Sources revealed that Abu Dhabi National Oil Logistics Services (ADNOC L&S) acquired the 15-year-old very large crude carrier (VLCC) “Olympic Leopard” from Olympic Shipping and Management; the vessel has now been renamed “Al Yahr”. The transaction was valued at $115 million.
Records indicate that the vessel was built by South Korea’s HD Hyundai Heavy Industries in 2011 and has a deadweight tonnage (DWT) of 319,368. Olympic Shipping and Management had previously acquired the ship in 2015 for $80 million.
Sources noted that the sale price set a record high for vessels of the same tonnage and age. Currently, European shipbrokers value 15-year-old VLCCs at between $97 million and $100 million, representing an increase of more than 70% compared to 12 months ago.
It is understood that ADNOC L&S is moving forward with its VLCC acquisition plan and is willing to pay a premium for secondhand vessels.
In August of this year, ADNOC L&S announced a $1.3 billion investment to acquire five VLGCs and six VLCCs, six of which are secondhand vessels, with delivery scheduled for the third quarter of 2026.
According to a shipping data platform, ADNOC L&S currently owns six VLCCs. In addition to the “Olympic Leopard”, the company also acquired the “Al Faya” (formerly known as the “Delta Angelica”), built in 2012, from Delta Tankers for approximately $116 million. Reports indicate that ADNOC L&S has also acquired other vessels from Delta Tankers, but the renaming and ownership transfers have not yet been completed.
At the same time, ADNOC L&S acquired the “Front Humber” and “Front Vefsna”, both built by Frontline in 2017, and has renamed them the “Al Maqam” and “Ramhan”. According to Frontline, the total transaction value for the two vessels was $270 million, with each vessel sold for $135 million.
The other two VLCCs are the “Al Dhannah” (formerly the “Seapassion”), built by Thenamaris in 2017, and the “Al Yasat” (formerly the “Celeste Nova”), built by Zodiac Maritime in 2013. The transaction for the “Al Dhannah” was valued at approximately $125 million.
Equasis data shows that, in addition to its own fleet, ADNOC L&S also serves as the ISM manager for eight VLCCs owned by Sinokor and MSC. Reuters reported that ADNOC L&S has chartered multiple VLCCs from these companies to support its export operations.
In addition, ADNOC L&S has made new investments in the newbuild market. On July 10, ADNOC L&S returned to Jiangnan Shipyard, a subsidiary of China State Shipbuilding Corporation, to order four 175,000-cubic-meter LNG carriers with a total value of $900 million, scheduled for delivery in 2029. This order brings the total number of new LNG carriers under construction for ADNOC L&S to 18.