Hugh Baker has been appointed chief financial officer of Adnoc Logistics and Services, effective January 5, 2026, replacing Nicholas Gleeson who departed in September 2025. Baker brings over 35 years of experience in maritime finance and capital markets, including more than a decade as CFO of NYSE-listed shipping company Eneti Inc. Most recently, he served as principal at Ellsworth Maritime, providing debt advisory services to global shipping companies. Before joining the Abu Dhabi-based logistics provider, Baker held the CFO role at Eneti where he oversaw financial strategy, capital markets activity and investor relations. Earlier in his career, he worked as managing director at investment bank Evercore Partners and served as head of shipping at HSH Nordbank's Americas operations.
Baker's appointment comes as Adnoc L&S navigates a robust energy shipping market while managing significant fleet expansion. The company delivered record quarterly net profit of $236 million in the second quarter of 2025, with shipping revenue jumping 89 percent year-on-year to $981 million, driven partly by elevated tanker rates and the consolidation of the Navig8 tanker fleet acquired at the start of 2025. The company has taken delivery of multiple new LNG carriers and very large ethane carriers in recent months, with nine VLECs operating under a 20-year time charter projected to generate $4 billion in long-term revenue.
Adnoc L&S, a fully integrated energy maritime logistics company owned by Abu Dhabi National Oil Company, operates as the dedicated logistics provider for the ADNOC Group. The company serves more than 100 global customers across 50 countries with a diversified fleet exceeding 900 owned, operated and chartered vessels. It conducts integrated shipping, offshore logistics, and marine services across three core business segments. Founded in 1935 and headquartered in Abu Dhabi, the company listed on the Abu Dhabi Securities Exchange in late 2024 and has emerged as one of the world's fastest-growing shipping and logistics providers.
Adnoc L&S generated record first-quarter 2026 results with net profit up 20 percent year-on-year to $222 million, driven primarily by strong shipping market conditions. The company has signed several strategic long-term agreements including a $531 million, 15-year logistics contract with polyolefin producer Borouge and a 50-year chemicals port agreement with TA'ZIZ at its Ruwais industrial zone. Baker's appointment reflects the company's focus on strengthening financial management during a period of rapid expansion and capital deployment.
Baker's track record at Eneti, a publicly listed dry bulk shipping company that underwent significant restructuring and refinancing, suggests Adnoc L&S valued his experience managing complex capital structures in volatile shipping markets. His appointment may signal the company's intention to maintain disciplined financial management while pursuing value-accretive opportunities in an environment where shipping rates remain elevated. With Adnoc L&S targeting a two-fold increase in ADNOC Group production volumes transported by 2030 and exploring hydrogen derivative exports, Baker's maritime finance expertise and investor relations background position him to balance growth ambitions against shareholder returns during a period of elevated capital intensity.
