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Market Chatter: Adnoc Acquires 5 Very Large Crude Carriers from Frontline

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UAE's Adnoc has purchased five very large crude carriers for about $590 million expanding its shipping fleet, Reuters reported Friday citing sources.

According to the report, the transaction features two 2012-built vessels purchased for about $115 million each, alongside three ships built in 2015 acquired for about $120 million each.

The five VLCCs were bought by Adnoc Logistics and Services from major tanker shipping company Frontline (FRO), the report added.

Adnoc did not respond to' request for comment while Frontline could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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