Adnoc shipping arm Adnoc L&S announced on 8 January it had completed its acquisition of an 80% stake in international tanker firm Navig8 for $1.04bn. The deal adds 32 tankers to the company’s 23-strong fleet and includes a “contractual commitment” to acquire the remaining 20% of the company in mid-2027.
The deal was announced in June last year during Posidonia 2024 and is part of expansion plans for national shipping fleets of fellow GCC countries (MEES, 7 June 2024). Owning tankers has become a more lucrative business since Red Sea disruptions in 2024 has dislocated global oil flows (MEES, 10 January) meaning shipowners can charge more to lease out their vessels. (CONTINUED - 104 WORDS)