Shipping subsidiary Adnoc Logistics & Services (Adnoc L&S) booked record revenues and profits in the second quarter of the year on the back of shipping disruptions in the Strait of Hormuz. Revenues rose 105% year-on-year to $2.6bn while net profit soared 303% to nearly $1bn.
Record earnings were “driven primarily by our support provided to Adnoc and the significant uplift in shipping TCE [Time-charter equivalent] rates,” CEO Abdulkareem al-Masabi told investors on 11 August. (CONTINUED - 165 WORDS)