Adnoc Logistics acquires 6 Very Large Crude Carriers

Adnoc Logistics acquires 6 Very Large Crude Carriers

Adnoc Logistics & Services (Adnoc L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (Adnoc), has announced the acquisition of six Very Large Crude Carriers (VLCCs).

Two VLCCs have already been deployed into the company's fleet. Adnoc L&S has placed an order for three newbuild vessels with options, which will be delivered in 2022 and 2023, and purchased one additional existing vessel that will be joining its fleet shortly. These vessels are the first crude carriers to join the Adnoc L&S fleet, adding a total cargo capacity of 12 million barrels.

The move will enable the company to provide better service to its global customers, while also supporting Adnoc as it expands its production and refining capacity and grows its new trading operations. Adnoc has established two new trading companies: Adnoc Trading, which is focused on crude oil and started derivatives trading in September 2020; and Adnoc Global Trading (AGT), a joint venture with ENI and OMV that focus on trading of refined products and began operations in December 2020.

Captain Abdulkareem Al Masabi, CEO, Adnoc Logistics and Services said: "The acquisition of these six VLCCs is one of our most significant growth steps to-date. This strategic move allows