Oil & Gas
ADNOC Logistics & Services Acquires 2 VLCCs
ADNOC Logistics & Services announced the acquisition of two additional Very Large Crude Carriers, bringing the total number of VLCCs added to its fleet in
ADNOC Logistics & Services announced the acquisition of two additional Very Large Crude Carriers, bringing the total number of VLCCs added to its fleet in 2021 to eight. The VLCC fleet expansion plays a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe. The launch of Murban Futures contracts will also allow ADNOC L&S to further improve its vessel capacity utilization in the crude oil sector. The growth of ADNOC L&S’s VLCC fleet supports ADNOC Group’s commitment to increase its crude oil production capacity by 25% to 5 million barrels per day (mmbpd) by 2030.
The new acquisitions include a new-build VLCC, equipped with dual-fuel technology, which is expected to be delivered in Q1 2023, and an existing vessel that is scheduled to join the fleet in Q2 2021. These latest acquisitions mean that ADNOC L&S has now added a total crude oil cargo capacity of 16 million barrels this year.
The latest acquired vessels have a length of 336 meters with a deadweight of 300,000 metric tonnes. The existing vessel is equipped with a scrubber, which is an exhaust gas cleaning system that removes sulphur oxides from the ship’s engine, improving its environmental performance.
The new build vessel, made by Daewoo (South Korea), is fitted with a propulsion dual-fuel engine, providing a more environment-friendly operation.
The VLCC adds to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels, which includes deep-sea shipping, offshore support and marine services vessels. The ADNOC L&S international trading fleet transports crude oil, refined products, dry bulk, containerized cargo, LPG and LNG on its owned and chartered vessels, supporting ADNOC’s operations locally and facilitating the shipment of commodities to global markets.