ADNOC Logistics Buys 11 Tankers
The article discusses statements by Abdul Kareem Al Misheibi, CEO of ADNOC Logistics and Services, regarding the company's performance and strategic plans in the shipping and logistics markets. He explained that free cash flows are strong, amounting to around $1 billion in the first half of the year, which has contributed to acquisitions totaling $2.3 billion since the beginning of 2023, including the purchase of 11 vessels worth $1.3 billion to support growth and sustainability. He affirmed that freight rates will remain strong and stable until the end of 2026, supported by inventory levels, a balance between supply and demand, and geopolitical conditions, which enhance the attractiveness of investments in this sector. He also pointed to geopolitical impacts on the logistics industry but predicted improved performance in the fourth quarter or in 2027, aided by long-term contracts exceeding $25 billion. He emphasized that human resources are fundamental to the company's success. Additionally, he highlighted the company's successful acquisition of a ship provisioning entity, noting that the company maintains strong financial strength and regularly distributes quarterly dividends with continuous growth in returns. He reaffirmed the company's commitment to growth strategies and expansion.
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