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ADNOC Logistics & Services posted a net profit of $887 million in the third quarter of 2026, a 321 percent surge from $211 million in the corresponding period of 2025, the company said in a statement. The performance was driven by robust shipping activity that benefited from significantly higher tanker charter rates amid regional geopolitical tensions. Revenue for the quarter increased 149 percent to $3.291 billion while EBITDA rose 187 percent to $1.088 billion, with the results also reflecting a 27 percent revenue gain from the second quarter.
The company has now raised its full-year 2026 net profit guidance to around $4 billion for the fourth time this year, anticipating growth in the low-360 percent range from 2025 levels when it recorded $863 million in annual profit. This outlook incorporates trading data through October and underscores the sustained strength in the tanker market. ADNOC L&S attributed the upgraded forecast to its diversified business model and ability to capitalise on elevated market conditions.
Captain Abdulkareem Al Masabi, chief executive of ADNOC Logistics & Services, highlighted the company’s operational resilience in the face of volatile conditions. “Resilience has defined our performance this year, reflecting the strength of our people and our businesses,” Al Masabi said. The executive noted that fleet investments would support further global expansion and long-term value creation for shareholders.
Daily charter rates for very large crude carriers on key Gulf-to-Asia routes exceeded $1 million in September and reached $1.4 million in early October, compared with $30,000 to $45,000 before the escalation of conflicts in the region, Bloomberg data showed. Fewer shipowners have been willing to transit the Strait of Hormuz, boosting demand for alternative tonnage and lifting earnings across the sector. ADNOC L&S has repositioned two supertankers to the spot market, incurring $105 million in charges that contributed to a 7 percent sequential decline in quarterly net profit from $951 million in the second quarter.
For the first nine months of 2026, ADNOC L&S reported revenue of $6.957 billion, an 82 percent increase from $3.829 billion in the same period of 2025, company figures show. EBITDA for the nine months stood at $2.563 billion, up 128 percent, while net profit reached $2.06 billion, representing 227 percent growth. The company noted that total shareholder returns since its initial public offering had reached 279 percent as of the end of September.
ADNOC L&S, the shipping and logistics arm of the Abu Dhabi National Oil Company, has expanded its fleet and service offerings in recent years to meet growing global energy demand. In 2025, the company achieved a full-year net profit of $863 million on revenue of $5.016 billion, marking significant year-on-year improvements from 2024. The latest results demonstrate continued momentum in its integrated logistics and shipping segments, which together form the backbone of its operations.
