ADS Crude Carriers second quarter 2020
ADS Crude Carriers Plc (“ADS Crude Carriers” or the “Company”) announces the release of its second quarter 2020 report.

28 August 2020

HEADLINES Q2 2020:

• Net revenue of USD 16.52 million for the quarter on average TCE¹ of USD 64,270 per day

• Net profit USD 8.60 million, of which USD 7.75 million to be distributed in cash during Q3 2020 as follows:

o USD 4.25 million dividend to shareholders, or USD 0.18 per share

o USD 3.50 million loan amortization in accordance with the Dividend Amortization clause (including USD 0.75 million repaid under the Cash Sweep clause)

• Backlog estimated for around 70% of vessel days in Q3 2020 booked at an average TCE per day of approximately USD 45,000

Chairman of the Board of Directors, Bjørn Tore Larsen, commented:

“ADS Crude Carriers Plc recorded another strong set of numbers, achieving an average time charter equivalent of USD 64,270 per day and a net profit of USD 8.61 million for the second quarter. Yet again we deliver on our commitment to return a high proportion of earnings and declare a total distribution of USD 7.75 million, meaning this is the second consecutive quarter for which we have distributed over 90% of net profits. Under the terms of the vessel loan, a total amount of USD 3.50 million is required to prepay debt and the remaining USD 4.25 will be paid to shareholders as a dividend, equivalent to USD 0.18 per share.

“During the third quarter the tanker market has come down from the highs seen during the first half of the year, ahead of the historically seasonally strong winter season. We currently have secured backlog for around 70% of available vessel days in Q3 at an estimated TCE of approximately USD 45,000.

”We remain long-term positive and committed to the tanker market beyond the economic lives of our existing fleet. We will pursue investment opportunities in the tanker sector as we continue our focus on cashflow, dividends and operational excellence.”

Contacts
Terje Bodin Larsen, CEO
+47 905 35 543
tbl@ads.no

Ben Boiling, CFO
+47 912 40 945
ben.boiling@ads.no