ADNOC Reports 15 Vessel Attacks as Hormuz Risks Mount

Abu Dhabi National Oil Company (ADNOC) reported 15 vessel attacks in the Strait of Hormuz, as its operations face significant challenges amid the ongoing war. Three attacks occurred this week alone, with one crew member losing their life and 20 others sustaining injuries. The Strait of Hormuz, which once carried a fifth of global oil consumption, has seen repeated assaults on commercial vessels, causing disruptions and driving up freight costs.

ADNOC is collaborating with authorities to safeguard personnel and assets while attempting to meet customer demands in its challenging operating environment. This conflict comes as one of the few Gulf producers that has nearly restored exports to pre-war levels. The UAE has primarily relied on loading points outside Hormuz, such as Fujairah, while continuing to transmit some barrels through the strait despite the heightened risks.

To mitigate these threats, ADNOC bolstered its shipping capacity by acquiring six very large crude carriers and five very large gas carriers for approximately $1.3 billion. Nine of these vessels are projected to become operational within this quarter, with an additional two gas carriers arriving in the fourth quarter. ADNOC Logistics & Services already owns more than 340 vessels and manages an additional 600 chartered ships.

These fleet expansions are meant to facilitate higher crude and LNG exports as the company increases production and trading volumes. ADNOC emphasized the importance of respecting freedom of navigation and ensuring the safe passage of commercial shipping through international waters.