ADS Maritime Holding Plc (the “Company”) has subscribed for a 20% interest in a chartered-in VLCC (the “Vessel”) that will trade in Navig8’s VL8 pool (the “Pool”) for a firm period of 12 months and with an option period of an additional 12 months.
The Company will receive its share of the earnings from the Vessel as it trades in the Pool and will be liable to pay its share of the fixed time charter hire. The Vessel will be delivered on charter in early May 2022.
“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 CEO Terje Bodin Larsen. “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.”
Terje Bodin Larsen, CEO
+47 905 35 543
Dagfinn Andersen, CFO
+47 922 91 001