ADNOC Logistics & Services, the shipping and maritime logistics arm of Abu Dhabi National Oil Co. (ADNOC), is acquiring two additional very large crude carriers (VLCC), bringing the total number of VLCCs added to its fleet in 2021 to eight.
The VLCC fleet expansion is part of ADNOC’s efforts to boost trading of the UAE’s flagship 39.8° API, 0.82% sulfur Murban crude. ADNOC intends to increase its crude oil production capacity 25% to 5 million b/d by 2030.
The new acquisitions include a new-build VLCC, equipped with dual-fuel technology, expected to be delivered first-quarter 2023, and an existing vessel scheduled to join the fleet second-quarter 2021. Including these acquisitions, ADNOC L&S has increased its crude oil cargo capacity by 16 million bbl this year.
Each of the two most recently acquired vessels measures 336 m in length with a deadweight of 300,000 tonnes. The existing vessel is equipped with an exhaust scrubber to operate within IMO 2020 sulfur emissions restrictions. Daewoo Shipbuilding & Marine Engineering Co. Ltd. is building the new vessel.
Murban futures began trading in March 2021 on a new platform established by ADNOC and the Intercontinental Exchange.
