ADNOC Logistics & Services PLC | Europe Off the 2Q26 Call

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M

Update

August 11, 2026 12:40 PM GMT

ADNOC Logistics & Services PLC | Europe

Morgan Stanley & Co. International plc+

Ricardo Rezende, CFA

Equity Analyst

Off the 2Q26 Call

Giulia Faro

Research Associate

Bottom line: positive. The call was constructive and centered on tanker-rate

durability, the contribution from newly acquired vessels, ADNOC charter economics,

integrated-logistics recovery, capital allocation and the two damaged VLCCs.

Sylvia C Richards

Research Associate

Management expects elevated shipping rates to persist and said the new vessels will

ADNOC Logistics & Services PLC (ADNOCLS.AD,

earn from Q3, while integrated-logistics activity should improve sequentially with no

ADNOCLS UH)

further provisions currently expected. Visibility remains constrained by the

EEMEA - Oil & Gas | United Arab Emirates

geopolitical situation; management did not quantify contract rates or the ADNOC

net-income assumptions include July actuals and strong visibility into August. The

Stock Rating

Industry View

Price target

Shr price, close (Aug 10, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

newly purchased vessels are being delivered and deployed during Q3 and are

* = GAAP or approximated based on GAAP

earnings split, and the damaged vessels are not expected back for at least six to

eight months.

FY26 guidance & new-vessel contribution. Management said FY26 EBITDA and

Overweight

No Rating

AED 7.70

AED 6.10

AED 6.44- 4.79

US$12,278

US$1,652

US$14,949

expected to contribute immediately in both Q3 and Q4.

Tanker rates. Management expects tanker TCE rates to remain elevated for the rest

of 2026 and said market dislocation should prevent a rapid normalization. For the

new VLCCs, long-term charters are not currently planned but may be evaluated

later. Even if the conflict eases, management said normalization could take at least

two months because of voyage duration, depleted global inventories, fleet aging

and sanctions.

ADNOC shipping economics. Management confirmed that a significant share of

tanker earnings is currently generated from services to ADNOC and described

…