Facing a downturn in tanker rates and resultant lower margins, state-owned Abu Dhabi National Oil Company (ADNOC) is growing increasingly dependent on the South Asia and Asia-Pacific markets to make a profit from its crude and products shipping division.

‘Ali al-Yabhuni, the CEO of Abu Dhabi National Tanker Company (ADNATCO), a wholly-owned ADNOC subsidiary, said “it is clear that the current situation in which tanker owners find themselves is not a good one. Rates for almost all segments, except LNG, are at historically low levels. (CONTINUED - 698 WORDS)