Latest news with #ADNOCLS
Arabian Business
2 days ago
- Business
- Arabian Business
ADNOC L&S JV in China receives first of nine VLECs in major fleet expansion
AW Shipping, ADNOC Logistics and Services' (ADNOC L&S) joint venture with Wanhua Chemical Group, has taken delivery of Gas Yongjiang, the first of its nine state-of-the-art Very Large Ethane Carriers (VLECs) from Jiangnan Shipyard in China. Gas Yongjiang will commence operations under a 20-year time charter agreement. The remaining eight VLECs are scheduled for delivery between 2025 and 2027. ADNOC's JV fleet expansion Upon full deployment, the fleet is projected to generate approximately US$4 billion in revenue through long-term contracts totalling 180 years. Once all nine vessels are delivered, AW Shipping will operate one of the world's largest VLEC fleets. Captain Abdulkareem Al Masabi, Chairman of AW Shipping and CEO of ADNOC L&S, commented: 'The delivery of Gas Yongjiang, the first VLEC to join the AW Shipping fleet, marks a significant milestone in our fleet expansion and entry into the global ethane shipping market. 'These nine vessels, purpose-built to transport ethane, a critical feedstock for the global petrochemical industry, will boost our capacity to meet growing demand, particularly in fast-growing Asian markets and reinforce our leadership in lower-carbon energy transport.' Gas Yongjiang is one of the world's largest ethane carriers, with a capacity of 98,000 cubic meters. The vessel has optimised hull designs and integrated energy-saving technologies, which significantly reduce emissions. Kou Guangwu, President & CEO of Wanhua Chemical Group, added: 'Since the beginning of our collaborative journey in 2018, the partnership between Wanhua Chemical and ADNOC L&S has grown from raw material supply to encompass a broad spectrum of services, including shipping operations. 'Both companies are ready to further strengthen their cooperation for high-value chemical projects while fostering synergies that leverage resource integration and compatible strengths to achieve strategic win-win outcomes.' ADNOC L&S also received Al Reef, the third of six LNG carriers from the shipyard. The vessel underscores its strategy to modernise its gas fleet to meet global energy demand. Lin Ou, Chairman of Jiangnan Shipyard, said: 'The naming of Gas Yongjiang and Al Reef reflects Jiangnan Shipyard's commitment to building intelligent, high-value, and energy-efficient vessels. Backed by the trust of ADNOC L&S and Wanhua Chemical, we continue to pursue joint innovation and customer-focused collaboration to unlock new possibilities in intelligent manufacturing.'
Zawya
3 days ago
- Business
- Zawya
ADNOC L&S JV receives first Very Large Ethane Carrier in major fleet expansion
ADNOC Logistics and Services plc (ADNOC L&S / the Company) today announced that AW Shipping, its joint venture with Wanhua Chemical Group, has taken delivery of Gas Yongjiang, the first of nine state-of-the-art Very Large Ethane Carriers (VLECs) from Jiangnan Shipyard in China. The vessel will commence operations under a 20-year time charter agreement. The remaining eight VLECs are scheduled for delivery between 2025 and 2027. Upon full deployment, the fleet is projected to generate approximately $4 billion (AED14.7 billion) in revenue through long-term contracts totaling 180 years. Once all nine vessels are delivered, AW Shipping will operate one of the world's largest VLEC fleets. Captain Abdulkareem Al Masabi, Chairman of AW Shipping and CEO of ADNOC L&S, stated, "The delivery of Gas Yongjiang, the first VLEC to join the AW Shipping fleet, marks a significant milestone in our fleet expansion and entry into the global ethane shipping market. These nine vessels, purpose-built to transport ethane, a critical feedstock for the global petrochemical industry, will boost our capacity to meet growing demand, particularly in fast-growing Asian markets and reinforce our leadership in lower-carbon energy transport.' Kou Guangwu, President & CEO of Wanhua Chemical Group, said, 'Since the beginning of our collaborative journey in 2018, the partnership between Wanhua Chemical and ADNOC L&S has grown from raw material supply to encompass a broad spectrum of services, including shipping operations. Both companies are ready to further strengthen their cooperation for high-value chemical projects while fostering synergies that leverage resource integration and compatible strengths to achieve strategic win-win outcomes.' Lin Ou, Chairman of Jiangnan Shipyard, said, The naming of Gas Yongjiang and Al Reef reflects Jiangnan Shipyard's commitment to building intelligent, high-value, and energy-efficient vessels. Backed by the trust of ADNOC L&S and Wanhua Chemical, we continue to pursue joint innovation and customer-focused collaboration to unlock new possibilities in intelligent manufacturing.' Gas Yongjiang is one of the world's largest ethane carriers, with a capacity of 98,000 cubic meters. The vessel has optimised hull designs and integrated energy-saving technologies significantly reduce emissions, driving sustainable, value-driven growth. ADNOC L&S also received Al Reef, the third of six state-of-the-art LNG carriers from Jiangnan Shipyard. The arrival of the vessel underscores the company's strategy to modernise its gas fleet and strengthen its role in meeting global energy demand. The naming and delivery ceremony of both vessels was attended by senior executives from ADNOC L&S, Wanhua Chemical Group, and Jiangnan Shipyard. Sharifa Al Mulla, the ceremonial sponsor of both vessels, is the first Emirati female officer to serve aboard the ADNOC L&S commercial shipping fleet.
