ADNOC Logistics & Services orders three VLGCs for US$324M
With the latest order, ADNOC L&S’s VLGC fleet will reach 15 vessels upon delivery.
UAE – ADNOC Logistics & Services has ordered three 90,000-cubic-metre Very Large Gas Carriers for a total investment of US$324 million (AED 1.19 billion), with deliveries scheduled for the second half of 2029, according to a regulatory filing with the Abu Dhabi Securities Exchange.
Upon delivery, the three vessels will be deployed under seven-year contracts with ADNOC Global Trading, providing contracted employment from the start of operations.
The shipyard has not been disclosed.
Fleet expansion programme
The order follows a series of vessel commitments by ADNOC L&S in 2026, with the company announcing approximately US$2.7 billion in acquisitions and newbuilds this year.
In August 2026, ADNOC L&S acquired five VLGCs and six Very Large Crude Carriers for approximately US$1.3 billion (AED 4.8 billion), bringing its VLGC fleet to 12 vessels and its VLCC fleet to 14.
Nine of those vessels were acquired on the secondary market for delivery in Q3 2026, while two VLGC newbuildings were acquired through a resale transaction from a Chinese shipyard for delivery in Q4 2026.
In July 2026, the company ordered four 175,000-cubic-metre LNG carriers from Jiangnan Shipyard in Shanghai for approximately US$900 million, with delivery scheduled for 2029. In August 2026, it exercised options for two further LNG carriers of the same capacity from Jiangnan for US$444 million.
With the latest order, ADNOC L&S’s VLGC fleet will reach 15 vessels upon delivery. The company’s LNG carrier fleet totals 24 vessels, comprising four legacy ships, six next-generation carriers delivered since Q4 2024, and 14 under construction.
Financial performance supports investment
ADNOC L&S reported a Q2 2026 net profit of US$951 million, up 303% year on year, and revenue of US$2,584 million, up 98%.
EBITDA reached US$1,106 million, up 176%, while the EBITDA margin was 40% for H1 2026.
For the first half of 2026, revenue rose 46% to US$3,667 million, while net profit rose 179% to US$1,173 million. The company raised its 2026 guidance for the third time, now expecting group revenue to grow by 20% and net profit to rise by 110%.
According to its website, ADNOC L&S operates more than 900 vessels and has evolved from a UAE-focused operator into a global energy maritime logistics company, operating in 19 cities across 50 countries and serving more than 100 clients.
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