Ardmore Sells Two Outliers

Irish owner and operator of mid-size product and chemical tankers Ardmore Shipping Corporation agreed to sell two of its 17,600 DWT IMO2 chemical tankers for a price tag of USD 38.5 million.

The two vessels, namely Ardmore Calypso and Ardmore Capella, were built in 2010 at Samho Shipbuilding Co. Ltd, South Korea.

“We are pleased to announce the sale of the Calypso and Capella at an attractive price, reflecting a positive outlook for the chemical sector. While these ships have traded well for us over the past five years and are excellent units on a technical basis, their small size at 17,600 Dwt makes them outliers in our fleet, no longer consistent with our strategy of focusing on vessels at or above 25,000 Dwt,” Anthony Gurnee, the Company’s Chief Executive Officer, commented.

“We expect to have the opportunity to redeploy the capital accretively to larger vessels when this sale is completed in early 2016,” he added.

Ardmore expects to book a net gain of approximately USD 1.6 million including gains on vessel sales and deferred depreciation, and after prepayment of capital lease obligations and other sale-related costs when the vessels deliver to the buyers in April/May 2016.

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