Adnoc L&S’ earnings surge, Turkish Airlines holds the line

Adnoc L&S hits record 2Q earnings

A surge in tanker earnings turned Adnoc L&S’ 2Q into a blowout quarter. The maritime logistics firm’s net income jumped 303% y-o-y to USD 951 mn, a result the company credits to its support of Adnoc’s energy exports, according to its financial presentation (pdf). Revenues rose 98% y-o-y to USD 2.6 bn.

REMEMBER- The UAE was able to move more oil to global buyers than any other Gulf producer since the start of June, with Adnoc selling more than 130 mn barrels of crude across seven tenders. Adnoc charters tankers at elevated rates to shuttle crude through Hormuz with their transponders switched off, then transfers the cargo to another vessel in the Gulf of Oman for the longer haul to buyers. It did so despite the risk of transiting through the strait, with at least two of its vessels coming under attack last month, resulting in one fatality and several injuries.

The six-month read tells the same story. Adnoc L&S’ net income rose 179% y-o-y to USD 1.2 bn in 1H, while revenue climbed 46% to USD 3.7 bn. The gains came once again from supporting UAE energy exports, higher charter rates and chartering activity, and contributions from four newly delivered LNGCs, two VLECs, and one Ultramax vessel, according to its earnings release (pdf).

War costs outpace Turkish Airlines’ capacity fix

Turkish Airlines saw its net income decline 71% y-o-y to USD 197 mn in 2Q 2026, according to the firm’s interim financial statements (pdf). Meanwhile, revenues increased nearly 21% y-o-y to USD 7.2 bn over the same period.

Behind the numbers: Turkish Airlines says the war’s early fuel price spike hit its books with a lag this quarter as fuel expenses jumped 93% to USD 2.8 bn — even as the carrier shifted capacity toward stronger demand in Asia, Europe, and Africa to cushion the impact, according to a press release. Cargo revenue jumped 58% to USD 1.3 mn, while Middle East passenger and cargo revenue fell to USD 279 mn from USD 453 mn a year earlier.

In half-year terms: Net income fell 35% y-o-y to USD 423 mn in 1H, despite revenue rising 21% y-o-y to USD 13.1 bn.