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Ardmore Expand with Acquisition of Second-Hand Product Tankers

11th June 2014
Ardmore Expand with Acquisition of Second-Hand Product Tankers

#ArdmoreAquireTankers - Ardmore Shipping Corporation have acquisition two second-hand 47,500 Dwt MR product tankers built in 2008 at Onomichi Dockyard Co. Ltd., Japan for a purchase price of $23m each.

The vessels are expected to deliver to Ardmore between July and October 2014 and are intended to be employed either in the spot market or on time charters.

Upon delivery, Ardmore's fleet will stand at 24 vessels, with 14 in operation and 10 Eco-design product and chemical tanker newbuildings delivering by the fourth quarter of 2015. The next two newbuildings are scheduled to deliver in November 2014.

Anthony Gurnee, the Company's Chief Executive Officer, commented: "We are pleased to announce the acquisition of these modern MR product tankers at attractive prices. The vessels are Japanese-built and very fuel-efficient, in line with our strategy of acquiring high-quality MRs that we can upgrade to Eco-mod."

Mr. Gurnee continued, "The delivery of these vessels will expand our operating fleet and provide an immediate positive contribution to Ardmore's earnings. By continuing to supplement our newbuilding program with accretive acquisitions of modern, in-the-water vessels, we are capitalizing on the attractive, cash flow-generating opportunities that exist in the near term while also strengthening the Company's ability to benefit from the long-term fundamentals of the product and chemical tanker markets."

Only at the end of last month, Ardmore acquired another tanker for $36m, a 49,997dwt product and chemical vessel built to an Eco-design and from a South Korean yard.

 

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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