ADNOC L&S adds four LNG carriers in $900m China deal
Return to Jiangnan takes the group's LNG newbuild programme to 18 ships
ADNOC Logistics & Services has returned to China's Jiangnan Shipyard for four more LNG carriers in a deal worth about $900m.
The Abu Dhabi-listed shipping and logistics arm of ADNOC will take 175,000 cu m vessels from the Shanghai yard, with delivery in 2029; the agreement was signed during a visit to Jiangnan by ADNOC group chief executive Sultan Al Jaber. The order lifts the group's LNG newbuilding programme to 18 vessels. ADNOC L&S has already taken six 175,000 cu m carriers from Jiangnan under a $1.2bn order placed in 2022, five of them deployed on charters of up to 15 years with ADNOC Gas, and has eight more LNG carriers under construction at Samsung Heavy Industries and Hanwha Ocean backed by around $2.5bn, due from 2028 on 20-year charters.
The order comes days after ADNOC launched a global LNG marketing and trading platform in Abu Dhabi, targeting 47m tonnes a year of combined marketable LNG by 2035. Chief executive Abdulkareem Al Masabi cited confidence in LNG shipping fundamentals. The group has committed more than $5bn to 32 vessels since 2022, nine delivered and 23 to come through 2029.
