ADNOC L&S Rises 2.63% After Ordering 3 Gas Carriers for AED 1.19 Billion

ADNOC Logistics & Services stock rose by 2.63% following the company's announcement of an order for three Very Large Gas Carriers (VLGC) with a capacity of 90,000 cubic meters, at a total cost of AED 1.19 billion, under seven-year charter contracts with "ADNOC Global Trading".

Across both markets, the Dubai Financial Market index closed down 0.163% at 5,897.57 points, with a trading value of AED 475 million, while the Abu Dhabi Securities Exchange index fell 0.33% to 9,960.24 points, with trading reaching AED 940 million. The market capitalization of the Abu Dhabi market stood at AED 2.612 trillion.

Banks led the decline, as "Abu Dhabi Commercial Bank" stock dropped 0.98% and "Abu Dhabi Islamic Bank" stock fell 0.43%. "Saeed A." from "Graystone Capital" described the session as having low liquidity, as buyers refrained from entering new positions.

The order for the new carriers links maritime shipping activity with the energy sector, as liquefied gas carriers transport fuel between the Gulf and markets in Asia and Europe. This type of contract is relevant to investors in the energy and logistics sectors because it determines future available transport capacity.

What do these terms mean?

Liquefied Gas Carriers (VLGC): Vessels designed to transport refrigerated liquefied or petroleum gas, with capacity measured in cubic meters.

Charter Contract: An agreement granting the ship user the right to use it for a specified period in exchange for payments, in this case for seven years.

Market Capitalization: The total value of listed shares at market price, measuring total market size.

Liquidity: The volume of daily cash trading in the market; low liquidity means fewer buyers and difficulty in execution.