One of the oldest names in Norwegian shipping is acting as the organiser of another speculative VLCC scrubber sortie.
Arendals Dampskibsselskab (ADS) is joining DHT and fellow VLCC operator Frontline in lining up scrubber technology for VLCCs. In the case of ADS, it is not clear if the venture is for newbuilding VLCCs, like the Hunter Group, or retrofits to VLCCs already in the water.
ADS was formed in 1857 and has a long a varied history. Today, company is part of the Cyprus-registered Shiphold Ltd group, along with Seaview Group, OSM Maritime Group and OSM Aviation Group.
According to the private placement offer, 2015-registered ADS Crude Carriers AS has formed a fund ADS Tank II AS, which is listed as managed by Bjørn Tore Larsen.
The fund has raised US$58M by private placement.
According to ADS, it and associated companies hold investments in several vessels, including dry bulk carriers ADS Galtesund and ADS Arendal, and four AET Tankers Aframax shuttle tankers (Eagle Barents, Eagle Bergen, HN 2236, and HN 2237). The company also lists an investment in the Aframax tanker ADS Oslo. All the above vessels are managed by OSM.
In addition, ADS lists a joint venture with AET Tankers to own and operate four DP2 Aframax shuttle tankers in the North Sea and Barents Sea.