ADNOC Logistics & Services has raised its guidance for 2026 after reporting stronger first-quarter earnings. This is because of global shipping rates and resilient operations. The company is still dealing with disruptions to traffic through the Strait of Hormuz.
The Abu Dhabi-based company reported a profit of $222 million during the first quarter of 2026. This is a 20 per cent increase compared to the period last year. ADNOC Logistics & Services also saw its EBITDA rise 7 per cent year-on-year to $368 million. The EBITDA margin improved to 34 per cent.
ADNOC Logistics & Services revenue declined 10 per cent to $1.08 billion. This is mainly because of the completion of project revenues linked to the Al Omairah Island project delivered to ADNOC Offshore in late 2025. However, the decline was offset by margins and improved charter rates. The company also saw gains across parts of its shipping fleet.
Captain Abdulkareem Al Masabi said that ADNOC Logistics & Services diversified business structure and term contracted revenues helped maintain stable performance. This is during a market environment for ADNOC Logistics & Services.
The shipping division of ADNOC Logistics & Services delivered the growth during the quarter. Segment revenue increased 4 per cent to $512 million. EBITDA jumped 37 per cent to $197 million. ADNOC Logistics & Services attributed the rise to global charter rates. The company also saw contributions from added LNG, VLEC and Handysize vessels.
ADNOC Logistics & Services is continuing to expand its fleet. Two LNG carriers, Arada and Al Taweelah, recently joined operations. This is part of a $1.2 billion shipbuilding programme with China’s Jiangnan Shipyard. ADNOC Logistics & Services said five new LNG carriers will begin operating under long-term contracts supporting ADNOC Gas from May 2026.
After the then-expected first-quarter results, ADNOC Logistics & Services raised its outlook for revenue, EBITDA and net income for 2026. The company is maintaining its medium-term growth guidance through 2029.
ADNOC Logistics & Services also confirmed plans to continue increasing dividends by 5 per cent through 2030. This is subject to approvals.
