Shipping investor ADS Maritime Holding is starting to see the benefit from a stake in two MR tankers owned by Peter Georgiopoulos and Leo Vrondissis’ United Overseas Group.
The Oslo-listed company bought a 10% interest in the vessels in October last year and is also acting as the disponent owner.
In its third-quarter report, ADS Maritime said it had received a $100,000 repayment of invested capital from UOG.
Net profit fell, however, to $423,000 against $1.36m a year ago.
The company does not book revenue as it does not have a controlling stake in its investments.
Finance costs rose to $608,000 from $157,000 in 2022.
ADS Maritime holds total assets of $29.5m, of which $9.4m is cash and cash equivalents.
Total equity stood at $17.8m, or 60.3% of total assets.
“Both the VLCC and MR tanker markets have been strong during the first nine months in 2023, resulting in positive adjustments to the valuations and strong cash flows,” the company said.
In August, ADS Maritime became a shareholder in John Fredriksen’s Golden Ocean Group.
It bought 130,000 shares in the bulker owner at NOK 84.22 each in June, for an outlay of NOK 10.9m ($1m).
Gram stake sold
However, a holding in compatriot Gram Car Carriers was offloaded during the second quarter.
The company also has 20% of a VLCC and an MR trading in Navig8 pools.
ADS Maritime’s 5% holding in four shuttle tankers owned by Malaysia’s AET paid a dividend of $675,000 in the second quarter.
But there was no mention of a payment for the third period.