ADNOC’s XRG arm is weighing a 50% stake in $3 bn floating‑LNG firm Energos while shipowners place a record 164‑217 VLCC orders worth over $20 bn, both driven by longer oil routes and security concerns.
XRG, the investment arm of Abu Dhabi’s ADNOC, is reportedly considering acquiring up to 50% of Energos Infrastructure, a floating‑LNG company valued at roughly $3 billion. Energos operates 13 floating LNG assets—including FSRUs and LNG carriers—in Brazil, Egypt, Indonesia, Mexico and the Netherlands. Neither XRG, Apollo Global Management (which is exploring a sale of Energos) nor Energos has formally confirmed the transaction, and the discussions are described as preliminary.
Shipowners have placed an unprecedented number of VLCC orders for 2026, with estimates ranging from 164 to 217 vessels depending on the data source. The orders represent more than $20 billion of committed capital and expand the global crude‑tanker orderbook to about 130 million deadweight tons, roughly 27% of the existing fleet, with deliveries scheduled through 2030.
Both developments are linked to heightened geopolitical fragmentation and recurring chokepoint disruptions (e.g., Hormuz, the Red Sea, Bab el‑Mandeb). The article argues that these security concerns are prompting investors to secure physical energy‑flow assets—floating LNG infrastructure for rapid supply flexibility and VLCCs for long‑haul crude transport—over traditional transition‑focused investments.
Uncertainty remains regarding the final terms and completion of the Energos stake purchase, the exact number of VLCC contracts that will be firmed, and how future freight rates and vessel supply will respond if chokepoint conditions improve or deteriorate.