significant. This includes a renewed emphasis on energy access and security, as well as new environmental regulations that favor more fuel-efficient vessels, such as the new-builds that we are purchasing."

All five new-build LNG vessels will be built at the Jiangnan Shipyard in China. Jiangnan Shipyard was also previously commissioned by ADNOC L&S in 2020 to build five Very Large Gas Carriers (VLGC) for AW Shipping, ADNOC L&S’ Joint Venture company with China’s Wanhua Chemical Group.

Lin Ou, Chairman of Jiangnan Shipyard, said, "We would like to thank ADNOC L&S for its continued collaboration with Jiangnan. We are committed to the promotion of new efficient, energy-saving and environmentally-conscious vessels and proud to be able to support ADNOC L&S’ growth strategy for the future."

The acquisition of larger, more energy efficient vessels will allow ADNOC L&S to meet growing customer demand while improving the environmental footprint of its fleet. The new vessels’ engine technology will reduce emissions (CO2, NOX and SOX) and in combination with the innovative Air Lubrication System, further reduce fuel consumption by at least 10 percent.

WAM/Amjad Saleh/Lina ibrahim