ADNOC bolsters ultramax fleet

United Arab Emirates-based Abu Dhabi National Oil and its shipowning arm ADNOC Logistics & Services has added its third ultramax, bringing its bulker arm up to seven ships.

Sources say the outfit has purchased the one-year-old Tsuneishi-built 63,000 dwt Isabella Manx from MX Bulk Management for around $26m.

ADNOC’s first purchases in the ultramax segment was in April when it paid $53m for two 2019-built bulkers, Kifissos and Ilissos.