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Displaying items by tag: Ardmore Shipping

#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

#Ardmore – Ardmore Shipping Corporation has recently announced that it has signed a commitment letter for a new $172 million credit facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB (SEB).

The company which has its financial headquarters based in Mahon, Co. Cork, are to use the proceeds from the new facility which are expected to finance up to 65% of the purchase price of eight vessels on order from the company's current fleet.

The facility will be an amortizing senior term loan and available for borrowing until April 2016 with a final maturity date in January 2021. The covenants and other conditions are consistent with those of the Company's existing credit facilities. The terms include an accordion option whereby, subject to lenders approval, Ardmore may request to increase the facility to finance the acquisition of additional vessels.

Anthony Gurnee, Ardmore's CEO commented: "We appreciate the support of these leading banks and are pleased to have secured this financing commitment to fund the expansion of our modern fleet of product and chemical tankers. With this commitment, we will have successfully financed the majority of the vessels on order in our current fleet well ahead of their deliveries scheduled for late 2014 and 2015. We are also delighted to further expand the relationship with ABN AMRO and welcome Nordea and SEB to the Ardmore banking team. We look forward to working with them on this and future transactions".

"Additionally, we are in advanced discussions with a number of leading shipping banks on credit facilities related to our remaining two vessels on order and the Ardmore Seamariner and expect to finalize those agreements in the near term. At that time, we believe Ardmore will have secured debt financing for its entire current fleet, including all vessels in operation and all vessels on order."

Published in Ports & Shipping

#NewTankers - Ardmore Shipping with its financial headquarters based in Cork, has taken delivery this month of two tankers, raising the fleet total to 10 vessels and with a further 11 ships on order.

ArdmoreSeavantage, a 49,999 dwt IMO 3 Eco-design MR product and chemical tanker was completed from SPP Shipbuilding Co., Ltd., South Korea. She is operating under an existing charter arrangement with the Vitol Group.

The second vessel taken into delivery by Ardmore is the 2006-built Ardmore Seamariner. The 45,726 dwt MR product tanker built by Minami Nippon Shipbuilding Co., Ltd. in Japan vessel was acquired by the company in October last year.

Ardmore Seamariner is being upgraded to Eco-mod class in conjunction with its scheduled intermediate survey. Upon completion of the drydocking, the vessel will begin a three-month time charter at a rate of $16,050 per day.

With 10 vessels currently in operation and the company's order for 11 Eco-design MR product and chemical tankers will see latest newbuilding, Ardmore Seavanguard delivered next month.

 

Published in Ports & Shipping

#NewTanker – Ardmore Shipping Corporation have acquired a 45,726 Dwt MR product tanker built in 2006 at Minami Nippon Shipbuilding Co., Ltd., Japan, for a purchase price of approximately $20.5 million.

According to EON News, the medium-range vessel is expected to be delivered to Ardmore in December 2013, and is intended to be employed either in the spot market or on a one-year time charter. The company plans to convert the vessel to Eco-Mod shortly after delivery.

Afloat.ie adds that the newly acquired vessel understood to be named Ardmore Seamaster will raise the Ardmore fleet to 21 vessels: nine in operation and 12 on order from three shipyards with deliveries commencing January 2014.

As previously reported the Ardmore Seafarer (2004/45,744dwt) which was completed as Zoa Express, was re-named in honour of seafarers in recognition of 2010 as the International Maritime Organisation (IMO) Year of the Seafarer.

Notably in that same year the crew of the Ardmore Seafarer came under the threat of pirates 1,000 nautical miles off Somalia and some 500 nm off the coast of India.

 

Published in Ports & Shipping

#ShippingReview - Over the last fortnight Jehan Ashmore has reported from the shipping scene where Ardmore Shipping Group purchased two 50,300 dwt eco-product tankers worth $68m / €50m from South Korean shipbuilders, SSP.

Irish exports could fall by €2.8 billion this year as earnings from pharmaceutical sales slip again, according to latest estimates.

Ardmore Shipping, the Cork based tanker group order another pair of newbuilds, of 37,000 dwt and of the IMO 2 eco-design chemical tankers to be built in South Korea.

The cargoship that grounded on a sandbank off Dublin Bay, Cielo di San Francisco, a 37,000dwt 'Handysize' dry-cargo bulker was refloated and firstly taken into Dublin Bay and then docked in the port.

