Oslo-listed ADS Crude Carriers has sold another of its elderly VLCCs as the sale and purchase market continued in rude health.
The Norwegian owner said the 299,000-dwt ADS Serenade (built 2002) is going for $25.5m.
The vessel is expected to be delivered to the unnamed new owner before the end of October.
The price is the same it received for the 299,000-dwt ADS Stratus (built 2002) from Marshal Shipping in September.
VesselsValue assesses ADS Serenade as worth $22.69m.
One VLCC left
The deal leaves the company with just sister vessel ADS Page.
Hunter Group and AET have also been linked to VLCC sales in recent days, with prices said to be declining.
But Fearnley Securities said on Monday that even falling steel prices suggest much higher net asset values in tanker companies than their share prices indicate.
"Assuming the final vessel sells for a similar price as the two other units, we calculate a net asset value (NAV) of NOK 25 per share, versus last close of NOK 16.70," Fearnley said on Tuesday morning.
"Should the vessel be scrapped at prevailing scrap prices ($350 per ldt) or circa $15m, we calculate a NAV of NOK 21 per share."
No rush on renewal
ADS has said it is no hurry to renew its fleet despite the sales.
Chairman Bjorn Tore Larsen told TradeWinds after the first deal: "All the ships are always for sale if we find a good deal. But Plan A is to trade them."
The VLCC trio was acquired from John Fredriksen's SFL Corp in 2018 for a combined $67.5m as the ADS spin-off debuted on the Oslo exchange. So far it has recouped $51m of this in sales.
ADS Crude fitted scrubbers to the vessels last year and then took advantage of booming markets this year to rack up healthy profits.
Parent selling too
The shipowner had made back 68% of its $12m retrofit investment by 30 June.
Last week, parent Arendal Dampskibsselskap (ADS) pledged to stick with shipowning as the company looked to sell one of its last wholly-owned vessels.
Larsen, ADS' controlling shareholder, denied market rumours that the company is focusing only on VLCC owning spin-off ADS Crude.
The talk emerged amid reports that ADS is looking to sell its privately-owned, 76,000-dwt bulker ADS Arendal (built 2004). The Sasebo Heavy Industries-built vessel is on its way to China, where it will be available for inspection by prospective buyers.
A sale would leave ADS with just one wholly owned vessel: the 73,400-dwt bulker ADS Galtesund (built 2007).
