ADNOC L&S expands LNG fleet with $900m order for four carriers

Abu Dhabi’s ADNOC Logistics and Services placed an order for four additional liquefied natural gas carriers for about $900m or AED 3.3bn.

The four vessels will each have a capacity of 175,000 m³ and are scheduled for delivery in 2029. They will be built at Jiangnan Shipyard in Shanghai, China and are expected to be deployed on long-term charters.

The latest order brings ADNOC L&S’ total LNG newbuild program to 18 vessels. Including its 50% share of the AW Shipping newbuild program, ADNOC L&S has committed over $5bn to fleet expansion since 2022.

“As global demand for natural gas continues to rise, this latest order reflects our confidence in the strong fundamentals of the LNG shipping market,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.

The company has already taken delivery of six 175,000 m³ LNG carriers from Jiangnan Shipyard, valued at $1.2bn (AED 4.4bn), with five vessels deployed on contracts of up to 15 years with ADNOC Gas.

A further eight LNG carriers, with an investment volume of some $2.5bn (AED 9.2bn), are under construction at Samsung Heavy