ADNOC Logistics & Services has ordered three 90,000-cubic-meter Very Large Gas Carriers for $324 million, adding 270,000 cbm of LPG shipping capacity to one of the fastest-growing energy-shipping fleets in the Middle East. The vessels are scheduled for delivery in the second half of 2029 and will immediately enter seven-year contracts with ADNOC Global Trading, giving the ships committed employment potentially extending into 2036. The investment equals approximately $108 million per vessel, a comparatively competitive headline price against several disclosed 90,000-cbm VLGC contracts placed this year. ADNOC L&S has not publicly identified the shipyard or disclosed the propulsion specification, fuel system or detailed contract economics.
ADNOC L&S · VLGC Newbuild Program
Three Ships Ordered With Their First Seven Years Already Spoken For
ADNOC L&S is pairing newbuilding investment with long-term internal commercial demand rather than waiting until delivery to find employment.
01
VLGC No. 1
90,000 cbm
Scheduled for delivery during the second half of 2029.
02
VLGC No. 2
90,000 cbm
Part of the same three-vessel production investment.
03
VLGC No. 3
90,000 cbm
Bringing total nominal cargo capacity in the order to 270,000 cbm.
Total Investment
$324M
Equivalent to approximately AED 1.19 billion.
Average Investment
~$108M / Ship
Simple division of the announced three-vessel investment.
Contracted Employment
21 Vessel-Years
Three ships multiplied by seven years of contracted deployment.
Capital Today, Capacity in 2029, Employment Through the Mid-2030s
October 2026
Order Placed
ADNOC L&S commits $324 million to the three-vessel program.
→
H2 2029
Delivery Window
The three 90,000-cbm ships are scheduled to enter the fleet.
→
Approx. 2036
Initial Charter Horizon
Seven-year ADNOC Global Trading employment could extend the initial deployment well into the next decade.
Commercial Structure
Newbuilding Risk Is Partly Removed Before Steel Is Cut
The charter rate and total contract value have not been disclosed, but the seven-year employment commitment means ADNOC L&S is not ordering these ships without a defined customer and deployment plan.
90,000-cbm Newbuilding Price Check
ADNOC's $108M Headline Price Looks Competitive
Recent disclosed contracts cluster around roughly $108 million to $118 million per vessel, although propulsion, equipment, yard and specification differences prevent a strict like-for-like comparison.
ADNOC L&S · Oct. 2026
~$108M
90,000 cbm
Three vessels for $324 million. Yard and detailed propulsion specification not publicly disclosed.
Samsung · Sept. 2026
~$113M
VLGC pair
$226 million aggregate contract for two vessels scheduled through early 2030.
Dorian LPG · June 2026
~$115.3M
90,000 cbm
Dual-fuel Panamax VLGC ordered from HD Hyundai Heavy Industries for 2029 delivery.
BW LPG · May 2026
~$117.5M
90,000 cbm
Eight-ship series worth approximately $940 million, with deliveries running from 2029 into 2030.
Headline Investment per Vessel
ADNOC L&S
$108M
Samsung Pair
$113M
Dorian LPG
$115.3M
BW LPG
$117.5M
ADNOC VLGC Fleet
12 → Potentially 15
ADNOC L&S said its August acquisition would take the VLGC fleet to 12 ships. Today's trio would increase that to 15 after delivery if no vessels are sold beforehand.
Wider VLGC Market
155 Ships on Order
BW LPG's late-August market data showed a large global VLGC orderbook even as aging vessels create replacement demand later in the decade.
Price comparison caution:
contract values are not directly comparable unless vessel design, propulsion, cargo systems, yard scope, owner-supplied equipment, financing and optional specifications are known. ADNOC has not disclosed enough technical detail to conclude that its ships are definitively cheaper on an equivalent specification basis.
Ship Universe VLGC Charter Model
What Daily Revenue Would a $108M VLGC Need?
Work backward from vessel cost, operating expense, residual value and charter duration to estimate a simplified daily revenue requirement.
$ million
years
days
$ / day
Illustrative input, not ADNOC's disclosed operating cost.
$ million
% of investment
Simplified annual capital-return allowance.
Operating Days
2,485
Selected annual operating days multiplied by charter years.
Capital Recovered During Charter
$48M
Vessel investment less assumed residual value.
Modeled Revenue Requirement
$49K/day
Simplified gross daily requirement under the selected assumptions.
Seven-Year Gross Revenue
$122M
Modeled daily requirement multiplied by operating days.
Modeled Seven-Year Cost Stack
Capital recovery
$48.0M
Operating expense
$37.3M
Simplified return allowance
$37.8M
Total modeled revenue need
$123.1M
ADNOC Order Structure
21 vessel-years
Three vessels multiplied by seven years of ADNOC Global Trading employment. The actual charter rates, escalation clauses and contract revenues have not been disclosed, so this model should not be interpreted as an estimate of ADNOC's expected earnings.
Scenario model only:
this is a simplified capital-recovery exercise, not a vessel valuation or investment-return model. It excludes debt amortization structure, interest compounding, taxes, drydock expense, insurance, commissions, fuel responsibility, off-hire, depreciation policy and actual charter-contract terms.
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