Tanker 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.
“It’s very simple and I can set the record straight,” he told BBC Radio Norfolk. “It’s a family issue. “He will be with us hopefully on Wednesday and certainly on Friday. It’s very much a personal issue.” The Daily Record is reporting Snodgrass’ absence is related to his pregnant partner Denise McKenzie being involved in an accident in Glasgow. Snodgrass is thought to have returned to Scotland after the incident, which Norwich have yet to confirm. The 25-year-old Scotland international has become an important player for the Canaries since joining from Leeds last year. Such performances have seen Snodgrass linked with a summer move to West Ham but Hughton insists such speculation was not behind him missing the 1-1 draw with Brighton. Robert Snodgrass missed Tuesday night’s friendly at Brighton due to a “family issue” which is reported to be a car crash involving his partner. Press Association
1 Watford are only outside the Championship’s automatic promotion places on goal difference after a comfortable 3-1 victory over 10-man Nottingham Forest at the City Ground.Odion Ighalo opened the scoring from a corner to bring his season’s tally to 20, and Matthew Connolly then doubled the visitors’ lead by rounding off a move he started from defence.Forest’s Kelvin Wilson was sent off for kicking out at Ighalo not long after the break, but Dougie Freedman’s side pulled a goal through Gary Gardner’s brilliant free kick.Michail Antonio squandered a wonderful opportunity to draw the hosts level and was made to pay when Almen Abdi thumped in a third to ensure a vital three points for the Hornets.Elsewhere, Fulham and Rotherham’s 1-1 draw at Craven Cottage means Wigan Athletic have to win their final three games of the season to avoid relegation to League One.Rotherham dominated the first half and could have scored four or five, but were limited to Matt Derbyshire’s scrambled effort after just three minutes.Fulham fans booed their players after a limp first-half display, and it took an equally scuffed Ross McCormack effort to draw the Cottagers level and salvage an unlikely draw for Kit Symons’ beleaguered side. Matthew Connolly