Ardmore Buys Two MRs

Ardmore Shipping Corporation (Ardmore) has acquired two second-hand 47,500 Dwt MR product tankers built in 2008 at Onomichi Dockyard Co. Ltd., Japan for a purchase price of $23 million each.

Delivery of the vessels to Ardmore is expected to take place between July and October 2014. Upon delivery, Ardmore’s fleet will stand at 24 vessels, with 14 in operation and 10 Eco-design product and chemical tanker newbuildings delivering by the fourth quarter of 2015. The next two newbuildings are scheduled to deliver in November 2014.

Anthony Gurnee, the Company’s Chief Executive Officer, commented: “We are pleased to announce the acquisition of these modern MR product tankers at attractive prices. The vessels are Japanese-built and very fuel-efficient, in line with our strategy of acquiring high-quality MRs that we can upgrade to Eco-mod.”

Mr. Gurnee continued, “The delivery of these vessels will expand our operating fleet and provide an immediate positive contribution to Ardmore’s earnings. By continuing to supplement our newbuilding program with accretive acquisitions of modern, in-the-water vessels, we are capitalizing on the attractive, cash flow-generating opportunities that exist in the near term while also strengthening the Company’s ability to benefit from the long-term fundamentals of the product and chemical tanker markets.”

[mappress]
June 11, 2014