Zawya
3 days ago
- Business
- Zawya
ADNOC L&S joint venture receives first Very Large Ethane Carrier in major fleet expansion
RELATED TOPICS MARITIME RELATED COMPANIES Marine Intl Hldg Aw Shipping ADNOC L&S ADNOC L&S Wanhua ADNOC L&S VLEC fleet to operate under 20-year charter contracts, generating approximately $4 billion in total revenue ADNOC L&S also receives Al Reef, third of six LNG Carriers built by Jiangnan Shipyard Shanghai, China/Abu Dhabi, UAE – ADNOC Logistics and Services plc (ADNOC L&S / the Company) (ADX symbol: ADNOCLS / ISIN: AEE01268A239), a global energy maritime logistics leader, today announced that AW Shipping, its joint venture with Wanhua Chemical Group, has taken delivery of Gas Yongjiang, the first of nine state-of-the-art Very Large Ethane Carriers (VLECs) from Jiangnan Shipyard in China. The vessel will commence operations under a 20-year time charter agreement. The remaining eight VLECs are scheduled for delivery between 2025 and 2027. Upon full deployment, the fleet is projected to generate approximately $4 billion (AED14.7 billion) in revenue through long-term contracts totaling 180 years. Once all nine vessels are delivered, AW Shipping will operate one of the world's largest VLEC fleets. Captain Abdulkareem Al Masabi, Chairman of AW Shipping and CEO of ADNOC L&S, stated: "The delivery of Gas Yongjiang, the first VLEC to join the AW Shipping fleet, marks a significant milestone in our fleet expansion and entry into the global ethane shipping market. These nine vessels, purpose-built to transport ethane, a critical feedstock for the global petrochemical industry, will boost our capacity to meet growing demand, particularly in fast-growing Asian markets and reinforce our leadership in lower-carbon energy transport .' Kou Guangwu, President & CEO of Wanhua Chemical Group, said: 'Since the beginning of our collaborative journey in 2018, the partnership between Wanhua Chemical and ADNOC L&S has grown from raw material supply to encompass a broad spectrum of services, including shipping operations. Both companies are ready to further strengthen their cooperation for high-value chemical projects while fostering synergies that leverage resource integration and compatible strengths to achieve strategic win-win outcomes.' Lin Ou, Chairman of Jiangnan Shipyard, said: The naming of Gas Yongjiang and Al Reef reflects Jiangnan Shipyard's commitment to building intelligent, high-value, and energy-efficient vessels. Backed by the trust of ADNOC L&S and Wanhua Chemical, we continue to pursue joint innovation and customer-focused collaboration to unlock new possibilities in intelligent manufacturing.' Gas Yongjiang is one of the world's largest ethane carriers, with a capacity of 98,000 cubic meters. The vessel has optimized hull designs and integrated energy-saving technologies significantly reduce emissions, driving sustainable, value-driven growth. ADNOC L&S also received Al Reef, the third of six state-of-the-art LNG carriers from Jiangnan Shipyard. The arrival of the vessel underscores the company's strategy to modernize its gas fleet and strengthen its role in meeting global energy demand. The naming and delivery ceremony of both vessels was attended by senior executives from ADNOC L&S, Wanhua Chemical Group, and Jiangnan Shipyard. Sharifa Al Mulla, the ceremonial sponsor of both vessels, is the first Emirati female officer to serve aboard the ADNOC L&S commercial shipping fleet. Note: In 2024, AW Shipping awarded shipbuilding contracts to the Jiangnan Shipyard for the construction of the nine VLECs, priced at approximately $1.4 billion (AED5.1 billion) and a contract for four Very Large Ammonia Carriers (VLACs) priced at approximately $500 million (AED1.8 billion). The VLECs and VLACs will help meet the growing demand for ethane and ammonia to decarbonize industrial processes. About ADNOC Logistics & Services ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN AEE01268A239) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units – Integrated Logistics, Shipping and Services – ADNOC L&S delivers energy products and solutions to more than 100 customers in over 50 countries. ADNOC L&S' key subsidiaries include Zakher Marine International Holdings (100% ownership), an Abu Dhabi-based owner and operator of offshore support vessels; and Navig8 (80% ownership), a global ship owner and commercial pools operator also offering bunkering and ship management solutions. To find out more, visit: For media enquiries, please contact: media@ For investors enquiries, please contact: IR@
Arabian Business
5 days ago
- Business
- Arabian Business
ADNOC L&S defy market expectations with record-breaking Q2 and H1 numbers
