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 three 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 Stratus to her new owners following the sale which was previously announced on 9 September. Subsequently, the Company’s debt will be reduced by USD 9.9 million and as a result there will be no further amortization on the remaining vessel loans until maturity.
ADS Crude Carriers Plc announces that Chief Commercial Officer, Marius Halvorsen, will today present at Pareto Securities’ 27th Energy Conference. A copy of the presentation is attached.
ADS Crude Carriers Plc (“ADS” or the “Company”) has entered into a memorandum of agreement to sell the vessel ADS Stratus for a price of USD 25.5 million. The vessel will be delivered to the new owners on or around 17 September 2020 following completion of her current spot charter.