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29.10.2018 kl 16:39 5977


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ADS Crude Carriers Plc: First half year 2018 Financial Report
Finance
The Company was incorporated 30 April 2018 in Cyprus. The subsidiaries ADS Crude Holding AS, ADS Crude I AS, ADS Crude II AS and ADS Crude III AS were all incorporated during June 2018. By the end of the first half 2018 there had been no operating income or costs in the Company.
The assets consist of cash holdings of USD 1 172 The equity consists of a share capital of USD 1 172.
There are no liabilities.
Accounting principles
The interim report is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by EU and the regulations for interim reporting given in IAS 34. The interim report has not been audited.
Organisation
The Vessels will be under commercial management of
Frontline Management Ltd. OSM Ship Management AS will be the Technical Manager.
Subsequent events
After the end of the first half year and by the issue of this report the Company has been capitalized by issuing 23 384 440 new shares through a Private Placement. Including the shares originating from the incorporation the share capital is USD 4,7 million split on 23 390 300 shares with a par value of USD 0,20 each. The total equity prior to start of other financing and ship purchase activities was USD 57,8 million.
The first vessel Front Page (to be renamed ADS Eagle) was delivered 20 July 2018 and went directly to a charter as FSO west of Nigeria. The duration of the charter is between 150 and 210 days.
The second vessel ADS Stratus was delivered 9 August 2018 and is on its way to an approximately 40-day
spot charter for transport of crude oil.
The third vessel ADS Serenade was delivered 13 September 2018 and will be trading in the spot market.
On 28 August 2018 ADS Crude Carriers Plc was accepted for trading at The Oslo Stock Exchange’s Merkur Market.
Outlook:
Consolidating operations
After a period of start-up activities and building up the initial fleet of VLCC’s, the Company will focus on streamlining the operations to maximize shareholder returns. In addition, the project of installing scrubbers on board the vessels for the purpose of reducing emissions and operating costs will be started.
Redigert 29.10.2018 kl 16:45

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