ADS Crude Carriers fourth quarter 2019

Feb 27, 2020

ADS Crude Carriers Plc (“ADS Crude Carriers” or the “Company”) announces the release of its fourth quarter 2019 report.

Headlines Q4 2019:

• Net revenue of USD 6.6 million, down 3% from Q4 2018 due to reduction in available vessel days, partially offset by an increase in TCE per day to USD 30,886, up 25% from Q4 2018

• Dividend per share of USD 0.09 declared for the quarter

• Completion of Fleet-wide upgrade, including scrubber installation and intermediate surveys

• Recognized savings from use of scrubbers estimated at USD 3.6 million to-date in 2020

• Backlog estimated for around 70% of vessel days in Q1 2020 booked at an average TCE per day of approximately USD 85,000

Key financials

Chairman of the Board of Directors, Bjørn Tore Larsen, commenting on the Q4 2019 results said:

“During the fourth quarter the Company completed its vessel upgrades ahead of implementation of IMO 2020 and the installation of exhaust emissions cleaning systems on our vessels has already resulted in savings from reduced bunker cost of approximately USD 3.6 million in 2020, equivalent to 30% of the total investment cost. As of today, we have backlog of approximately 70% of vessel days in Q1 2020 secured at an estimated TCE per day of USD 85,000. As a result, I am happy to report that we announce a dividend of USD 2 million, or USD 0.09 per share.

The past months have reminded us that the tanker market is unpredictable and volatile, as we have seen huge movements in reported market rates. While we make no predictions about the market going forward, what I can predict is that we will continue to deliver on our promise to shareholders to pay out excess cash in the form of quarterly dividends.”

About ADS Crude Carriers
ADS Crude Carriers Plc is a public limited company listed on the Merkur Market at the Oslo Stock Exchange (ticker ADSC-ME). The Company is incorporated and domiciled in Cyprus and has Norwegian subsidiaries based in Arendal, Norway.

The principal activities of the Company are operating tanker vessels in the global tanker market. The Company currently owns and operates a fleet of three VLCCs: ADS Page, ADS Stratus and ADS Serenade.

ADS Crude Carriers Plc press release