Adnoc L&S has received a HanwhaOcean produced new-build very large crude carrier (VLCC), dubbed Hafeet, according to a company disclosure (pdf) on the Abu Dhabi Exchange (ADX). Hafeet is the first of four VLCCs ordered by the company. The disclosure did not mention the cost of the VLCCs, though it revealed that Adnoc L&S has committed USD 2 bn since 2018 towards building more environmentally efficient vessels and cutting the carbon production of its fleet by 20%.

The details: Hafeet is a 336 meter-long fuel-duel vessel that can also run on liquified natural gas, and has a deadweight capacity of 300k metric tons, according to the disclosure. The carriers are designed for long-haul voyages to ship crude to customers globally. It can carry some 2 mn barrels of crude per voyage, according to the disclosure. Hafeet was built by one of Korea’s Big 3 shipbuilders, Hanwha Ocean, at its Okpo Shipyard in Geoje Island in South Korea.

More to follow: The second newbuild VLCC will be delivered later this month, while the third will be delivered in 3Q 2023 and the fourth in 4Q.

What they said: “The addition of Hafeet, the first of four newbuild VLCCs to our expanding ADNOC L&S fleet, will increase our energy transportation capacity in line with our ambitious growth strategy,” CEO of Adnoc L&S Abdulkareem Al Masabi said.

It’s a big year for Adnoc L&S: The company also added five new-build Very Large Gas Carriers (VLGC) to its fleet in April, with even more VLGCs scheduled for delivery in 2025 and 2026. The company wrapped its IPO in the beginning of June, raising USD 769 mn from the sale of a 19% stake. The proceeds will be put towards Adnoc’s ambitious USD 4-5 bn medium term growth strategy, which includes investments towards expanding the scope of their services, decarbonization efforts, as well as scaling up their shipping, integrated logistics, and services platform operations.

Tags: