Provider of shipping management services Navig8 has commenced the commercial management of ADNOC Logistics and Services’ (ADNOC L&S’) tanker fleet, comprising 20 vessels.
As disclosed, eight very large crude carriers (VLCCs), eight long-range type 2 tankers (LR2s) and four long-range type 1 tankers (LR1s) joined Navig8’s pools.
“The collaboration underscores the shared ambition of the organisations to work closely to swiftly enhance fleet performance,” Navig8 claimed, adding that it is also a key step in aligning the company’s operations with ADNOC L&S following its recent acquisition of a majority stake in the company.
To remind, in a deal worth $1.04 billion, ADNOC L&S, the shipping and maritime logistics arm of the Abu Dhabi National Oil Company (ADNOC), acquired an 80% stake in Navig8. The remaining 20% ownership is set to be acquired in mid-2027, for deferred consideration of between $335 million and $450 million, dependent on EBITDA delivery ad-interim, payable at that time.
The acquisition is set to deliver value to both parties’ clients and shareholders, fostering opportunities for commercial growth and entry into new markets, according to Navig8.
Commenting on the milestone, Navig8’s CEO Nicolas Busch 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.”
Abdulkareem Al Masabi, ADNOC L&S’ CEO, stated: “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. We anticipate efficiencies and value by leveraging the operational synergies between both companies.”