Norwegian shipowner Arendals Dampskibsselskab (ADS) is close to disposing of its only owned tanker in an opportunistic move, according to European and US brokers.
The 107,000-dwt aframax ADS Oslo (built 2003) is in the process of being sold to an undisclosed buyer for $13.3m, brokers said.
ADS chairman Bjorn Tore Larsen declined to comment on reports that his outfit had sold the Imabari Shipbuilding-constructed vessel.
Opportunistic approach
Larsen said the company is taking an opportunistic approach to new business, which includes avenues outside its expansion-focused VLCC vehicle ADS Crude Carriers.
Brokers reported in November last year that the ADS Oslo had been sold to another Norwegian owner for $11.7m.
However, Larsen described those reports as “pure nonsense”.
ADS bought the ship from Iino Marine for $21.8m in March 2014, when it was the Pacific Leo. Frontline Management chief executive Robert Hvide Macleod was previously a shareholder in the tanker, but he has since sold out.
Oslo-listed offshoot ADS Crude owns a fleet of three VLCCs — the 299,164-dwt ADS Page, 299,157-dwt ADS Stratus and 299,152-dwt ADS Serenade (all built 2002) — that were purchased last year from John Fredriksen’s Ship Finance International, which has now changed name to SFL Corp.
Frontline has commercial management of the three VLCCs, which are now being equipped with scrubbers, and Larsen-led company OSM is technical manager.
SFL Corp holds a 17.2% stake in ADS Crude, and ADS Shipping is the VLCC owner's second largest stakeholder with 8.6%