Despite the global challenges faced by logistics companies in the first half of 2025, Abu Dhabi's ADNOC Logistics and Services reported record-breaking second-quarter (Q2) and first-half (H1) results. Surpassing market expectations and demonstrating resilience and operational strength in a volatile market, ADNOC L&S' Q2 revenue increased by 40 per cent year-on-year (YoY) to US$1,258 million, with EBITDA growing 31 per cent YoY to US$400 million. Net profit for the quarter grew 14 per cent to US$236 million. In H1 2025, the company's revenue was US$2,439 million, a 40 per cent YoY increase again. EBITDA rose by 26 per cent to US$744 million, driven by strong performances across all business segments, sustaining EBITDA margin at 30 per cent. Net profit was US$420 million, up 5 per cent YoY, and up 18 per cent compared to H2 2024. With strong performance in its core business segments and improving margins, ADNOC L&S has upgraded its full-year guidance, expecting faster growth due to continued momentum and enhanced operational efficiency across key areas. Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, commented: 'We are proud to report our highest-ever quarterly results, underscoring the strength of our growth strategy and our ability to capitalise on diversified opportunities across our Integrated Logistics, Shipping and Services segments. 'This record-breaking performance reflects ADNOC L&S's continued outperformance of market expectations, driven by robust cash flows, strategic partnerships, and operational excellence. 'In line with this momentum, our upgraded full-year guidance demonstrates our confidence in delivering long-term value to shareholders.' Guidance revised upwards The record-breaking performance has led the company to raise its 2025 revenue, EBITDA and net income guidance. It has increased the revenue guidance to 'High 20 per cents YoY growth' from its previous 'Mid to high 20 per cents YoY growth'. EBITDA guidance has been increased to 'Mid 20 per cents YoY growth' from 'High teens YoY growth'. Group net income guidance has bee upgraded to 'Low to mid double-digit YoY growth' from 'Low double-digit YoY growth'. ADNOC L&S also said it remains confident in its medium-term outlook (2026–2029), supported by long-term growth prospects, strategic expansion, and resilient income streams. Amid increased market volatility, ADNOC L&S said it was intensifying its focus on value-efficiency initiatives, leveraging portfolio diversification, and maintaining the strength of long-term contracted revenues with high-quality counterparties. Growth Investments remain on track, with capital expenditure guidance unchanged. The company added that it retains the financial capacity to fund an additional US$3 billion beyond announced projects within 2.5x net debt/EBITDA by 2030. ADNOC L&S continued to reinforce its long-term earnings potential through strategic fleet expansion against long-term contracts. Following the delivery of its second LNG carrier in Q2 2025, the company is set to receive its first Very Large Ethane Carrier (VLEC) and the third of six LNG carriers in Q3 2025. Together with additional new-build orders, these vessels are projected to strengthen future earnings base, with over US$26 billion of future income already contracted. The integrated logistics segment delivered a solid performance, driven by continued strong utilisation and rates on Jack-up Barges (JUBs), improved profitability on the Integrated Logistics Solution Platform, and increased chartering activity beyond ILSP. Revenues rose 22 per cent YoY to US$1,293 million, reflecting strong demand and strategic growth in key areas. EBITDA rose by 27 per cent YoY to US$420 million, highlighting the segment's significant contribution to the company's overall results. The company's shipping segment revenues surged 89 per cent YoY to US$981 million, because of the consolidation of revenue from the Navig8 tanker fleet. Shipping EBITDA increased by 25 per cent YoY to US$290 million, despite substantially weaker market conditions than H1 2024.
Zawya
5 days ago
- Business
- Zawya
ADNOC Logistics & Services reports record Q2 profit, raises FY guidance
ADNOC Logistics & Services (ADNOC L&S) posted a net profit of $236 million for Q2 2025, marking a 14% year-on-year (YoY) increase, and has raised its full-year guidance. The result significantly beat analysts' mean estimate of $198.5 million, according to LSEG data. Revenue surged 40% YoY to $1.26 billion, driven by strong performance across all business segments. The company said the results represent its highest-ever quarterly earnings, prompting an upgrade to its full-year guidance. ADNOC L&S now expects FY 2025 net income to grow in the 'low to mid double-digit' range YoY, up from its previous forecast of 'low double-digit growth.' Revenue is projected to grow in the high 20% range YoY. For the first half of 2025, net profit reached $420 million, up 5% YoY. (Writing by Brinda Darasha; editing by Mily Chakrabarty)
