ADNOC L&S increases VLCC fleet

April 13, 2021
ADNOC Logistics & Services has acquired two very large crude carriers, bringing its fleet to eight.

Offshore staff

ABU DHABI, UAEADNOC Logistics & Services (ADNOC L&S) has acquired two very large crude carriers (VLCC), bringing its fleet to eight.

The new acquisitions include a newbuild VLCC, equipped with dual-fuel technology, which is expected to be delivered from DSME in 1Q 2023, and an existing vessel that is scheduled to join the fleet in 2Q 2021. The company has added a total crude oil cargo capacity of 16 MMbbl this year.

The latest acquired vessels have a length of 336 m (1,102 ft) with a deadweight of 300,000 metric tons. The existing vessel is equipped with a scrubber.

The VLCC fleet expansion is said to play 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 launch of Murban Futures contracts will also allow ADNOC L&S to further improve its vessel capacity use in the crude oil market.

The growth of the company’s VLCC fleet supports ADNOC Group’s commitment to increase its crude oil production capacity by 25% to 5 MMb/d by 2030.