Abu Dhabi: ADNOC Logistics & Services, the shipping and maritime logistics arm of the Abu Dhabi National Oil Company, has purchased three additional liqueified natural gas (LNG) vessels, it said on Thursday.
The new-build LNG vessels, each with a capacity of 175,000 cu.m., are significantly larger than the current ADNOC L&S fleet which have a capacity of 137,000 cu.m. each. The company had earlier announced in April 2022 that it will acquire two LNG vessels, bringing the total number of new-build LNG vessels ordered to five, with the vessels scheduled for delivery in 2025 and 2026.
“Several dynamics are strengthening the LNG market, which makes the timing of these acquisitions particularly significant. This includes a renewed emphasis on energy access and security, as well as new environmental regulations that favour more fuel-efficient vessels, such as the new-builds that we are purchasing,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.
All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
The acquisition of larger, more energy efficient vessels will allow ADNOC L&S to meet growing customer demand while improving the environmental footprint of its fleet. The new vessels’ engine technology will reduce emissions and in combination with the innovative Air Lubrication System further reduce fuel consumption by at least 10 per cent.
Over the past 24 months, ADNOC L&S has acquired 16 deep sea vessels, including eight Very Large Crude Carriers (VLCC) in 2021, that added 16 million barrels of capacity. Furthermore, the company acquired six product tankers, which expanded the product tanker fleet capacity to over 1 million metric tonnes as well as five VLGC for AW Shipping.