Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”)
today announced that it has executed contracts for the construction of
four 25,000 Dwt IMO 2 eco-design product & chemical tankers ordered from
Fukuoka Shipbuilding Co. Ltd., Japan (“Fukuoka”) for a total price of
approximately $118,000,000. As part of the contracts, Ardmore has also
negotiated fixed price options for additional vessels. Ardmore expects
to take delivery of the contracted vessels between fourth quarter 2014
and fourth quarter 2015. Including these four newbuildings, Ardmore has
exercised options or signed newbuilding contracts for a total of eight
vessels since pricing its IPO on July 31, 2013, increasing the Company’s
fleet to 20 vessels consisting of eight vessels in operation and 12
newbuildings on order.
About Ardmore Shipping Corporation:
Ardmore owns and operates a modern, fuel-efficient fleet of mid-size
product and chemical tankers. The Company is engaged in the seaborne
transportation of petroleum products and chemicals worldwide to oil
majors, national oil companies, oil and chemical traders, and chemical
companies. Additional information is available at the Company's website www.ardmoreshipping.com,
which is not a part of this press release.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995
provides safe harbor protections for forward-looking statements in order
to encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take advantage of
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in connection
with this safe harbor legislation. The words “believe,” “anticipate,”
“intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect,” “pending” and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's examination
of historical operating trends, data contained in our records and other
data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which
are difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these expectations,
beliefs or projections.
In addition to these important factors, other important factors that, in
our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the failure of
counterparties to fully perform their contracts with us, the strength of
world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand for
tanker vessel capacity, changes in our operating expenses, including
bunker prices, drydocking and insurance costs, the market for our
vessels, competition in the tanker industry, availability of financing
and refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents, piracy or
political events, vessels breakdowns and instances of off-hires and
other factors. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks and
uncertainties.
Copyright Business Wire 2013