Three of Six MR Tankers Join Ardmore’s Fleet

Image Courtesy: Ardmore Shipping

New York-listed Ardmore Shipping Corporation has taken delivery of Ardmore Endurance, Ardmore Explorer and Ardmore Engineer, the first three of six MR product/chemical tankers that it agreed to acquire in June 2016.

The 49,500 dwt Eco-Design IMO 2/3 MR product/chemical tankers were constructed by Korean shipbuilder STX Offshore and Shipbuilding in 2013 and 2014, respectively.

The tankers, which joined the company’s fleet on August 31, September 7, and September 12, respectively, are currently employed in the spot market.

Additionally, Ardmore said that it has completed debt financing for its recent acquisition of the six vessels, four of which are being financed through a new USD 71.3 million senior debt facility with ABN AMRO. The facility is an amortizing senior term loan with a final maturity date in 2023.

The remaining two vessels have been added to the existing credit facility with ABN AMRO and DVB Bank, which was completed in January 2016. The facility has been upsized by USD 36.6 million, and NIBC Bank has agreed to join ABN AMRO and DVB Bank as lenders under the facility, Ardmore added. The upsized portion is in two tranches to coincide with the delivery of the two vessels, and the new tranches will mature in 2023.

Furthermore, the company has agreed to sell the 2005-built, 29,000 dwt Eco-Mod product/chemical tanker Ardmore Centurion for a price of USD 15.7 million. The vessel is expected to deliver to the buyer in late September 2016.

“Alongside the three additional vessels that are scheduled to deliver to Ardmore in the coming weeks, these recent acquisitions will expand our long-term earnings power, enhance our cost efficiency and lower our breakeven costs,” Anthony Gurnee, the Company’s Chief Executive Officer, said.

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