ADS Crude Carriers eyes fleet expansion after securing new financing

ADS Crude Carriers eyes fleet expansion after securing new financing

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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