Cielo di San Francisco was built as recently as 2011 and she is managed by Dublin based d'Amico Dry Ltd. The vessel was carrying animal feed and which sailed from New Orleans with an en route call to Cork Harbour.

Once again, Ardmore Shipping Group announced contracts for more newbuilds, on this occasion with four 25,000 Dwt IMO 2 eco-design product & chemical tankers.

The Maritime Labour Convention, 2006 (MLC) entered into force on the 20 August. The Convention aims to achieve decent working and living conditions for the world's seafarers and to secure fair competition for quality shipowners.

Huelin Renouf Shipping, a freight-only company serving between the UK and Channel Islands has ceased trading and charter of Irish-flagged containership, Huelin Dispatch (2012/2,545grt) from Dundalk Shipping Ltd.

Belfast Harbour Company has embarked on a Port Master Plan for a period over the next 20-30 Years.

 

Published in Ports & Shipping

#ArdmoreGroup – As previously reported, Ardmore Shipping Group has purchased two 50,300 dwt IMO 3 class eco-product tankers worth $68m / €50m from South Korean shipbuilders, SSP, writes Jehan Ashmore.

Ardmore Shipping eventually intend to control a 24-strong fleet and recently the shipping group based out of Mahon in Cork Harbour, was floated on the New York Stock Exchange which raised $140m.

According to The Sunday Independent, the float made $128m in cash combined with a $235m credit facility is to fund an expanding fleet programme.

Currently the latest fleet member is Ardmore Seavaliant of 49,999dwt and her sister Ardmore Seaventure. Both these product-tankers were also completed by SSP Shipbuilding. In addition, there is a trio of product tankers albeit slightly smaller in the region of 46,000dwt.

Completing the fleet, there is another trio of vessels, albeit chemical tankers which range from 17,000-29,000 dwt. Likewise, they were launched from the same shipyard on the Korean peninsula. To review current feet and newbuild orders, click this LINK.

Ardmore Shipping was founded in 2010 and in which is ultimately controlled from the Pacific Ocean state of the Marshall Islands, where the entire fleet is registered and flagged.

Published in Ports & Shipping

#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.

 

Published in Ports & Shipping

#ShippingReview – Over the last fortnight, Jehan Ashmore has reported from the shipping scene, where Cork based Ardmore Shipping named two of their latest newbuild product chemicals tankers at a South Korean shipyard.

According to the IMDO's Weekly Shipping Market Review, Maersk Line, is looking to change its path for the trade lane of Asia to US East Coast, by opting for the Suez Canal as opposed to the current Panama Canal.

In addition the IMDO review reports that Ireland has been ranked the world's third most globalised economy in terms of GDP, and the most globalised nation in the western world, according to Ernst and Young. As for the European Short Sea Market, this has been summarised as "steady/flat", according to HC Shipping & Chartering".

The cargsoship Blue Tune (2010/3,845grt) which currently is docked in Dun Laoghaire Harbour, is understood to have arrived with the final batch of fermentation tanks bound for the Guinness brewery plant in Dublin.

 

Published in Ports & Shipping

#Shipping-Cork headquartered Ardmore Shipping, has named the two newest vessels to join its fleet, the Ardmore Seavaliant and the Ardmore Seaventure. The pair were built by South Korean company SPP Shipbuilding.

The ceremonies for the 49,999dwt IMO 3 product and chemical tankers took place at SPP's Dukpo and Sacheon shipyards in South Korea.

Ardmore Seavaliant is to start her career with US transportation company, Cargill, on a 12-month charter arrangement. For more on this story, The Motorship reports.

 

Published in Ports & Shipping

#PORTS & SHIPPING REVIEW - Over the last fortnight Jehan Ashmore has reported from the Shipping scene where the Port of Cork Company posted an operating profit before exceptional costs of €1.3 million – down by €700,000 from 2010 – on a turnover of €21.4 million.

Dublin Port welcomed a new cruise operator, MSC Cruises when the 59,000 tonnes MSC Lirica made her maiden 'Irish' port of call, which was followed by visit to Cobh in mid-August. On the same day of MSC Lirica's call to the capital, P&O Cruises Adonia became the second caller so far this season to Foynes on the Shannon Estuary.

