ADS Maritime Holding Plc (“the Company”) has subscribed for a 20% interest in a chartered-in scrubber-fitted MR (“the Vessel”) that will trade in Navig8’s MR pool (“the Pool”) for a firm period of 36 months +/- 60 days.
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 late May 2022.
“By this T/C-in opportunity 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 VLCC charter”, said CEO Terje Bodin Larsen. “We continue to evaluate 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