ADS Crude Carriers offloads VLCC for $25.5m

Norway’s ADS Crude Carriers has reduced its fleet to two following the sale of scrubber-fitted 2002-built VLCC ADS Stratus.

ADS fetched a price of $25.5m for the vessel, significantly higher than the $24.51m value placed on it by VesselsValue. According to a post on social media by parent company Shiphold, the sale was at a $3m premium to the price paid for the vessel in 2018.

Delivery to the new owners, who were not named, is scheduled for around September 17.

ADS Crude Carriers was established in 2018 and is headed by OSM founder Bjørn Tore Larsen. Last year, the company agreed terms for a new credit facility which it indicated might be used for fleet expansion.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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