ADNOC Logistics and Services Acquires Two Additional VLCCs

The acquisitions are added to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels. (Asharq Al-Awsat)
The acquisitions are added to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels. (Asharq Al-Awsat)
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ADNOC Logistics and Services Acquires Two Additional VLCCs

The acquisitions are added to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels. (Asharq Al-Awsat)
The acquisitions are added to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels. (Asharq Al-Awsat)

The United Arab Emirates’ shipping and maritime logistics unit of the Abu Dhabi National Oil Company (ADNOC) has acquired two Very Large Crude Carriers (VLCCs), boosting its fleet to eight.

The fleet expansion is part of ADNOC’s strategy to tap new customers and markets for the UAE’s Murban crude oil.

It will also help the company achieve its target of increasing crude oil production capacity by 25 percent to five million barrels per day (BPD) by 2030.

The new acquisitions include a new-build VLCC, equipped with dual-fuel technology, which is expected to be delivered in Q1 2023, and an existing vessel that is scheduled to join the fleet in Q2 2021.

These latest acquisitions mean that ADNOC L&S has now added a total crude oil cargo capacity of 16 million barrels this year.

“The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain,” said CEO of ADNOC Logistics and Services Captain Abdulkareem al-Masabi.

“Following our strategic vessel acquisitions in 2020-2021, combined with our integrated logistics and marine solutions, we are confident that our customers will gain a significant edge in terms of time and cost savings for their upstream and downstream operations, including ADNOC Group entities,” he added.

ADNOC L&S, which is the largest integrated maritime logistics and shipping company in the Gulf Cooperation Council (GCC), and owner and operator of the largest shipping fleet in the UAE, has been pursuing a smart fleet expansion program, driven by increased demand from its affiliates, in particular ADNOC Trading and ADNOC Global Trading, and favorable asset prices for crude vessels.

In 2020, ADNOC L&S grew its fleet with 16 deep-sea vessel acquisitions. As a result of the additional fleet capacity, ADNOC L&S can further improve cost efficiencies while providing a comprehensive service to its customers.

The latest acquired vessels have a length of 336 meters with a deadweight of 300,000 metric tons.

The existing vessel is equipped with a scrubber, which is an exhaust gas cleaning system that removes sulphur oxides from the ship’s engine, improving its environmental performance.

The VLCC adds to ADNOC L&S’ existing fleet of 140 owned vessels and 100 chartered vessels, which includes deep-sea shipping, offshore support and marine services vessels.

The ADNOC L&S international trading fleet transports crude oil, refined products, dry bulk, containerized cargo, LPG and LNG on its owned and chartered vessels, supporting ADNOC’s operations locally and facilitating the shipment of commodities to global markets.



EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
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EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo

The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse.

The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30% US tariffs that US President Donald Trump has said he will apply on August 1.

"Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions, Reuters reported.

Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval.

The rate would be up to 30%, designed to mirror US tariffs, EU sources said.

Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed.

The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7.

So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70% of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations.

CLOSING ON DEAL

The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision.

The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt."

French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached.

There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed.

Another said the EU might reduce some of its own duties. Its current import duty for cars is 10%.

Under the outlines of the potential deal, the 15% rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5%.

There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said.

Washington does not, however, appear willing to lower its 50% tariff on steel.