Ardmore Overturns Loss

ARDMORE SEAVENTURE

New York-listed tanker owner Ardmore recorded a net profit of $100,000 for the three months ended June 30, 2014, overturning a loss of $1.2m recorded for the same period last year.

 
Earnings per share of $0.02 trumped Wall Street expectations for a $0.01 per share loss, according to Doug Mavrinac of Jefferies.

Anthony Gurnee, Chief Executive of Ardmore, said: “We are pleased with the company’s profitable second quarter results.

The vessels delivered year-to-date have contributed meaningfully to earnings growth, and the company’s employment strategy has ensured stability in cashflow and earnings.”

Gurnee added that a loan for the 45,700-dwt Ardmore Seamariner (built 2006) will be secured soon. A credit facility for the tanker would see the company fully funded for both its newbuildings and second-hand buys.

“Our conservative balance sheet and proven ability to finance accretive acquisitions position us well to capitalize on attractive opportunities in order to benefit from the strong, long-term fundamentals of the product and chemical tanker sectors,”
he said.

During the quarter, Ardmore acquired the Ardmore Endeavour a 49,997 Dwt Eco-design MR product & chemical tanker built at STX Offshore & Shipbuilding Co. Ltd, in Korea in 2013, for a purchase price of $36 million, the Ardmore Sealifter, a 47,472 Dwt MR product tanker built at Onomichi Dockyard in Japan in 2008, for a purchase price of $23 million and agreed to acquire a 47,463 Dwt MR product tanker built at Onomichi Dockyard in Japan in 2008 and to be renamed Ardmore Sealeader for a purchase price of $23 million.

This third vessel is expected to deliver to Ardmore in August 2014.

Ardmore has thirteen vessels in operation and they comprise: five Eco-design MR product and chemical tankers; five Eco-mod product tankers; and three Eco-mod chemical tankers.
“During the quarter, we had four Eco-mod MR’s employed on time charters at an average rate of $14,710 / day. For the third quarter of 2014, we expect to have 71% of our revenue days for the first five Eco-mod MR’s covered by time charter employment at an average rate of approximately $13,800 / day and 29% of revenue days employed in the spot market,” Gurnee said, adding that for the same period 33% of revenue days for the chemical tankers are expected at a rate of approximately $13,500 / day.

Press Release, August 1, 2014

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