ADS Crude Carriers Plc was established during 2018 with our aim to become a preferred provider of competitive tanker vessel services to quality charterers by offering a fleet with high technical standards, compliant with new environmental regulations and with a strong market presence. The Company’s business is to own, charter and operate tanker vessels, and we intend to return all surplus cash we generate to shareholders by way of a quarterly dividend.
The Company’s fleet currently consists of two Very Large Crude Carriers (VLCCs). Our vessels were all built at a first class Japanese yard and are “sister vessels,” enabling high operating efficiency. The vessels were purchased at the bottom of the cycle to enable a low entry point and reduce downside risk to the Company’s investment and further acquisitions will be considered in the event they are accretive for existing shareholders.
At ADS Crude Carriers, we believe that new maritime regulations – in particular the IMO 2020 Sulphur Cap regulations – will have a significant impact on the maritime industry and will favor the companies that are equipped to meet these regulations.
Our focus is on tanker vessels that comply with new environmental regulations, with installation of scrubbers as a key feature.
ADS Crude Carriers is managed by well-established shipping investor and manager Arendals Dampskibsselskab AS, while the vessels are commercially managed by world leading tanker owner and operator Frontline Ltd. The vessels are under technical management of OSM Maritime Group.
ADS Crude Carriers Plc (“ADSCC” or the “Company”) has today delivered the vessel ADS Serenade to her new owners following the sale which was previously announced on 13 October. Subsequently, the Company’s debt is reduced by USD 9.9 million.
ADS Crude Carriers Plc (the “Company”) has entered into a memorandum of agreement to sell the vessel ADS Page for a price of USD 25.5 million. The vessel is expected to be delivered to the new owners during November.
ADS Shipping Ltd, a company controlled by Mr. Bjørn Tore Larsen, Chairman and member of the Board of Directors of ADS Crude Carriers Plc (the “Company”), has today acquired 100,000 shares in the Company at an average purchase price of NOK 18.79 per share. Following the acquisition, ADS Shipping Ltd and affiliated companies own 2,574,934 shares in the Company.