Norway’s ADS Crude Carriers has agreed terms for a credit facility, which provides financing of the forthcoming intermediate surveys for the company’s fleet of three VLCCs.
The surveys are due to commence during the third quarter this year.
The company said the facility will replace its existing vessel loans and increases flexibility regarding future decisions for fleet expansion.
The facility is expected to be completed by the end of June.
ADS Crude Carriers was established last year and is headed by OSM founder Bjørn Tore Larsen. The company plans to upgrade the VLCCs with scrubbers prior to 2020.