Abu Dhabi-listed ADNOC Logistics and Services has placed orders for four more next-generation LNG carriers worth a total of $900 million.
Scheduled for delivery in 2029, ADNOC L&S said the additional capacity of 175,000 square meters per vessel will help the company meet growing gas production demands and support its recently launched LNG marketing and trading platform, which targets a total of 47 million tonnes per annum (mtpa) of marketable LNG by 2035.
These vessels are being built at Jiangnan Shipyard in Shanghai.
This order brings ADNOC L&S’s LNG newbuilding program to 18 vessels, with the company having already delivered six LNG carriers valued at $1.2 billion, five of which are being deployed under up to 15-year contracts with ADNOC Gas.
Four additional next-generation LNG carriers will be deployed on long-term charters, the company said in a statement.
ADNOC L&S is also marking the delivery of the first of four Very Large Ammonia Carriers (VLACs) as part of its Fall/Winter 2024 Shipping Joint Venture with China’s Wanhua Chemical Group, where it has ordered four VLACs and nine Very Large Ethane Carriers (VLECs) for $1.9 billion.
In addition, eight LNG carriers are under construction with an investment of $2.5 billion. The vessels are scheduled for delivery from 2028 and are all on 20-year time charter agreements with ADNOC Gas, the company said.
Including a 50% share of AW Shipping’s newbuilding program, ADNOC L&S has committed more than $5 billion to fleet expansion since 2022.
(Written by Bindu Rai; Edited by Brinda Darasha)
bindingu.rai@lseg.com
