World News
ADNOC Completes Acquisition of Majority Stake in Navig8
UAE-based energy firm ADNOC has completed its acquisition of a majority stake in shipping company Navig8.
ADNOC Logistics and Services has completed the acquisition of 80% of parent firm Navig8 TopCo Holdings for $1.04 billion, Navig8 said in an emailed statement on Wednesday.
The UAE firm will acquire the remaining 20% in mid-2027.
The deal was first announced in June 2024.
"The completion of this landmark acquisition is a significant milestone in our transformational growth strategy," Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said in the statement.
"By integrating Navig8's extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders.
"This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company."
Navig8 owns a fleet of 32 tankers, as well as holding investments in technical management companies and marine fuels firms.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 574.50 | 7.00 | 704.00 | 5.50 |
| Rotterdam | 535.50 | 3.50 | 678.00 | 4.50 |
| Houston | 570.50 | 3.00 | 712.00 | 6.50 |
| Fujairah | 568.00 | 6.00 | 755.50 | 0.50 |
| Global 20 Ports Average | 592.50 | 5.50 | 773.00 | 4.50 |
| Global 4 Ports Average | 562.00 | 3.50 | 712.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 6.50 | 813.50 | 0.50 |
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