Fleet Expansion Underpins LNG Growth Ambitions
ADNOC Logistics and Services, listed on the Abu Dhabi Securities Exchange, confirmed a $900 million order — equivalent to around AED 3.3 billion — for four additional LNG carriers. Each vessel will have a capacity of 175,000 cubic metres and is scheduled for delivery in 2029 from Jiangnan Shipyard in Shanghai.
Together with earlier contracts, this latest order extends ADNOC L&S’ LNG newbuild programme to 18 carriers. This positions the business as a core enabler of the group’s gas growth plans. The company has already taken delivery of six 175,000 cubic metre LNG carriers from Jiangnan Shipyard, valued at $1.2 billion. Five of these are deployed on contracts of up to 15 years with ADNOC Gas, locking in long-term cash flows and supporting balance-sheet visibility.
A further eight LNG carriers are under construction at Samsung Heavy Industries and Hanwha Ocean, backed by an investment of about $2.5 billion. These vessels are due from 2028 and are all contracted on 20-year time charters to ADNOC Gas, extending revenue well into the 2040s. The new four-ship order is expected to follow similar long-term charter deployment. This reinforces ADNOC L&S’ model of contracted earnings rather than spot exposure.
This rapid expansion sits alongside the company’s broader gas shipping build-out. ADNOC L&S is also taking delivery of very large ammonia and ethane carriers through its AW Shipping joint venture with China’s Wanhua Chemical Group. This supports future low-carbon and petrochemical flows. Including its 50% share of that programme, ADNOC L&S has now committed more than $5 billion to fleet growth since 2022. That signals confidence in sustained gas and liquids demand.
Supporting ADNOC’s Global LNG Platform
The ADNOC L&S LNG orders are closely tied to ADNOC’s decision to launch a global LNG marketing and trading platform based in Abu Dhabi Global Market. ADNOC has stated a target of 47 million tonnes per annum of combined marketable LNG by 2035. The shipping investments are designed to match that upstream and commercial ambition. As a result, ADNOC L&S is building one of the most advanced and efficient LNG shipping fleets, with modern dual-fuel tonnage that supports both cost and emissions performance.
The new carriers will give ADNOC L&S greater control over supply chains at a time when LNG trade flows are diversifying and route risk remains elevated. Long-term charters to ADNOC Gas strengthen internal alignment and reduce counterparty risk. They also give external investors clearer visibility on cash generation. For Abu Dhabi, the strengthening of ADNOC L&S LNG capacity underscores the emirate’s wider strategy to anchor itself as a reliable gas supplier into Asia and Europe. This leverages its port, shipyard and financial infrastructure.
For investors, the $900 million order adds another layer of contracted, infrastructure-style earnings to ADNOC L&S’ profile, with exposure to LNG growth rather than short-cycle oil price swings. The key variables to watch are execution at Jiangnan Shipyard, charter terms on the four new vessels once finalised, and how quickly ADNOC’s LNG marketing platform ramps towards the 47 mtpa target by 2035. As these pieces lock into place, ADNOC L&S LNG capacity will become a more central driver of both group returns and Abu Dhabi’s role in global gas trade.
