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FINWIRES

Adnoc Logistics & Services Buys 11 Vessels for $1.3 Billion

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Adnoc Logistics & Services (ADX:ADNOCLS) will buy 11 vessels for a total investment of $1.3 billion in a mix of secondary market and resale transactions.

Amid demand, the energy maritime logistics company said Friday the acquisitions will provide near-term operational and earnings potential and boost the flexibility and resilience of its shipping platform.

The acquisition comprises five modern Very Large Gas Carriers and six Very Large Crude Carriers, with nine to be delivered in the third quarter and the remaining two within the last three months of the year.

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