ADNOC Gas confirmed on November 10 that it is evaluating alternative export corridors, including conducting a feasibility study for an LNG terminal in Fujairah outside the Strait of Hormuz. During an earnings presentation, Chief Financial Officer Peter van Driel emphasized that Asia remains the primary destination, noting the company is strategically situated to supply Asian consumers, specifically citing India and west coast China.
ADNOC Gas announced that its third-quarter net income reached $1.34 billion, doubling the $665 million recorded in the previous quarter. Driven by stronger international sales and cargo recoveries, the operator increased its full-year 2026 earnings guidance floor to at least $4 billion. Long-term expansion remains anchored by its Ruwais LNG venture, which is set to double annual output to 15 million tonnes by 2028.
Shipping data from Signal Ocean revealed that crude tanker earnings declined across all 16 dirty tanker benchmarks, with Atlantic routes falling faster than Gulf routes. The TD3C/TD22 earnings ratio rose from 2.73 on October 30 to 3.10 on November 6, as US Gulf–China VLCC earnings dropped 16.2% to around $415,000 per day, compared with a 4.8% decline on Middle East Gulf–China earnings to $1.29 million per day.
According to OPEC estimates, freight and insurance costs accounted for about 30% of the total delivered cost of a barrel of crude on Middle East to East Asia VLCC voyages in late October, up from approximately 5% in January. Conditions around the Strait of Hormuz remained uncertain, with ongoing security incidents and diplomatic contacts yet to yield confirmed agreements.
Sources
- The National · 2026-11-10
