Adnoc’s shipping subsidiary Adnoc L&S announced on 7 August that it was spending $1.3bn to acquire six very-large crude carriers (VLCCs) and five very-large gas carriers (VLGCs). The VLCCs and three of the VLGCs were purchased from the secondary market, and will join the firm’s fleet this quarter. It has also purchased two under-construction VLCGs that will be delivered in Q4.
The move reflects the UAE’s role as the most flexible regional exporter, using directly-owned and time-chartered vessels to ship oil and LNG through the Strait of Hormuz to deliver to clients. This trend of NOCs expanding their fleets is expected to grow further as geopolitical concerns over the strait will likely persist well beyond the date of any re-opening. (CONTINUED - 123 WORDS)