ADS Crude Carriers to Start Fitting Scrubbers on Its VLCCs
- Business & Finance
The newly established tanker owner and operator ADS Crude Carriers is about to fit scrubbers on board its very large crude carriers.
The company was set up in April this year in Cyprus, with a fleet of three VLCCs, built in Japan as sister vessels. The VLCC owner and operator plans to expand its fleet with more acquisitions.
“After a period of start-up activities and building up the initial fleet of VLCC’s, the company will focus on streamlining the operations to maximize shareholder returns. In addition, the project of installing scrubbers on board the vessels for the purpose of reducing emissions and operating costs will be started.”
All three ships have been delivered to the company and have secured employment, the company said in its first business results.
The vessel Front Page, to be renamed ADS Eagle, was delivered to the company on July 20 and went directly to a charter as FSO west of Nigeria. The duration of the charter is between 150 and 210 days.
ADS Stratus was delivered on August 9, 2018 and is on its way to an approximately 40-day spot charter for transport of crude oil. Finally, ADS Serenade was delivered on September 13, 2018 and will be trading in the spot market.
The vessels have been put under commercial management of Frontline Management and technical management of OSM Ship Management AS.
On August 28, 2018 ADS Crude Carriers Plc was accepted for trading at the Oslo Stock Exchange’s Merkur Market.