Norwegian shipowner Arendals Dampskibsselskab (ADS) has sold its last wholly-owned vessel.
Brokers said the historic Arendal-based company sold the Universal-built, 75,000-dwt bulker ADS Galtesund (built 2007) to a Chinese buyer for $15.9m, a price in line with the current market.
ADS chief executive Terje Bodin Larsen confirmed the vessel will be handed to the new owner later this year.
The company bought the bulker from Japanese interests for $18.5m in 2013. At the lowest point of the market under ADS ownership, the vessel was worth less than $$7m.
ADS also has a joint venture for four shuttle tankers that are on charter to Norwegian energy giant Equinor.
Last December, ADS sold another bulker, the 76,000-dwt ADS Arendal (built 2004), for $7.65m
ADS was set up in 1857 and is now controlled by Bjorn Tore Larsen, who is company chairman.
Last year, the ADS joint venture ADS Crude Carriers sold its three VLCCs.
This spring Larsen launched Norse Atlantic Airways, which has great ambitions for growth.
