- Third LNG ship due in Q3.
- Q2 tanker charter rates ‘softer.’
- No plans to disclose bunker sales.
Heightened U.S. and EU sanctions are increasingly sidelining a segment of the global tanker fleet—often termed the “dark fleet,” which transports crude off the radar. With roughly 10–15% of Very Large Crude Carriers (VLCCs) already out of active circulation, there’s a growing squeeze on available shipping capacity. This constraint, combined with persistently strong oil demand, is triggering a bullish outlook for tanker operators and freight rates.
ADNOC L&S Positions for Growth
ADNOC Logistics & Services (L&S), Abu Dhabi’s national energy logistics arm, is gearing up to capitalize on the tightening tanker market. Its recent acquisition of Navig8—a UK-based tanker operator with 32 tankers—has significantly expanded its fleet and global reach. Since its IPO in 2023, ADNOC L&S has initiated a bold investment plan, underwriting nearly $6 billion to strengthen its maritime logistics capabilities, with over $3 billion more slated for value-adding projects through 2029.
OPEC Supply Could Further Fuel Demand
Adding to the market dynamics is the prospect of increased crude output from OPEC members. With signs pointing to rising volumes from key Gulf producers, the long-haul shipment demand—particularly via VLCC routes—is anticipated to pick up. This aligns well with ADNOC L&S’s expansion strategy, as the company seeks to leverage its growing tanker capacity in a globally competitive arena.
Industry Outlook: Tightening Supply and Strategic Expansion
In summary, the tanker market is primed for a resurgence. Sanctions-driven reductions in available tonnage are tightening the supply side, while steady demand and potential OPEC output hikes are reinforcing the freight cycle. ADNOC L&S, with its expanded fleet and deep pockets, is strategically positioned to benefit from this environment. For other players, the rise in strategic acquisitions and capital deployment signals a window of urgency—market share gains will favor the well-prepared as the tanker landscape evolves.
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Source: Platts
