8 VLCCs now announced in 2021 increasing crude capacity by 16mn barrels
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), today announced the acquisition of two additional Very Large Crude Carriers (VLCC), 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 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 acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain,” asserted Captain Abdulkareem Al Masabi, CEO, ADNOC Logistics and Services.
ADNOC L&S, which is the largest integrated maritime logistics and shipping company in the GCC, and owner and operator of the largest shipping fleet in the UAE, has been pursuing a smart fleet expansion program, driven by increased demand from its affiliates, in particular ADNOC Trading and ADNOC Global Trading, and favorable asset prices for crude vessels.
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.
