EMEA News
Navig8 Takes Over Commercial Management of 20 ADNOC L&S Tankers
Shipping company Navig8 has started managing 20 tankers from UAE-based energy firm ADNOC Logistics and Services after the company acquired a majority stake in Navig8.
ADNOC Logistics and Services (ADNOC L&S) recently completed the acquisition of 80% of Navig8's parent firm, Navig8 TopCo Holdings, for $1.04 billion, with plans to acquire the remaining 20% by mid-2027.
"The transition represents a key step in aligning Navig8's operations with ADNOC L&S following its recent acquisition of an 80% stake in the company," Navig8 said in a statement on its website on Monday.
ADNOC L&S' eight very large crude carriers (VLCCs), eight long-range type 2 tankers (LR2s), and four long-range type 1 tankers (LR1s) will now be integrated into Navig8's pools.
"We are delighted that we have immediately transitioned our tankers' commercial management and are leveraging Navig8's expertise in commercial pooling," Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said.
"The integration of these vessels into the Navig8 pools is expected to enhance the service and value delivered to both customers and the Navig8 group."
