ADNOC Logistics and Services PLC announced yesterday that its strategic joint venture with China’s Wanhua Chemical Group, AW Shipping, has received the “Gas Yongjiang,” the first of nine advanced mega ethane carriers contracted with Jiangnan Shipyard in China.
The vessel will commence operations under a 20-year lease agreement. The remaining carriers are scheduled for delivery between 2025 and 2027. Once the entire fleet is operational, it is expected to generate total revenues of approximately AED 14.7 billion (USD 4 billion) through long-term contracts spanning a combined duration of 180 years. Upon the completion of the delivery of all nine vessels, AW Shipping will operate one of the largest fleets of mega ethane carriers worldwide.
Captain Abdulkarim Al Masabi, CEO of ADNOC Logistics and Services and Chairman of AW Shipping, stated that the delivery of the “Gas Yongjiang” marks a significant milestone in the expansion of their fleet and their entry into the global ethane shipping market.
These vessels are specifically designed for transporting ethane, a key raw material for the global petrochemical industry, enhancing their ability to meet the growing demand for this vital resource, particularly in the rapidly expanding Asian markets, and solidifying their leadership in low-carbon energy transportation.
Moreover, Guo Jiguang, President and CEO of Wanhua Chemical Group, remarked that since the initiation of their partnership in 2018, the collaboration between Wanhua and ADNOC Logistics and Services has evolved from merely supplying raw materials to offering a wide range of services, including maritime shipping operations.
The “Gas Yongjiang” is among the largest ethane carriers globally, with a capacity of 98,000 cubic meters. Additionally, ADNOC Logistics and Services received the “Al Reef,” the third of six advanced liquefied natural gas carriers constructed at Jiangnan Shipyard.
The delivery and commissioning ceremonies for both vessels were attended by senior executives from ADNOC Logistics and Services and Wanhua Chemical Group, with Sharifa Al Mulla, the first Emirati female maritime officer in the company’s commercial shipping fleet, serving as the official sponsor for the vessels.