#ArdmoreShipping - Ardmore Shipping Corporation, operators of a modern products and chemical tanker fleet, has announced financial results for the three and nine months ended September 30, 2014 and a $20 million Share Repurchase Plan.

The corporation (whose principle operating office based in Mahon Co. Cork), has reported a net profit of $117,000 for the three months ended September 30, 2014, or 0.4 cents basic and diluted earnings per share. This compared to a net loss of $920,000, or 6.3 cents basic and diluted net loss per share, for the three months ended September 30, 2013.

Anthony Gurnee, the company's CEO commented: "We are very pleased to report a profitable third quarter which builds on our net profit reported in the second quarter of 2014. This was achieved in otherwise challenging market conditions and confirms the value of our flexible approach to vessel employment and cost management, which is generating strong cash-flow relative to the market. During the quarter, we continued to execute our growth strategy, taking delivery of two fuel-efficient MR product tankers.

Mr. Gurnee added "As we move into the fourth quarter and towards a winter market, we are encouraged by signs of significant charter market strengthening, with daily spot rates above $19,000 on average for key Atlantic and Pacific MR triangulations. We believe that Ardmore is well positioned to benefit from a strengthening market, through vessels engaged in the spot market, anticipated time charter renewals, and ten ships delivering throughout 2015 which are presently open or committed to a spot trading commercial arrangement with a major oil trader."

For much more to include a Summary of recent and third quarter 2014 events and in-depth operating details of fleet click HERE.

As previously reported on Afloat.ie, Ardmore are undergoing a fleet expansion programme.

According to Ardmore Shipping, the current fleet stands at 14 vessels in operation. They consist of five Eco-design MR product and chemical tankers and five Eco-mod product tankers and four Eco-mod product and chemical tankers.

In addition 10 Eco-design newbuilds under construction. Two of the vessels under construction, which were scheduled to be delivered in November / December 2014, are now expected for delivery in the first quarter of 2015. The first vessel of the pair is expected to be delivered in early January.