#ArdmoreExpansion – Cork based Ardmore Shipping say they have begun the execution of their product and chemical tankship fleet explansion plan, according to MarineLink.com
The company has put the plan into effect by exercising options on a further two 50,300-dwt IMO 3 eco-design product tankers ordered from SPP Shipbuilding Co. Ltd, South Korea. ("SPP").
This extends the series from SPP to a total of eight new ships with deliveries beginning in January 2014. The two-ship package has a cost of approximately $68,500,000 inclusive of ballast water treatment systems.
Ardmore expects to take delivery of these vessels from SPP in the second and third quarters of 2015.
Recently, Ardmore raised $140 million in an I.P.O. having successfully secured funding for fleet expansion via the IPO on the New York Stock Exchange. For more on this development the IMDO has a report.