Terje Bodin Larsen-led ADS Maritime is returning to shipowning for the first time in five years with the acquisition of a 2013-built kamsarmax bulker.

The Oslo-listed investment vehicle said it has agreed to buy the Fjeld Saga, an 82,900 dwt bulk carrier, at market terms. Delivery of the vessel is expected between November and December 2025, subject to standard conditions including the charterer’s consent for transfer.

The deal marks a shift for the company, which has spent recent years taking minority stakes in projects across the tanker and offshore sectors, after selling its last VLCC in October 2020.

Established in 2018 and backed by OSM founder Bjorn Tore Larsen, ADS Maritime focuses on counter-cyclical investments, typically taking 10–25% ownership positions in shipping projects and earns income through arrangement, business management, and commercial management fees.

Since its restructuring and the sale of three VLCCs, ADS has invested in several tanker segments and holds an interest in a dive support vessel. Earlier this year, it also entered the aviation sector, signing sale-and-leaseback agreements for four light aircraft with related firm OSMAA, describing the deals as profitable and arms-length.