Independent journal on economy and transport policy
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SHIPPING
The UAE's ADNOC Logistics and Services acquires Navig8
Transaction valued at approximately $1.4-1.5 billion
Abu Dhabi
June 3, 2024
ADNOC Logistics and Services Plc, Maritime & Logistics Subsidiary
of the Emirati oil company Abu Dhabi National Oil
Company (ADNOC), has entered into an agreement to buy Navig8 TopCo
Holdings Inc., a Marshall Islands-based company that has the
owned by a fleet of 32 tankers. The agreement provides for
ADNOC L&S to acquire 80% of Navig8's share capital in order to
$1.04 billion, effective from the transaction from the first
last January, and to obtain the remaining 20% of the capital in 2027
when it will be sold at a price between 335 and 450
million dollars.
As of March 31st, the ADNOC L&S fleet consisted of
57 tankers including owned VLGC gas carriers
AW Shipping Ltd., a joint venture between ADNOC L&S and
China's Wanhua Chemical Group, and six newly-built LNG vessels
that the Emirati company will take delivery between 2025
and 2026.
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