Navig8 pool and commercial management company has commenced the commercial management of the ADNOC L&S tanker fleet, which consists of 20 vessels.
This strategic move sees eight VLCCs, eight LR2s, and four LR1s join Navig8’s pools, with the aim to further strengthen the company’s position in commercial management.
Navig8 said that these vessels will be commercially marketed through Navig8’s pools with immediate effect.
The transition represents a key step in aligning Navig8’s operations with ADNOC L&S following its recent acquisition of an 80% stake in the company.
To remind, ADNOC L&S acquired 80% of Navig8 for $1.04bn (AED3.8 billion), with economic ownership effective from January 1, 2024. ADNOC L&S will acquire the remaining 20% ownership in mid-2027.
The transaction adds Navig8’s fleet of 32 tankers to ADNOC L&S’ fleet and expands its service portfolio including commercial pooling and bunkering.
Navig8 CEO Nicolas Busch, Navig8 CEO, said: “I’m thrilled that ADNOC L&S has chosen to add their vessels to Navig8’s pools, cementing the acquisition as we look forward to the next phase in the group’s expansion. The addition of these vessels highlights our close working relationship and our shared commitment to drive growth across the business.”
Captain Abdulkareem Al Masabi, ADNOC L&S CEO, noted: “We are delighted that we have immediately transitioned our tankers’ commercial management and are leveraging Navig8’s expertise in commercial pooling. This strategic move will not only elevate the services we offer to our expanding global customer base but also unlocks substantial value and drives new growth opportunities.”
