Latest news with #JiangnanShipyard
Arabian Business
3 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 JV receives first VLEC in major fleet expansion
Adnoc Logistics and Services (Adnoc L&S) today (August 14) 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, it stated. Captain Abdulkareem Al Masabi, Chairman of AW Shipping and CEO of Adnoc L&S, said: "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," he stated. Gas Yongjiang is one of the world's largest ethane carriers, with a capacity of 98,000 cu m. The vessel has optimised hull designs and integrated energy-saving technologies significantly reduce emissions, driving sustainable, value-driven growth. 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," he noted. 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." 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 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.
Al Etihad
26-05-2025
- Business
- Al Etihad
ADNOC L&S receives second newbuild LNG carrier 'Al Rahba' from Jiangnan Shipyard
26 May 2025 12:32 ABU DHABI (ALETIHAD)ADNOC Logistics and Services (ADNOC L&S), a global leader in energy maritime logistics and a subsidiary of ADNOC Group, has taken delivery of its second newbuild liquified natural gas (LNG) carrier, 'Al Rahba', from Jiangnan Shipyard in China. A statement to this effect was posted on the website of the Abu Dhabi Securities Exchange (ADX), where it is listed as a publicly traded company. 'The delivery marks a key milestone in ADNOC L&S's strategic fleet expansion programme, which commenced in 2022 with the awarding of contracts to Jiangnan Shipyard for the construction of six state-of-the-art LNG carriers, the statement said. The acquisition of 'Al Rahba' further strengthens the company's shipping capabilities amid growing global demand for cleaner energy a capacity of 175,000 cubic metres, 'Al Rahba' is equipped with advanced energy-efficient technologies. These include two new-generation LNG dual-fuel main engines designed to cut methane emissions by up to 50% compared to older-generation vessels, supporting ADNOC's broader commitment to environmental sustainability and operational L&S operates through three primary business units – Integrated Logistics, Shipping, and Services. The company delivers energy products and maritime solutions to more than 100 customers across over 50 countries. Its subsidiaries include 100%-owned Zakher Marine International Holdings, which is an Abu Dhabi-based owner and operator of offshore support vessels. ADNOC L&S also owns an 80% stake in Navig8, a global ship owner and commercial pools operator also offering bunkering and ship management solutions. The net capitalisation of ADNOC L&S, according to the latest ADX data, is Dh32.93 billion.
