Abu Dhabi state shipping firm Adnoc Logistics & Services booked a record year in 2024. All-time high profits of $756mn were driven by its recent rapid fleet expansion, coupled with its tanker segment securing higher rates on the back of Red Sea disruptions (MEES, 28 February).
With windfall profits on the books, it is looking to invest at least $8bn by 2029. It has already committed $5bn to expanding its current 75-strong shipping fleet with 27 new ships to complement Adnoc’s gas-linked projects (see charts). “Adnoc L&S aims to be the provider of choice for Adnoc Group’s needs as they grow domestically & internationally,” the company says in its 2024 annual report, released 24 March. (CONTINUED - 558 WORDS)
