Oslo-listed ADS Maritime Holding is waiting for the right moment to return to shipowning after selling its VLCC fleet at the end of last year.
The former ADS Crude Carriers changed its name after offloading three 2002-built tankers for $25.5m each in the fourth quarter.
The company booked an accounting gain of $4.8m from the sale during the period.
On 1 March, shareholders will be paid most of the profit from the disposals — a total of $51m.
This will leave ADS with $4m in the bank.
The company effectively broke even in the final three months, with no revenue coming from vessels.
Chairman Bjorn Tore Larsen said the company had delivered on its commitment to return the proceeds of the sales to shareholders.
He also believes the timing of the sales was right.
Tanker rates weak
"Since we made the decision to sell our vessels, the reported day rates for tankers have been at consistently low levels, including below opex [operating expense] levels for a prolonged period," Larsen said.
"We continue to closely follow the market for investment opportunities in tankers, as well as bulkers and the wider shipping sectors, but will remain highly disciplined with regards to vessel entry price, since we believe this is critical in terms of limiting downside investment risk," the chairman said.
ADS will return to the market for fresh capital when it invests in "new vessels" in the future, Larsen added.
The company has said it could also identify long-term projects with guaranteed cash flow, possibly through partnerships.
In the third quarter, net profit was $500,000, against a $2.9m loss in 2019, while revenue grew to $11.4m from $6.9m the year before.