The luxury liner returned to Dublin yesterday, coinciding with The Tall Ships Race Festival and where today the fleet set off with the highlight of the 'Parade of Sail' which passed off Dun Laoghaire Harbour and Howth Peninsula. The Ecuadorian Navy's barque Guayas lead the parade, as they sailed past the anchored guardship L.E. Emer offshore of the harbour mouth.

For the first time the National Maritime Museum of Ireland in Dun Laoghaire, broke tradition by opening its doors to the public on Mondays, and this will remain so to the end of the summer.

The heavylift cargo-ship HHL Valparasio (2010/17,634grt), believed to be the largest vessel ever to dock in Fenit, Co. Kerry, loaded two ship-to-shore container cranes built by the Liebherr factory outside Killarney, which were bound for the Elizabeth Port, New Jersey in the US.

Also in the same county, the luxury 5-star cruiseship Hebridean Princess was on a 7-night cruise tour of the south-west coast based out of Cobh, where passengers had flown in from the UK. The cruise was unusual in that the ports were all concentrated in that region.

Also based out of Cork is the headquarters of Ardmore Shipping Ltd, whose first of four product tankers was marked by a keel-laying ceremony at a South Korean shipyard.

Single-route operator Celtic Link Ferries chartered ro-pax Celtic Horizon, is running her first peak-season sailings since introduced on the Rosslare-Cherbourg route in October last year.

During this week the Naval Service detained an Irish registered trawler in relation to alleged breaches of technical fishing regulations offshore of Ballycotton. The OPV L.É. Niamh (P52) escorted the vessel to Cork. This followed another detainment off Ballycotton and again an Irish trawler, for the same reasons, when the CPV L.É. Ciara (P42) escorted the vessel also to Cobh.

Published in Ports & Shipping
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The Half Ton Class was created by the Offshore Racing Council for boats within the racing band not exceeding 22'-0". The ORC decided that the rule should "....permit the development of seaworthy offshore racing yachts...The Council will endeavour to protect the majority of the existing IOR fleet from rapid obsolescence caused by ....developments which produce increased performance without corresponding changes in ratings..."

When first introduced the IOR rule was perfectly adequate for rating boats in existence at that time. However yacht designers naturally examined the rule to seize upon any advantage they could find, the most noticeable of which has been a reduction in displacement and a return to fractional rigs.

After 1993, when the IOR Mk.III rule reached it termination due to lack of people building new boats, the rule was replaced by the CHS (Channel) Handicap system which in turn developed into the IRC system now used.

The IRC handicap system operates by a secret formula which tries to develop boats which are 'Cruising type' of relatively heavy boats with good internal accommodation. It tends to penalise boats with excessive stability or excessive sail area.

Competitions

The most significant events for the Half Ton Class has been the annual Half Ton Cup which was sailed under the IOR rules until 1993. More recently this has been replaced with the Half Ton Classics Cup. The venue of the event moved from continent to continent with over-representation on French or British ports. In later years the event is held biennially. Initially, it was proposed to hold events in Ireland, Britain and France by rotation. However, it was the Belgians who took the ball and ran with it. The Class is now managed from Belgium. 

At A Glance – Half Ton Classics Cup Winners

  • 2017 – Kinsale – Swuzzlebubble – Phil Plumtree – Farr 1977
  • 2016 – Falmouth – Swuzzlebubble – Greg Peck – Farr 1977
  • 2015 – Nieuwport – Checkmate XV – David Cullen – Humphreys 1985
  • 2014 – St Quay Portrieux – Swuzzlebubble – Peter Morton – Farr 1977
  • 2013 – Boulogne – Checkmate XV – Nigel Biggs – Humphreys 1985
  • 2011 – Cowes – Chimp – Michael Kershaw – Berret 1978
  • 2009 – Nieuwpoort – Général Tapioca – Philippe Pilate – Berret 1978
  • 2007 – Dun Laoghaire – Henri-Lloyd Harmony – Nigel Biggs – Humphreys 1980~
  • 2005 – Dinard – Gingko – Patrick Lobrichon – Mauric 1968
  • 2003 – Nieuwpoort – Général Tapioca – Philippe Pilate – Berret 1978

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