ADNOC Logistics Orders Four LNG Carriers for $900 Million

ADNOC Logistics and Services placed a $900 million order for four newbuild LNG carriers on July 10. The vessels will be constructed at Jiangnan Shipyard in Shanghai and are scheduled for delivery in 2029. The order increases ADNOC L&S's total LNG newbuild program to 18 vessels.

The company has already taken delivery of six 175,000-cubic-meter LNG carriers from the same yard under a $1.2 billion contract, with five of those ships operating on contracts of up to 15 years with ADNOC Gas. Eight additional LNG carriers remain under construction at Samsung Heavy Industries and Hanwha Ocean under a $2.5 billion investment.

Those ships are due for delivery starting in 2028 and are contracted on 20-year time charters to ADNOC Gas.

OilPrice.com reported that the new vessels will support ADNOC's target of 47 million tonnes per annum of combined marketable LNG by 2035. The company also signed a 15-year supply agreement this week with Japan's Inpex for gas from the Ruwais LNG project beginning in 2028.