May 28, 2020
ADS Crude Carriers Plc ("ADS Crude Carriers” or the "Company”) announces the release of its first quarter 2020 report.
Headlines Q1 2020:
• Net revenue¹ of USD 18.7 million for the quarter on average TCE¹ of USD 71,008 per day
• Net profit USD 10.8 million, of which USD 10.5 million to be distributed in cash during Q2 2020 as follows:
- USD 7.0 million dividend to shareholders, or USD 0.30 per share
- USD 3.5 million loan amortization in accordance with the Dividend Amortization clause (in addition to USD 0.75 million repaid under the Cash Sweep clause)
• ADS Page commenced six-month time charter on 5 April at a day rate of USD 69,000; ADS Serenade and ADS Stratus continue to operate in the spot market
• Backlog estimated for around 95% of vessel days in Q2 2020 booked at an average TCE per day of approximately USD 65,000
Chairman of the Board of Directors, Bjørn Tore Larsen, commented:
"ADS Crude Carriers recorded its strongest ever quarter during Q1 2020, achieving an average day rate of approximately USD 71,000, a net profit of USD 10.8 million and earnings per share of USD 0.46. We continued our strong performance into the second quarter and have secured backlog for future periods at profitable levels.
When ADS Crude Carriers was established in July 2018, we made a commitment to our investors that we would prioritize returning capital to shareholders in the form of regular dividends. ADS Crude Carriers has again delivered on that promise. The Company’s Board of Directors will distribute a total of USD 10.5 million, or more than 97% of earnings for the quarter. Under the terms of the Company’s vessel loan facility, USD 3.5 million is required to prepay debt and the remaining USD 7.0 million will be paid to shareholders as a dividend. The dividend per share is USD 0.30.
The tanker market is volatile and difficult to predict. We remain focused on that which we can control, namely, operating our vessels to the highest possible standards and following through on our commitment to return surplus cash to shareholders."
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
VLCC "ADS Page". Image by ADS Crude Carriers Plc.