Adnoc L&S reported record second-quarter profit despite conflict disrupting regional trade routes, buoyed by strong shipping rates, increased chartering activity and an expanded fleet.

Adnoc Logistics & Services, known as Adnoc L&S, is an Abu Dhabi-based maritime logistics company focused on the energy sector and part of state-owned oil giant Abu Dhabi National Oil Company. It posted net profit of $917 million for the three months ended June 30, up from $229 million a year earlier.

The war between Iran and the U.S. and its regional allies is in its sixth month, with shipping through the Strait of Hormuz still largely disrupted, even as diplomatic efforts continue to reopen the waterway through which about a fifth of the world's oil supply flowed.

The company said its diversified operations and long-term contracts with Adnoc Group helped it navigate the regional disruption.

Adnoc L&S has continued expanding its fleet as it responds to the volatile shipping environment, with vessel acquisitions and newbuild commitments valued at about $2.3 billion so far this year as part of $5.7 billion in capital commitments. Chief Executive Abdulkareem Al Masabi said the company's ability to respond quickly to volatile market conditions, alongside strong shipping fundamentals, supported earnings.

The disruption has nevertheless weighed on parts of the business. ADNOC L&S said lower utilization and reduced day rates for its jack-up barge fleet partly reflected the regional geopolitical environment.

The company raised its full-year earnings guidance for a third time, citing continued strength in shipping, while warning that full-year results remain highly dependent on regional developments.