# ADNOC Logistics & Services raises earnings outlook as shipping profits surge - **Source:** https://pelavox.com/adnoc-logistics-services-raises-earnings-outlook-as-shipping-profits-surge/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-14T04:00:00+00:00 - **Updated:** 2026-11-14T04:00:00+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** ADNOC, ADNOC L&S, ADNOC Logistics & Services, Bunkering, Charter Rates, Financial Results, Integrated Logistics, Maritime Logistics, Navig8, Offshore Logistics, Shipping Earnings, Tanker Market, UAE ADNOC Logistics & Services (ADNOC L&S) reported a sharp increase in third-quarter earnings for 2026, supported by strong international shipping markets and additional fleet capacity, prompting the Abu Dhabi-based company to raise its full-year financial guidance for the fourth time. The company generated revenue of $3.29 billion during the quarter ended 30 September, an increase of 149% from $1.32 billion a year earlier. EBITDA rose by 187% to $1.09 billion, while net profit reached $887 million, compared with $211 million in the corresponding period of 2025. For the first nine months of 2026, ADNOC L&S recorded revenue of $6.96 billion, up 82% year-on-year, and EBITDA of $2.56 billion, an increase of 128%. Net profit more than tripled to $2.06 billion from $631 million in the previous year. The results were primarily driven by the Shipping segment, which benefited from higher charter rates, continued vessel employment and contributions from ships added to the fleet during the reporting period and the final quarter of 2025. ## Shipping segment drives earnings growth ADNOC L&S reported Shipping segment revenue of $5.09 billion for the first nine months of 2026, representing a 217% increase year-on-year. Segment EBITDA increased by 362% to $2.02 billion, while net profit rose by 846% to $1.77 billion. The company attributed the performance primarily to elevated global charter rates, ongoing chartering activity and additional vessels entering its operations. The strong shipping results contrasted with weaker performance in Integrated Logistics, where revenue declined by 19% to $1.59 billion. Integrated Logistics EBITDA fell by 29% to $448 million, reflecting the scheduled reduction in project revenue following the completion of the Al Omairah Island project in late 2025. Regional geopolitical conditions also affected utilisation and day rates across the company’s jack-up barge fleet, while operating expenses increased. The segment recorded net profit of $230 million, down 46%, partly reflecting an expected credit loss provision associated with its jack-up barge operations. Meanwhile, the Services segment reported revenue growth of 5% to $281 million, supported by commercial pooling activities and stronger bunkering margins at Integr8, part of ADNOC L&S subsidiary Navig8. Segment EBITDA increased by 76% to $90 million. ## Full-year guidance upgraded again Following the strong performance, ADNOC L&S raised its full-year 2026 earnings guidance for the fourth time, with net profit now expected to be in the region of $4 billion. The revised forecast incorporates results through October and updated assumptions for November and December, although the company cautioned that its full-year performance remains highly dependent on regional conditions. At group level, ADNOC L&S now anticipates revenue growth in the low-100% range, compared with its previous expectation of growth in the mid-20% range. EBITDA growth is projected in the low-210% range, up from its previous mid-60% growth forecast. The revision is largely supported by stronger expectations for Shipping, where full-year revenue growth is now projected in the mid-270% range and EBITDA growth in the mid-540% range. As of 12 November, the company had committed $7 billion in capital expenditure through 2030, supporting its longer-term fleet and operational development plans. Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, said the company’s global maritime operations and long-term contracts had contributed to its financial performance. “Our seafarers and employees continue to deliver energy from the UAE to the world, while our global platform and long-term contracts are generating significant value and returns for our shareholders,” said Al Masabi. The company’s board also approved an interim third-quarter cash dividend of $85.3 million, with the shareholder record date set for 23 November 2026. ADNOC L&S operates across shipping, integrated logistics and maritime services, with activities supporting energy transportation and offshore operations. Its latest results highlight the contribution of elevated shipping earnings to group profitability, even as parts of its offshore logistics business continue to face operational and regional pressures. --- Cite as: "ADNOC Logistics & Services raises earnings outlook as shipping profits surge", pelavox., 14 November 2026, https://pelavox.com/adnoc-logistics-services-raises-earnings-outlook-as-shipping-profits-surge/