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The Abu Dhabi-listed ADNOC Logistics and Services has put in a newbuilding order for an additional four next-generation LNG carriers, valued at $900 million.
Scheduled for delivery in 2029, ADNOC L&S said the additional capacity of 175,000 metre square per vessel will help the company meet the growing demand for gas production and support its recently launched LNG marketing and trading platform, targeting 47 million tonnes per annum (mtpa) of combined marketable LNG by 2035.
The vessels are being constructed in Shanghai’s Jiangnan Shipyard.
The latest order brings ADNOC L&S’ total LNG newbuild programme to 18 vessels, having already taken delivery of six LNG carriers, valued at $1.2 billion, with five vessels deployed on contracts of up to 15 years with ADNOC Gas.
The four additional next-generation LNG carriers are expected to be deployed on long term charters, a company statement read.
ADNOC L&S is also marking the delivery of its first of four Very Large Ammonia Carriers (VLACs) as part of its 2024 AW Shipping joint venture with China’s Wanhua Chemical Group, where it placed a $1.9 billion order for four VLACs and nine Very Large Ethane Carriers (VLECs).
A further eight LNG carriers, with an investment volume of $2.5 billion, are under construction. These vessels are scheduled for delivery from 2028, and are all contracted on 20-year time charters to ADNOC Gas, the company said.
Including its 50% share of the AW Shipping newbuild programme, ADNOC L&S has committed over $5 billion to fleet expansion since 2022.
(Writing by Bindu Rai, editing by Brinda Darasha)
