ADNOC buying spree lifts VLCC values as Greek owners cash out

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ADNOC Logistics & Services has reportedly paid about $115 million for a 15 year old very large crude carrier, providing another sign that urgent demand for available tanker capacity is pushing secondhand ship prices beyond conventional market valuations.

Market sources identified the vessel as the 319,368 dwt Olympic Leopard, sold by Greece’s Olympic Shipping and Management. The tanker has been renamed Al Yahr and is listed by shipping databases under ADNOC L&S ownership.

The reported consideration has not been disclosed by either company. Brokers cited by maritime publications placed the price at approximately $115 million, compared with estimated market values of between $97 million and $100 million for similar vessels.

If confirmed, that represents a premium of at least 15% over the upper end of the indicated range.

The VLCC was built by HD Hyundai Heavy Industries in South Korea in 2011. Olympic Shipping, which is controlled by the Onassis Foundation, reportedly acquired the tanker for approximately $80 million in 2015.

A sale at $115 million would therefore produce a gross difference of about $35 million before transaction costs, financing, depreciation, maintenance and capital expenditure are considered.

The calculation illustrates the unusual economics now shaping the tanker market. Commercial ships normally lose value as they age, particularly when approaching surveys that can require substantial spending. In the current market, however, immediate availability can be worth more to a buyer than the theoretical discount attached to an older vessel.

What price does waiting carry when a new VLCC can take several years to build?

ADNOC appears prepared to pay for ships that can enter service quickly. That urgency gives owners of existing tonnage considerably greater negotiating power.

The acquisition forms part of ADNOC L&S’s confirmed $1.3 billion investment in six VLCCs and five very large gas carriers.

The company said nine vessels, comprising all six VLCCs and three VLGCs, were purchased on the secondary market and are scheduled for delivery during the third quarter of 2026. They are expected to enter service immediately after delivery.

The remaining two VLGCs were secured through a resale transaction with a Chinese shipyard and are scheduled for delivery in the fourth quarter.

Shipping data and broker reports have linked several renamed VLCCs to the programme. They include Al Faya, formerly Delta Angelica, and Al Dhannah, formerly Seapassion. The vessels were previously associated with Greek owners Delta Tankers and Thenamaris respectively.

Market sources have placed the reported price for Al Faya at about $116 million and that of Al Dhannah at approximately $125 million. Zodiac Maritime’s former Celeste Nova has also been identified as Al Yasat under ADNOC L&S ownership.

Other vessels connected with the expansion include Al Maqam and Ramhan, previously known as Front Humber and Front Vefsna. Individual prices and counterparties have not been formally detailed by ADNOC L&S, meaning the vessel level figures remain market reports rather than disclosed transaction terms.

The purchases come as disruption around the Red Sea and Strait of Hormuz changes crude trading patterns and increases demand for flexible tanker capacity.

Reuters reported in July that ADNOC had also chartered about 25 tankers from South Korea’s Sinokor. Some were being used as shuttle vessels moving crude between Gulf loading locations and storage facilities in Fujairah and Oman.

Owning more tonnage gives the Abu Dhabi energy group greater control over export schedules, routing and storage transfers. It can also reduce dependence on a volatile spot charter market when ships are diverted, delayed or repositioned because of security concerns.

For Greek tanker owners, the acquisition programme provides an opportunity to sell mature assets at prices rarely associated with their age. For other buyers, the effect is less favourable. Transactions completed above broker valuations can influence future asking prices, financing assessments and fleet replacement calculations.

The Olympic Leopard transaction therefore carries significance beyond a single ship. Its new identity as Al Yahr appears established through vessel records, while the reported $115 million price remains attributed to brokers and market sources rather than confirmed by the buyer or seller.