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Larsen’s VLCC vehicle ADS makes return

Dormant for the last 18 months, Terje Bodin Larsen-led ADS Maritime Holding has made a re-entry into the VLCC trades.

ADS has subscribed for a 20% interest in an unnamed chartered-in VLCC that will trade in Navig8’s VL8 pool for a firm period of 12 months and with an option period of an additional 12 months.

“We believe that this T/C-in opportunity represents an attractive entry point for the Company to take exposure to the VLCC freight market,” said Larsen, the founder of ADS as well as OSM. “We are actively evaluating other investment opportunities in the maritime sector 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.”

Splash last reported on the company in October 2020 when it sold its last ship, the 2002-built VLCC ADS Page for a price of $25.5m.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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