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Tuesday, June 28, 2022

ADNOC L&S to Buy Three New 175,000m3 LNG Carriers

Maritime Activity Reports, Inc.

June 2, 2022

Credit: ADNOC

Credit: ADNOC

ADNOC Logistics & Services, UAE-based oil firm ADNOC's shipping and maritime logistics arm, said Thursday it would order three new liquefied natural gas (LNG) carriers. 

"ADNOC L&S is the region’s largest shipping and integrated logistics company and the state-of-the-art new-build vessels will bolster the company’s capacity as it responds to the growing global demand for LNG," ADNOC L&S said.

The new-build LNG vessels, each with a capacity of 175,000m3, are significantly larger than the current ADNOC L&S fleet which have a capacity of 137,000m3 each. ADNOC L&S previously announced in April 2022 that it would acquire two LNG vessels which brings the total number of new-build LNG vessels ordered to five, with the vessels scheduled for delivery in 2025 and 2026.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: "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 favor more fuel-efficient vessels, such as the new builds that we are purchasing."

 All five new-build LNG vessels will be built at the Jiangnan Shipyard in China. Jiangnan Shipyard was also previously commissioned by ADNOC L&S in 2020 to build five Very Large Gas Carriers (VLGC) for AW Shipping, ADNOC L&S’ Joint Venture company with China’s Wanhua Chemical Group.

The new vessels’ engine technology will reduce emissions (CO2, NOX and SOX) and in combination with the innovative Air Lubrication System, further reduce fuel consumption by at least 10%.

 

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