UAE’s ADNOC Completes Acquisition of Pool Operator Navig8

ADNOC Logistics and Services, the maritime logistics arm of Abu Dhabi’s national oil company, completed the acquisition of Navig8. The company called the acquisition “a key milestone” in its growth strategy and said it would further strengthen its position as a leading global energy maritime logistics company.

The deal was announced in June 2024 for ADNOC to initially acquire 80 percent of Navig8 for $1.04 billion. The company has also committed to acquiring the remaining 20 percent in mid-2027 for a deferred consideration of between $335 million and $450 million.

Navig8 bills itself as “The world’s largest independent pool and commercial management company.” It was formed in 2007 in Singapore by former traders Gary Brocklesby and Nicholas Busch. Today it maintains one of the largest shipping pool operations highlighting that it has completed over 300 time charters and supplies 5.5 million metric tonnes annually of bunkers with a presence in 15 cities across five continents.

“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “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.”

The acquisition enables ADNOC L&S to expand its service portfolio by adding commercial pooling and bunkering services, internationalizing commercial reach and technical management, and extending ESG-focused industrial and digital solutions.

Navig8 will integrate its fleet of 32 tankers into the ADNOC Fleet. It also holds investments in technical management companies, a marine fuels provider operating in over a thousand ports worldwide, and other enterprises serving the marine sector. The company highlights its pools currently have more than 85 vessels.

The company took delivery in November 2024 for the sixth and final MR newbuild tankers as part of its fleet expansion. The 50,000 dwt product/chemical tankers were built at New Times Shipbuilding Co. in China. The new ships incorporated elements including air lubrication systems and exhaust gas scrubbers. They are being technically managed by TB Marine and joined the Navig8 Gamma8 Pool. Navig8 maintains six pools ranging from MR tankers to the largest VLCCs.

For ADNOC it is the latest acquisition following its 2022 deal buying Zakher Marine International, an Abu Dhabi-based owner and operator of offshore support vessels, which ADNOC said had the world’s largest fleet of self-propelled jack-up barges. ADNOC L&S added 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units as of 2022.

ADNOC L&S operates three units, Integrated Logistics, Shipping and Services, to deliver energy products and services to more than 100 customers in over 50 countries.