Adnoc Logistics and Services has signed a Dh3.3 billion ($900 million) order for four new liquefied natural gas vessels as it seeks to boost its LNG fleet to meet growing gas demand globally.
The vessels, with delivery scheduled for 2029, will be constructed at Jiangnan Shipyard in Shanghai, China, Adnoc L&S said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
Each vessel has a capacity of 175,000 cubic metres. The latest order brings Adnoc L&S’ total LNG newbuild programme to 18 vessels.
The contract was signed in Shanghai during a visit by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive.
"As global demand for natural gas continues to rise, this latest order reflects our confidence in the strong fundamentals of the LNG shipping market," said Abdulkareem Al Masabi, chief executive of Adnoc L&S.
"We are investing in a next generation fleet to efficiently connect key supply sources with high-growth demand centres and support the global energy transformation."
In May, the company said it would continue its strategic fleet expansion and modernisation programme despite the Iran war, which led to severe disruption at the Strait of Hormuz.
Late last month, the Adnoc subsidiary also upgraded its full-year 2026 financial guidance because of a strong shipping performance and steady improvements across its offshore logistics operations.
Net profit is projected to surge more than 60 per cent, significantly above previous expectations of growth in the mid-to-high teens, Adnoc L&S said.
It expects revenue to grow at a low single-digit rate for the year, up from a projection of low-to-mid single digit reduction. Earnings before interest, taxes, depreciation and amortisation is forecast to rise more than 20 per cent, from its earlier guidance of mid-to-high single-digit.
Adnoc L&S has been rapidly expanding its fleet in recent years. Including its 50 per cent share of the AW Shipping newbuild programme - a joint venture between Adnoc L&S and Wanhua Chemical Group - Adnoc L&S has committed over $5 billion to fleet expansion since 2022.
It has previously ordered six LNG carriers, nine very large ethane carriers (VLECs), four very large ammonia carriers (VLACs) and five very large gas carriers (VLGCs) from Jiangnan Shipyard.
It has already taken delivery of six 175,000 cubic metre LNG carriers, valued at $1.2 billion. Five vessels have been deployed on contracts of up to 15 years with Adnoc Gas, "providing stable and predictable revenues since May 2026," the company said.
The four new LNG carriers that have been ordered are expected to be used for long-term charters, "supporting stable energy flows to global markets".
During Dr Al Jaber’s visit to Jiangnan Shipyard, Adnoc L&S also marked the delivery of the first of its four VLACs. With a carrying capacity of 93,000 cubic metres, the vessel "ranks among the world’s largest ammonia carriers", the company said.
A further eight LNG carriers, with an investment volume of about $2.5 billion, are under construction at Samsung Heavy Industries and Hanwha Ocean.
These vessels are scheduled for delivery from 2028 and are all contracted on 20-year time charters to Adnoc Gas, the statement said.
Adnoc L&S said the latest deal to expand its fleet will also support Adnoc's broader LNG growth strategy.
The Abu Dhabi energy major recently launched a global LNG marketing and trading platform, targeting 47 million tonnes per annum of combined marketable LNG by 2035.
