Adnoc’s maritime subsidiary buys two VLCCs as it expands fleet

Adnoc’s maritime subsidiary buys two VLCCs as it expands fleet

Abu Dhabi National Oil Company's shipping and maritime subsidiary is buying two very large crude carriers, bringing the total number of such vessels added to its fleet this year to eight.

The expansion is in line with Adnoc's commitment to raise its overall crude production capacity to 5 million barrels per day by 2030. The acquisition of additional vessels also supports the company's recent launch of Ice Murban crude futures, a premium Abu Dhabi grade that is popular with buyers in Asia.

With the two latest acquisitions, the total crude oil cargo capacity of Adnoc's L&S fleet will rise to 16 million barrels