Terje Bodin Larsen-led ADS Maritime Holding has made another tanker investment in just over a month, following its re-entry into the VLCC trades in April this year.
The Oslo-listed company has this time subscribed for a 20% stake in a chartered-in scrubber-fitted MR vessel that will trade in Navig8’s MR pool for a firm period of 36 months.
ADS said it will receive a proportion of the earnings from its operation and will be liable to pay its share of the fixed-time charter hire.
“The company is widening its exposure to the freight markets by entering into the product sector in addition to the exposure already in place towards the spot crude market through the VLCC charter,” said Larsen.
Larsen added that ADS is eyeing other investment opportunities with a plan to build out the company’s portfolio in the near term. “This transaction will be funded with cash on hand, but we anticipate returning to the market to raise capital in support of larger projects,” he noted.
