ADNOC L&S makes $1.3bn VLCC and VLGC swoop

AI Summary

Abu Dhabi National Oil Company Logistics & Services (ADNOC L&S) has invested $1.3 billion on an 11-ship acquisition spree including six very large crude carriers (VLCCs) and five very large gas carriers (VLGCs). The majority of vessels were secondhand purchases, with delivery scheduled in the third quarter.

Abu Dhabi-listed ADNOC Logistics & Services has put $1.3bn to work on an 11-ship buying spree, picking up six VLCCs and five VLGCs through secondhand and newbuild resale deals. Nine ships – all six VLCCs and three VLGCs – have been acquired on the secondhand market and are due for delivery in the third quarter. …