Adnoc Logistics and Services has taken delivery of its fourth new liquefied natural gas carrier as it continues to boost its fleet to cater to growing market demand.
The Al Sadaf sailed from the Jiangnan Shipyard in China and will “immediately” depart on its first commercial mission, the Abu Dhabi National Oil Company unit said in a statement on Wednesday.
It is the latest ship to join Adnoc L&S's multi-billion-dollar fleet renewal and capacity expansion programme, which is centred on versatility and energy efficiency, in line with rising demand for lower-carbon energy, it said.
“Each addition to our next-generation fleet strengthens our ability to capture new growth opportunities, enhance operational efficiency and deliver value to our shareholders,” said Abdulkareem Al Masabi, chief executive of Adnoc L&S.
“At the same time, we advance our commitment to lower-carbon maritime logistics.”
Adnoc L&S delivers energy products and solutions to more than 100 customers in about 50 countries through its three business units – integrated logistics, shipping and marine services.
It has more than 20 vessels under construction, with deliveries scheduled through to 2028. This expansion is projected to generate more than $10 billion in long-term revenue for the company, which also has more than $26 billion in long-term contracted revenue.
Last month, the company reported a 17 per cent annual rise in its third-quarter net profit to $205.4 million, as revenue jumped 36 per cent to $1.26 billion, on the back of a strong performance across its business units.
The company made its debut on the Abu Dhabi Securities Exchange in June 2023 after parent company Adnoc raised about Dh2.83 billion from the sale of a 19 per cent stake in the subsidiary.
Adnoc also completed a $317 million secondary offering in August, which raised Adnoc L&S's free float to about 22 per cent.
Following that, Adnoc L&S said the company would be included in the MSCI Emerging Markets Index from November 25, a move expected to help it attract more than $200 million in passive capital inflows.
