ADS Maritime moves to raise fresh funds as LNG newbuilds and aframax targets emerge

Terje Bodin Larsen-led ADS Maritime Holding has moved to add fresh funds as it presses ahead with investment opportunities in the tanker sector and eyes a pair of LNG carrier newbuilds.

The Oslo-listed company has engaged Arctic Securities to carry out a fully underwritten private placement of new ordinary shares to raise around NOK100m ($10.1m) which will be used for investments in shipping assets.

ADS Maritime said it is currently negotiating the acquisition of a 20% ownership position in three Chinese-built secondhand aframax tankers, where it will also retain the role of commercial manager. The ships will be chartered on market terms for a period of up to three years to a third party charterer. 

The company has also signed a letter of intent in connection with the construction of two LNG carriers, and the intended role is to provide management services to the owner, which is said to be a large financial investor. “As the intended project develops, the owner will provide the company with an option to buy a minority stake in the LNGC owning subsidiaries,” ADS Maritime said in a regulatory filing. 

B T Larsen & Co, a company that controls 28.2% of the shares in ADS Maritime and that is controlled by the chairman of the board, Bjørn Tore Larsen, has fully underwritten the private placement at the offer price of NOK 2.10 per share. B T Larsen & Co will receive an underwriting commission of 1.5% of the underwriting commitment, payable in cash by the company.