ADNOC L&S Exercises Options for Two More LNG Carriers at Jiangnan

ADNOC Logistics & Services has exercised options for two additional newbuild LNG carriers at Jiangnan Shipyard in Shanghai, in an agreement valued at $444m.

Each vessel has a cargo capacity of 175,000 cu m, and both are scheduled for delivery in 2029. On delivery the company expects the pair to be deployed on long-term charters rather than traded on the spot market, consistent with the employment structure of the rest of its gas fleet.

The exercise follows an earlier $900m commitment for four vessels at the same yard, and takes ADNOC L&S to 24 LNG carriers in total across its owned and committed fleet. Including this order, the company has announced approximately $2.7bn in vessel acquisitions and newbuild commitments during 2026 alone.

The pace reflects an owner building tonnage to match export volumes rather than trading positions. ADNOC's gas expansion programme requires shipping capacity contracted well in advance, and securing 2029 slots at a Chinese yard sidesteps the constraint now facing owners looking at Korean builders, where delivery positions in the first half of 2029 are largely filled with high-value gas tonnage already under contract.

Jiangnan has emerged as one of the Chinese yards capable of building large membrane gas carriers at series scale, alongside Hudong-Zhonghua, which announced further LNG-focused capacity expansion in August. For an owner placing repeat orders, the ability to exercise options against an established build slot at a familiar yard removes most of the execution risk that would attach to a first order at a new address.

The order also continues a pattern of Gulf national energy companies taking direct control of their shipping requirements rather than relying on chartered-in tonnage from third-party owners. ADNOC L&S has expanded across crude, product, gas and offshore segments over the past two years, and the LNG fleet is now the fastest-growing part of that portfolio.