The Abu Dhabi-based and ADX-listed energy maritime logistics company ADNOC Logistics and Services plc (ADNOC L&S) announced that AW Shipping, its joint venture with Chinese Wanhua Chemical Group, has taken delivery of Gas Yongjiang, the first of nine very large ethane carriers (VLECs) from Jiangnan Shipyard in China.
The VLEC vessel will start operations under a 20-year time charter agreement.
The Gas Yongjiang – with a capacity of 98,000 cubic meters – has optimized hull designs and integrated energy-saving technologies.
The remaining eight VLECs are scheduled for delivery between 2025 and 2027. Upon full deployment, the fleet is projected to generate approximately $4bn (AED14.7bn) in revenue through long-term contracts totalling 180 years.
“The delivery of Gas Yongjiang, the first VLEC to join the AW Shipping fleet, marks a significant milestone in our fleet expansion and entry into the global ethane shipping market. These nine vessels, purpose-built to transport ethane, a critical feedstock for the global petrochemical industry, will boost our capacity to meet growing demand, particularly in fast-growing Asian markets and reinforce our leadership in lower-carbon energy transport,” says captain Abdulkareem Al Masabi, chairman of AW Shipping and CEO of ADNOC L&S.
“Since the beginning of our collaborative journey in 2018, the partnership between Wanhua Chemical and ADNOC L&S has grown from raw material supply to encompass a broad spectrum of services, including shipping operations,” added Kou Guangwu, president and CEO of Wanhua Chemical Group.
ADNOC L&S also received Al Reef, the third of six LNG carriers from Jiangnan Shipyard. The naming and delivery ceremony of both vessels was attended by senior executives from ADNOC L&S, Wanhua Chemical Group, and Jiangnan Shipyard.
Sharifa Al Mulla, the ceremonial sponsor of both vessels, is the first Emirati female officer to serve aboard the ADNOC L&S commercial shipping fleet.
