Oil companies could accelerate tanker ownership as Strait of Hormuz disruption drives crude carrier earnings to levels at which analysts believe ships could pay for themselves after only five or six voyages, according to TradeWinds.
ADNOC Logistics & Services is spending about $1.3bn on six very large crude carriers and five very large gas carriers. Six VLCCs and three VLGCs are due for delivery in the third quarter of 2026, with two VLGC newbuildings following in the fourth quarter.
The purchases will take the Abu Dhabi company's fleets to 14 VLCCs and 12 VLGCs. The six VLCCs account for $747m of the investment and the five VLGCs for $566m. ADNOC L&S has committed about $2.3bn to vessel acquisitions and newbuildings this year, lifting total committed capital expenditure to about $5.7bn.
The rate environment is already transforming tanker earnings. ADNOC L&S' eight owned VLCCs generated an average TCE of $291,145 per day in the second quarter, up 556% from $44,350 a year earlier. Its 17 LR2 tankers achieved $129,568 per day, against $35,533 in the same period of 2025. Second-quarter revenue jumped 98% to $2.584bn, EBITDA rose 176% to $1.106bn and net profit climbed 303% to $951m. First-half shipping revenue increased 132% to $2.438bn, while shipping EBITDA rose 292% to $1.14bn.
ADNOC Logistics & Services plc is an Abu Dhabi-based integrated maritime logistics company serving the energy sector through integrated logistics, shipping and services. It serves more than 100 customers in over 50 countries and owns Zakher Marine International Holdings and an 80% interest in shipowner and commercial pool operator Navig8.