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  • 18 Nov 20
Juicy dividend following vessel sales

Q3/20 EPS of USD 0.02 (ARCe: USD 0.06, Cons.: USD 0.06) Dividend of USD 0.17/sh (NOK 1.55/sh) declared for Q3 Additional DPS of USD 2.18/sh (NOK 19.75) proposed following vessel sales Evaluating new opportunities in the maritime sector

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 13 Oct 20
Sale of ADS Serenade

Agreement to sell the 2002-built VLCC Serenade for USD 25.5m This follows the sale of ADS Stratus a month ago for the same price Implied ADSC NAV is NOK 26.1/sh (+56% vs share price) The transaction generates a dividend potential of NOK ~5.8/sh

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 09 Sep 20
Sale of ADS Stratus

ADSC has agreed to sell one of its three vessels for USD 25.5m The Stratus is a 2002-built scrubber-fitted VLCC This implies an ADSC NAV of NOK 26.1/sh (+60% vs share price) An accretive transaction, but we don’t expect any extraordinary dividend

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 28 Aug 20
Soft numbers; pursuing investment opportunities

Q2 EBITDA of USD 13.6m (-7% vs ARCe, -9% vs Cons.) Dividend of USD 0.18/sh (NOK ~1.6/sh), below expectations Q3 bookings of USD 45k/d for 70% of days, somewhat below expectations Pursuing investment opportunities in the tanker sector

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 28 May 20
Numbers and fixtures in line – Strong dividend

Q1 EBITDA of USD 15.7m (-4% vs ARCe, spot on Cons.) Dividend of USD 0.3/sh (NOK ~3.0/sh), ahead of expectations Q2 bookings of USD 65k/d for 95% of available days Guidance in line, implying attractive dividend

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 27 Feb 20
Q4 marginally below – Strong fixtures

EBITDA of USD 3.8m (Arctic: USD 4.2m) Dividend of USD 0.09/sh, relatively in line with our USD 0.10/sh estimate Strong Q1 bookings of USD 85k/d for 70% of available days ADSC has recognized scrubber savings of USD 3.6m (30% of investment)

Companies: ADS Maritime Holding Plc

Arctic Securities
  • 29 Jan 20
Orderbooks are coming down rapidly

So far, IMO 2020 has played out largely as anticipated with tankers reaping the benefits of increased refinery demand and bulkers struggling with higher fuel costs (still early days). Looking ahead, we are particularly upbeat about the tanker and LPG markets, where we see healthy fundamentals on the back of encouraging demand trends and sliding orderbooks. Our list of top equity picks include GLNG, AMSC, OCY, DHT and LPG stocks.

Companies: EURN A07 BW9 0QQA 0UC0 0HDY ADS A61 D8EN 0DA S0QA 0DQB 0J77 0JE5 0JI3 0Q4G 0A27

Arctic Securities

ADS Maritime Holding Plc

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