ADS Crude Carriers Sells Another VLCC

Oslo-listed ADS Crude Carriers has signed a memorandum of agreement to sell the Very Large Crude Carrier ADS Serenade.

ADS said Tuesday the vessel would be sold for $25.5 million. The company did not say who the buyer was.

"The vessel is expected to be delivered to the new owners before the end of October," ADS Crude Carriers said.

The ADS Serenade is one of three Japan-built sister VLCCs delivered to the company in 2018. It was built in 2002 by Hitachi Zosen Corporation.

The 329,99 meters long, scrubber fitted, VLCC was delivered to ADS Crude Carriers in September 2018.

ADS Crude Carriers is managed by Arendals Dampskibsselskab AS, while the vessels are commercially managed by Frontline. The vessels are under the technical management of OSM Maritime Group.

The sale of ADS Serenade follows the sale of the VLCC ADS Stratus last month for $25.5 million, also to unnamed buyers.

Following the delivery of the ADS Stratus to the new buyers, ADS said its debt would be reduced by $9.9 million, "and as a result, there will be no further amortization on the remaining vessel loans until maturity."