ADS Crude Carriers set to list in Oslo

ADS Crude Carriers set to list in Oslo

Newly formed tanker owner ADS Crude Carriers has been admitted to Oslo’s Merkur Market and will begin trading today.

ADS Crude Carriers recently raised $58m in equity capital from a wide group of investors and a further $30m in the form of a non-amortising debt facility. Its first move was to acquire VLCC trio Front Page, Front Status and Front Serenade from John Fredriksen’s Ship Finance International (SFI) last month for $77.6m.

SFI have also taken a 17% stay in ADS, a move is says is “an opportunistic financial investment” with limited downside.

ADS, headed by OSM founder Bjørn Tore Larsen, plans to upgrade the VLCCs with scrubbers prior to 2020.

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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