Adnoc L&S expects $4 billion full-year profit as tanker rates surge

Abu Dhabi company's third-quarter profit more than quadruples as Iran war increases demand for shipping services

• Adnoc Logistics & Services raised its full-year profit forecast for the fourth time this year, to about $4 billion, after third-quarter net profit jumped 321 per cent to $887 million.
• The Iran war has driven a windfall across the tanker industry, with supertanker rates on Gulf-to-Asia routes topping $1 million a day as fewer shipowners risk the Strait of Hormuz.
• The company is putting the gains into fleet expansion, backed by $7 billion in capital expenditure through 2030 and about $24 billion in forward-contracted revenue.
• Quarterly growth moderated, with net profit down 7 per cent from the second quarter, partly due to $105 million in charges to move two supertankers to the more lucrative spot market.

Adnoc Logistics and Services raised its full-year profit forecast for the fourth time this year after third-quarter earnings more than quadrupled, as disruption from the Iran war drove up tanker charter rates.

Net profit attributable to the equity holders of the company jumped 310 per cent to $842.7 million in the three months to the end of September, from $205.4 million a year earlier, the Abu Dhabi-listed company said on Thursday. Revenue rose 160 per cent to $3.29 billion, while earnings before interest, taxes, depreciation and amortisation (Ebitda) nearly tripled to $1.09 billion.

The shipping arm of Abu Dhabi National Oil Company now expects annual net profit of about $4 billion, growth in the low-360 per cent range, up from its previous forecast of growth in the high-110 per cent range, it said. The outlook includes trading through October.

“Resilience has defined our performance this year, reflecting the strength of our people and our businesses,” said chief executive Abdulkareem Al Masabi.

The results reflect a windfall across the tanker industry. Daily rates for very large crude carriers (VLCCs) on the Gulf-to-Asia route topped $1 million in September, according to data compiled by Bloomberg.

The rates reached about $1.4 million in early October, compared with about $30,000 to $45,000 before the war began in February, as fewer shipowners are willing to send vessels through the Strait of Hormuz. That has benefitted owners, even as higher freight costs and security risks have complicated the movement of oil and gas from the Gulf.

Adnoc L&S's nine-month profit attributable to equity holders rose 219 per cent to $1.96 billion. Revenue during the period jumped more than 87 per cent to $6.96 billion.

The company's board approved a third-quarter interim dividend of $85.3 million for shareholders on record as of November 23. Adnoc L&S, which serves customers in more than 50 countries, has maintained its policy of raising annual dividends per share by at least 5 per cent to 2030.

Show caption: Adnoc Logistics and Services chief executive Abdulkareem Al …

Fleet expansion

Adnoc L&S is using the windfall to expand its fleet. It has committed $7 billion in capital expenditure to 2030 and has about $24 billion in forward-contracted revenue, providing greater visibility over future earnings.

It took delivery of 14 vessels in the third quarter, including six VLCCs, and expects another 10 before the end of the year, with three very large gas carriers and six next-generation LNG carriers due in 2029.

Updated:

November 12, 2026, 8:30 AM