Adnoc Logistics and Services plc (ADNOC L&S) announced that its joint venture with Wanhua Chemical Group, AW Shipping, has awarded shipbuilding contracts worth approximately USD 1.9 bln to Jiangnan Shipyard in China.
The contracts include the construction of nine Very Large Ethane Carriers (VLECs) for about USD 1.4 bln and two Very Large Ammonia Carriers (VLACs) for around USD 250 mln, with an option for two additional VLACs at the same price. The new vessels, among the largest of their kind, will feature energy-efficient dual fuel engines. The VLECs, with a carrying capacity of 99,000 cubic meters each, will be used on 20-year time charter contracts, generating USD 4 bln in revenue. They are scheduled for delivery between 2025 and 2027. The VLACs, with a capacity of 93,000 cubic meters each, will be delivered between 2026 and 2028.
