Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”)
today announced that, on January 17, 2014, it took delivery of the
newbuilding Ardmore Seavantage, a 49,999 Dwt IMO 3
Eco-design MR product and chemical tanker built at SPP Shipbuilding Co.,
Ltd. in South Korea. Following delivery, the Ardmore
Seavantage commenced operating under an existing charter arrangement
with the Vitol Group.
Ardmore also announced that on January 7, 2014 it took delivery of the
2006-built Ardmore Seamariner, a 45,726 Dwt MR product
tanker built at Minami Nippon Shipbuilding Co., Ltd. in Japan and
acquired by the Company in October 2013. Following delivery, the vessel
entered drydock, where it is being upgraded to Eco-mod in conjunction
with its scheduled intermediate survey. Upon completion of the
drydocking, the Ardmore Seamariner will commence a three-month
time charter at a rate of $16,050 per day.
With the addition of these two vessels, Ardmore’s fleet stands at 10
ships in operation and 11 Eco-design MR product and chemical tankers on
order, with the next newbuilding vessel, the Ardmore Seavanguard,
scheduled to deliver from SPP in February 2014.
Ardmore also announced that it has committed the 2013-built Ardmore
Seavaliant, a 49,999 Dwt Eco-Design IMO 3 MR product and chemical
tanker, to a 12-month time charter commencing February 2014 at a rate of
$17,100 per day, which represents an increase in time charter rates for
Eco-design MR tankers of approximately $2,000 per day compared to one
year ago.
Additionally, in late December 2013, the Company commenced planned
upgrades on the Ardmore Centurion to improve fuel efficiency and
commercial capability in chemical trades. The upgrades will allow
carriage of a broader range of cargos and reduce cleaning time, which
will enhance the vessel's earnings potential. Following completion of
the upgrade program, the Company expects that the vessel will resume
operating in product and chemical trades in late January 2014.
Anthony Gurnee, the Company’s Chief Executive Officer commented:
“We welcome the Ardmore Seavantage and Ardmore
Seamariner to our fleet. These additions represent our commitment to
well-timed growth through the acquisition of Eco-design newbuildings and
Eco-mod vessels, and our dedication to service excellence through the
operation of a modern, high quality fleet with particular focus on fuel
efficiency. Furthermore, we are pleased to have identified a window in
the Ardmore Centurion’s trading schedule to complete
upgrades, thus positioning the ship to benefit more fully from an
improving product and chemical tanker market.”
Mr. Gurnee continued, “We look forward to taking delivery of the fourth
Eco-design newbuilding, Ardmore Seavanguard, from SPP next month.
Upon delivery, we will have more than 50% of our fleet on the water and
generating cash flow.”
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
This press release contains certain forward-looking statements (as such
term is defined in Section 21E of the U.S. Securities Exchange Act of
1934, as amended), which reflect management's current views with respect
to certain future events and performance, including, in particular,
statements regarding: improvement of the product and chemical tanker
market; fleet growth; newbuilding delivery dates; results of vessel
upgrades; and future employment of vessels. Although these statements
are based upon assumptions the Company believes to be reasonable, they
are subject to risks and uncertainties that may cause actual results to
differ materially from those discussed in the forward-looking
statements. These risks and uncertainties include, among others:
conditions in the markets in which the Company operates; shipyard
construction delays; the financial condition and ability to perform
their obligations to the Company of shipyards, charterers, lenders and
other counterparties; and other factors detailed from time to time in
the Company’s filings with the U.S. Securities and Exchange Commission.
The Company expressly disclaims any obligation to update or revise any
of these forward-looking statements, whether because of future events,
new information, a change in the Company’s views or expectations, or
otherwise.
Copyright Business Wire 2014