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Ardmore Shipping Acquire 49,000dwt Eco-Design MR Tanker

30th May 2014
Ardmore Shipping Acquire 49,000dwt Eco-Design MR Tanker

#ArdmoreEcoTanker- Ardmore Shipping Corporation has acquired a 49,997 dwt Eco-design product and chemical tanker built in July 2013 from the STX Offshore & Shipbuilding Co. Ltd., South Korea, for a purchase price of $36 million.

The newbuild is expected to be delivered to Ardmore later this summer between July 1st and August 31, and is intended to be employed either in the spot market or on a one-year time charter.

Upon delivery, Ardmore's fleet will stand at 22 vessels, with 12 in operation and 10 Eco-design product and chemical tankers scheduled to be delivered by the fourth quarter of 2015, the next two of which are scheduled to deliver six months from now, in November 2014.

Anthony Gurnee, Ardmore's CEO, commented: "We are pleased to announce the acquisition of this 2013-built, state-of-the-art, Eco-design MR tanker. This latest addition to our growing fleet of fuel-efficient product and chemical tankers represents the ongoing execution of our expansion strategy and the first step in the accretive deployment of the capital that we raised during our recent equity offering."

Mr. Gurnee continued, "With the addition of this in-the-water, Eco-design tanker, we have increased our fleet size and near-term earnings potential. We are furthermore very happy with the price, which compares favorably with other recently traded Eco-design MR's. The success of this transaction is a result of our measured, disciplined growth strategy, and we will continue to seek out further acquisitions in order to maximize both our earnings potential and long-term shareholder value."

 

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

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