ADS Crude Carriers Plc (“ADS Crude Carriers” or the “Company”) announces the release of its fourth quarter and preliminary full year 2018 report.

HEADLINES 2018:

  • ADS Crude Carriers Plc established mid-2018
  • USD 57 million gross equity raised 16 July 2018 in a private placement
  • Admitted for listing at Oslo Stock Exchange – Merkur Market 28 August 2018
  • Purchase of three VLCCs for USD 22.5 million per vessel
  • Vessels delivered on 20 July, 9 August and 13 September 2018
  • Debt of USD 10 million per vessel
  • Scrubber purchase and installation for all vessels fully financed; installation planned during intermediate surveys scheduled H2 2019

HEADLINES Q4 2018:

  • First quarter of fully operative fleet following vessel deliveries the previous quarter
  • Revenue of USD 10.5 million
  • Net revenue¹of USD 6.8 million
  • TCE¹per day of USD 24,697
  • Operating profit of USD 2.6 million
  • EPS of USD 0.09
  • Backlog estimated at 80% of Q1 2019 vessel operating days booked at an average TCE per day of USD 25,000
KEY FINANCIALS Quarter ended / as at Period / as at
(In thousands of USD) 31-Dec-18 30-Sep-18 30-Apr-18 to 31-Dec-18
Revenue 10 466 2 967 13 432
Net revenue 6 816 1 091 7 907
TCE per day (in USD) 24 697 7 736 18 962
Operating profit 2 642 (1 738) 903
Net profit 2 168 (2 066) 102
EPS (in USD per share) 0.09 (0.11) 0.01
Cash flow from operations 3 221 (5 815) (2 595)
Cash and cash equivalents 13 689 11 353 13 689
Equity ratio 61 % 64 % 61 %
Net interest-bearing debt 15 787 18 123 15 787

Contacts

Ben Boiling, CFO
+47 912 40 945
ben.boiling@ads.no

Terje Bodin Larsen, CEO
+47 905 35 543
tbl@ads.no

ADS Crude Carriers Plc Q4 2018 report (PDF)

About ADS Crude Carriers

ADS Crude Carriers Plc is a public limited company listed on the Merkur Market at the Oslo Stock Exchange (ticker ADSC-ME). The Company is incorporated and domiciled in Cyprus and has Norwegian subsidiaries based in Arendal, Norway. The principal activities of the Company are operating tanker vessels in the global tanker market. The Company currently owns and operates a fleet of three VLCCs: Front Page, ADS Stratus and ADS Serenade.
For more information, visit www.adscrude.com

Forward looking statements

The information included herein may contain forward looking statements. Forward looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company’s intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.