3 April 2020

Dear fellow shareholders,

We established ADS Crude Carriers Plc in mid-2018 during a low point in the
tanker market and 2019 is thus our first full year of operation.
 
During the past 12 months:

•	Our ships were upgraded with exhaust emissions cleaning systems (scrubbers)
ahead of the implementation of IMO 2020;

•	We maintained top-class (CAP-1) rating following dry dockings and intermediate
surveys for all three of our vessels;

•	And we delivered on our commitment to return earnings to shareholders in the
form of quarterly dividends.
 
I write this letter at a time where a pandemic disease known as Covid-19, or the
Corona virus, has impacted the life of every person on the planet. Our immediate
priority is the safety, health and wellbeing of all of our people and their
families. Our seafarers have been significantly impacted as crew changes are for
the time being not possible. I would like to thank both the crew who remain
onboard for longer and the crew at home waiting to sign-on for their hard work,
positive attitude and understanding.

I do not know what the long-term economic consequences of this virus will be,
but short-term it is clear that it will have a major impact on the financial
markets and world trade. This does not necessarily mean that the tanker market
will be weak, as the supply and demand ratio of tankers is influenced by many
factors, a number of which are dynamic and unpredictable, such as oil price and
contango, storage, sanctions, and security issues. The VLCC market is volatile
and, hence, hard to forecast.

If the market is to be strong over the next couple of years – as many market
analysts have forecast – our Company will be well positioned to generate
significant profits and cash flow. Our vessels have a low cash break-even and we
will deliver all free cash back to our shareholders as dividends.

I am grateful to have you onboard as co-owners in ADS Crude Carriers Plc.

Bjørn Tore Larsen,
Chairman 


Investor Relations Contacts
Terje Bodin Larsen, CEO
+47 905 35 543
tbl@ads.no 

Ben Boiling, CFO
+47 912 40 945
ben.boiling@ads.no