ADNOC L&S recorded an annual revenue of $3.5bn in 2024, up 29% compared with 2023.

The logistics and services arm of the Abu Dhabi National Oil Company achieved a net profit of $756m in 2024, which equated to $0.1 per share.

Adnoc L&S chief executive Abdulkareem Al Masabi said 2024 had “been characterised by investing in the internationalisation of our business platform, the addition of new vessel types focused on transition fuels and the growth of our large integrated logistics business”.

“Today, Adnoc L&S is a larger, stronger, more international business and one of the leading energy maritime logistics companies in the world. Our growth story continues into 2025 and beyond with more than $6bn highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts”.

The company said it ordered 10 new LNG carriers costing $2.5bn, four very large ammonia carriers totalling $500m and nine very large ethane carriers worth $1.4bn through its subsidiary AW Shipping.

The LNG carriers and VLECs have been chartered for 20 years each, Adnoc said.

In addition, the acquisition of Navig8 has added a fleet of 32 tankers. Adnoc said it expects the acquisition to boost earnings per share by at least 20% in 2025.

Adnoc’s shipping segment achieved $956m of revenue (up 14% on 2023), driven by strong charter rates for both dry bulk and tankers in the first half of 2024. Additional revenue from four VLCCs acquired in 2023 and the contracting of LNG carrier Shahamah (IMO: 9035852) at a higher rate than in 2023 also contributed to the increase in revenue.

This is in part thanks to what Adnoc called “supportive tanker vessel demand”, limited newbuildings and increased scrapping candidates. The energy giant was equally bullish on the LNG outlook, due to the liquefaction capacity under construction and set to come online in the next few years.

The dry bulk market is expected to have a softer 2025, Adnoc predicted, with moderate demand growth and feet growth of 3%.