# Adnoc L&S Forecasts $4 Billion Profit Amid Surging Tanker Rates Regional maritime disruptions drive record earnings as the company expands its global shipping fleet. - **Source:** [The National](https://www.thenationalnews.com) - **Published:** 2026-11-12 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/bd76b98d-5e87-472d-bacc-de2ed05d953c ## Record Profit Forecast Adnoc Logistics and Services has raised its full-year net profit forecast to approximately $4 billion. This marks the fourth upward revision this year, reflecting growth in the low-360 percent range. The company reported a massive surge in third-quarter earnings, with net profit reaching $842.7 million compared to $205.4 million last year. ## Surging Charter Rates The primary driver behind this financial performance is the sharp increase in tanker charter rates. Daily rates for very large crude carriers on the Gulf-to-Asia route reached $1.4 million in early October. This is a dramatic rise from the $30,000 to $45,000 range recorded before the conflict began in February. ## Shipping Revenue Growth Total revenue for the nine-month period climbed 88 percent to $6.96 billion. Specifically, the shipping division saw revenue rise 244 percent to $5.09 billion, bolstered by higher charter rates and a larger fleet. Gas carrier revenue also surged nearly five-fold to $619 million, supported by new liquefied natural gas contracts. ## Internal Group Synergy A significant portion of the company's revenue is derived from serving its parent organization, the Abu Dhabi National Oil Company. Sales to other Adnoc group companies reached $2.26 billion in the third quarter alone. This internal business accounted for approximately 69 percent of the company's total revenue during that period. ## Aggressive Fleet Expansion Adnoc L&S is utilizing its current windfall to fund a $7 billion capital expenditure plan running through 2030. The company took delivery of 14 vessels in the third quarter, including six very large crude carriers. An additional 10 vessels are scheduled for delivery before the end of the current calendar year. ## Shareholder Dividend Policy The board has approved a third-quarter interim dividend of $85.3 million for shareholders on record as of November 23. The company remains committed to its stated policy of increasing annual dividends per share by at least 5 percent through 2030, reflecting confidence in its long-term financial stability and cash flow. ## Security and Operational Risks Operational risks have intensified as vessels face potential threats in the Strait of Hormuz. The company confirmed that some owned and chartered vessels were struck by projectiles, with one ship sustaining damage in UAE territorial waters. While these vessels are insured, the total financial impact of these incidents remains under assessment. ## Strategic Market Position The company’s ability to navigate geopolitical volatility while maintaining fleet growth underscores its critical role in the regional energy supply chain. By capitalizing on elevated shipping rates and securing long-term gas contracts, Adnoc L&S has transformed its market position. Investors should monitor how security costs influence future operational margins and expansion. ## Sources covering this story - https://www.thenationalnews.com/business/energy/2026/11/12/adnoc-ls-expects-4-billion-full-year-profit-as-tanker-rates-surge/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._