Dormant for the last 18 months, Terje Bodin Larsen-led ADS Maritime Holding has made a re-entry into the VLCC trades, reports Splash 247.
VLCC vehicle ADS
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.
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Source: Splash 247
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