ADNOC Logistics & Services (ADNOC L&S) has reportedly purchased several Very Large Crude Carriers (VLCCs), including a 15-year-old vessel, for approximately $115 million. This price is notably higher than the estimated market value of $97 million to $100 million for similar ships, indicating a premium of at least 15%. The acquisition is part of a larger $1.3 billion investment by ADNOC L&S to expand its fleet with six VLCCs and five Very Large Gas Carriers (VLGCs).
Nine of these vessels, comprising all six VLCCs and three VLGCs, were acquired from the secondary market and are expected to be delivered in Q3 2026, entering service immediately. The remaining two VLGCs were secured through a resale from a Chinese shipyard, with delivery anticipated in Q4. This aggressive purchasing strategy reflects a market where immediate vessel availability is highly valued, particularly as newbuild VLCCs have multi-year lead times.
For freight forwarders and shippers, this trend signifies a tightening tanker market. The increased demand for available tonnage, partly driven by geopolitical disruptions in areas like the Red Sea and Strait of Hormuz, means higher asset values for existing ships. This could translate into increased charter rates and potentially higher freight costs for crude oil transportation. ADNOC's move to own more capacity aims to reduce its reliance on a volatile spot charter market, providing greater control over its export schedules and routing, which could impact overall market capacity and flexibility for other players.
