Abu Dhabi National Oil Company's logistics and services subsidiary Adnoc L&S has bought three new liquefied natural gas (LNG) vessels as the company expands its fleet to meet higher demand for LNG globally.
Each of the new-build LNG vessels has a capacity of 175,000 cubic metres and are larger than the company's current fleet that come with an individual capacity of 137,000 cubic metres, Adnoc said in a statement on Thursday.
The vessels are scheduled for delivery in 2025 and 2026, boosting the number of new-build LNG vessels ordered by Adnoc to five.
The “strategic acquisition of five state-of-the-art LNG vessels will support Adnoc’s existing LNG business as well as its significant growth plans”, said Capt Abdulkareem Al Masabi, chief executive of Adnoc L&S.
“Several dynamics are strengthening the LNG market which makes the timing of these acquisitions particularly significant. This includes a renewed emphasis on energy access and security, as well as new environmental regulations that favour more fuel-efficient vessels, such as the new-builds that we are purchasing."
Adnoc L&S has the largest and most diversified fleet in the Middle East, with more than 200 vessels transporting crude oil, refined products, dry bulk, containerised cargo, liquefied petroleum gas, and LNG to global markets.
The five new-build LNG vessels will be built at the Jiangnan Shipyard in China, which was also previously commissioned by Adnoc L&S in 2020 to build five very large gas carriers for AW Shipping, according to the statement.
"We are committed to the promotion of new efficient, energy-saving and environmentally conscious vessels and proud to be able to support Adnoc L&S growth strategy for the future," said Lin Ou, chairman of Jiangnan Shipyard.
Global trade in LNG rose 6 per cent to 380 million tonnes in 2021 on the back of higher demand as economies recovered from the coronavirus-induced slowdown and countries focused on cutting emissions, according to Shell's latest LNG outlook report.
China, the world's second-largest economy, and South Korea, led the growth in LNG demand last year.
Demand is expected to increase this year as European countries look for alternative LNG supplies in the wake of the ban on most of the energy imports from Russia because of Moscow's conflict with Ukraine.
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
French Touch
Carla Bruni
(Verve)
UAE currency: the story behind the money in your pockets
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
