ADS Crude Carriers to Pay More for Scrubber Installations

first_imgTanker owner and operator ADS Crude Carriers has seen an increase in the cost of its scrubber installation project in China.The VLCC owner said that the total expected investment in scrubber systems and taking the vessels through intermediate surveys is around USD 6.5 million per vessel, up from the previously guided USD 5.5 million per vessel.The company, set up in April 2018, explained that the change was mainly due to “increased estimated costs necessary to maintain the highest level vessel rating.”Subsequent to quarter end, two of the company’s vessels went into yard to perform mandatory intermediate surveys and retrofitting of scrubbers, with the third vessel expected to enter yard around the end of September. ADS Crude Carriers said that the yard stays remain on schedule with two expected to finish before end of the third quarter of 2019 and one during the fourth quarter of the year.The rise in costs was revealed as part of the company’s second quarter of 2019 financial report.ADS Crude Carriers reported a net profit of USD 0.6 million for the second quarter of 2019, down from a profit of USD 1.2 million seen in the first quarter of the year. Net revenue decreased 27% to USD 4.8 million from USD 6.5 million in the previous quarter, mainly due to increased voyage expenses.“The seasonally weak tanker market impacted our second quarter earnings, resulting in a 27% lower average Time Charter Equivalent quarter-on-quarter of USD 17,463 per day and providing a net profit of USD 0.6 million, of which we will immediately return USD 0.5 million back to shareholders by way of a dividend,” Bjørn Tore Larsen, Chairman of the Board of Directors, said.last_img read more


first_imgMurdered: LiamTwo men jailed for kicking a Donegal teenager to death have lost a legal bid for freedom.Judges rejected challenges from Sean Cruickshank and Edward McEleney to being found guilty of murdering Liam Devlin in Derry. The 19-year-old victim, from Burnfoot, suffered fatal brain injuries during the attack in the city’s Creggan estate in August 2007.Witnesses said Cruickshank, 24, from Lislane Drive, and Edward McEleney, 25, of Circular Road, both in the city, had kicked and stamped on his head.The men were each sentenced to a minimum 11 years behind bars.Both sought to have their murder convictions overturned.Cruickshank’s lawyers argued that he should have been allowed to give evidence about an earlier assault he carried out on Liam Devlin’s brother.The 24-year-old had confronted and head-butted John Devlin on the same night.It was claimed that if full details of his guilty plea to that assault had been put before the jury it would have strengthened his case that he never intended to kill.But Lord Chief Justice Sir Declan Morgan, sitting with Lord Justices Girvan and Coghlin, held that his character was damaged by his behaviour in the earlier incident.He said: “In our view any benefit to Cruickshank from introducing such evidence was at best marginal and did not affect the safety of the conviction.”McEleney’s legal team contended that the length and complexity of the trial judge’s charge to the jury rendered the verdict unsafe.
Sir Declan found that prosecution and defence evidence had been “meticulously examined”.He added: “There may have been some sophisticated language but reading the charge as a whole it was delivered in language that was plainly understandable to any juror.“We conclude, therefore, that this criticism of the charge did not affect the safety of the conviction.”All other arguments were also dismissed.Sir Declan confirmed: “For the reasons given we do not consider that the convictions are unsafe.”KILLERS OF DONEGAL TEEN LOSE LEGAL FREEDOM BID was last modified: October 27th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more