Ardmore Shipping Corporation News

Value Maritime announced it has completed the first in a series of nine installations of its emissions reducing Filtree systems for product and chemical tanker company Ardmore Shipping Corporation.Taking place in China, this was the first time that Value Maritime has installed its system outside of Europe. The Ardmore Seaventure is also the first Ardmore vessel now fully equipped with Value Maritime’s Filtree system. The remaining installations for Ardmore Shipping are scheduled…

Tanker owner/operator Ardmore Shipping Corporation on Wednesday announced the planned departure of its current chief financial officer Paul Tivnan and appointment of new CFO Bart Kelleher, effective September 28, 2022.Anthony Gurnee, Ardmore's chief executive officer, said, Kelleher and Tivnan will overlap and work together from September 1 to "achieve an orderly and well-planned transition".Kelleher brings to the role more than 25 years of progressive experience in the maritime, finance, energy and industrials sectors, having most recently served as chief executive officer of Chembulk Tankers. He previously served as both Chief Strategy Officer and Chief Financial Officer of the firm, and prior to that, was the chief operating officer of Principal Maritime Management.

e1 Marine M-series methanol to hydrogen generator has received Approval in Principle (AiP) for marine applications from class society Lloyd’s Register.The AiP represents an important landmark for demonstrating the compliance of e1 Marine’s technology with all applicable regulations, codes, and standards. This will act as a springboard for enabling the demonstration of the generator across different maritime sectors, from ports and towboats to offshore and deepsea vessels. Lloyd’s Register has also confirmed that final approval for the technology is possible…

Tanker owner and operator Ardmore Shipping Corporation said it has signed a Letter of Intent (LOI) with Element 1 Corp. (E1) and Maritime Partners, LLC (MP) to establish a joint venture for delivering E1's methanol-to-hydrogen technology to the marine sector.Ardmore, E1 and MP will establish "e1 Marine," each owning 33.3% of the joint venture. e1 Marine will have a worldwide mandate for the marketing, development, licensing and sale of E1's unique hydrogen generation systems for application to the marine industry, including shipping, refrigerated containers, offshore energy, renewable energy, passenger and leisure, and certain port infrastructure…

Cooperation strengthens chemical platform; underpins strategy to operate more sustainable, non-fossil fuel cargoes  Ardmore Shipping Corporation announced a new partnership with Carl Büttner, taking on the commercial management of four chemical tankers on behalf of the Bremen-based shipowner.The vessels Aurelia, Avalon, Apollo and Admiral are 24,000 deadweight tonne (DWT) chemical tankers, and will operate alongside Ardmore’s own chemical tanker fleet. This move signals a doubling of the number of similar sized chemical tankers under Ardmore’s management.Gernot Ruppelt…

Ireland-based tanker shipping company Ardmore Shipping Corporation confirmed Tuesday that it received and turned down an unsolicited acquisition proposal last month from larger competitor Hafnia Limited.BW Group's Hafnia said it sent a letter on June 19 to the chairman of Ardmore's board outlining its proposal and inviting discussion regarding an all-stock transaction.Ardmore, which owns and operates a fleet of medium range (MR) product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes, said that it reviewed the proposal and turned it down within two weeks."Ardmore's Board of Directors thoroughly reviewed the proposal…

Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore”) has announced the appointment of Dr. Kirsi Tikka to the company’s Board of Directors.Dr. Tikka has over 30 years of shipping experience having recently retired from the American Bureau of Shipping  (“ABS”) in July 2019. She joined ABS in 2001 and held various specialist and leadership positions within ABS including as ABS Executive Vice President Global Marine, Europe Division President, and as Vice President and Chief Engineer, Global.

The MR (Medium Range Product Carrier) product and chemical tanker market continues its upward trend, with charter rates higher in the first quarter on the back of continued strengthening supply-demand fundamentals and further supported by prolonged winter market conditions.According to Anthony Gurnee, the Company's Chief Executive Officer of Ardmore Shipping Corporation this trend is in spite of heavy refinery maintenance and upgrade downtime as the global refinery complex prepares for the IMO 2020 marine fuel transition, partially masking the extent of the underlying strength.As refineries return to full operation and anticipated heightened levels of throughput in the second half…

The US-based chemical tanker company  Ardmore Shipping Corporation announced that Reginald L. Jones is stepping down as Chairman of the Board of Directors of the Company effective December 31, 2018. Curtis McWilliams has been appointed as Chairman of the Board effective January 1, 2019, said a stock exchange announcement from the company.Jones will remain as a director until the Company's annual general meeting in 2019, when he does not intend to stand for re-election. He is a co-founder and Managing Partner of Greenbriar Equity Group LLC, Ardmore's initial investor in 2010 which exited its position in Ardmore as part of the monetization of its Fund II in November 2017. McWilliams became a director of Ardmore in January 2016.

Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years, and the Company has options to repurchase each vessel at various stages prior to maturity.Additionally…

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard in South Korea.The vessels Ocean Yield acquired from Ardmore Shipping Corporation are both built by Hyundai Mipo Dockyard in South Korea and are expected to be delivered to the Company during Q4 2018.

Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity. The other terms and conditions are in line with Ardmore's existing debt facilities.Additionally, two of Ardmore's other subsidiaries have signed agreements for the sale and leaseback of the Ardmore Explorer and Ardmore Encounter, two 2014 built 50,000 Dwt Eco-design MR tankers, with a top tier Asian Financier.

Tanker owner Ardmore Shipping Corporation reported a net loss of $12.5 million for the twelve months ended December 31, 2017, or $0.37 basic and diluted loss per share, as compared to a net profit of $3.7 million, or $0.12 basic and diluted earnings per share, for the twelve months ended December 31, 2016. The company acquired the Ardmore Sealancer, a high-quality 47,500 Dwt MR product tanker constructed at Onomichi Dockyard Co. Ltd. in Japan in 2008. Ardmore took delivery of the vessel on January 23, 2018. Anthony Gurnee, the Company's Chief Executive Officer, commented: "Ardmore continues to execute on its strategy in spite of soft charter market conditions. He added, " The charter market was soft overall for 2017, in spite of some strength during the summer months.

Ardmore Shipping Corporation reported a net loss of $1.9 million for the three months ended June 30, 2017 as compared to a net income of $5.5 million  for the three months ended June 30, 2016. The company has completed refinancing of the Ardmore Sealeader and Ardmore Sealifter, two 47,000 Dwt Eco-Mod product tankers, under a sale and leaseback arrangement, releasing net proceeds of $12.3 million which will be used for general corporate purposes. Anthony Gurnee, the Company's Chief Executive Officer, commented: "As the oil market continues to work its way through elevated inventory levels, we are satisfied with our performance in the second quarter and encouraged that the highly compelling MR industry fundamentals remain firmly intact.

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds. The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room, commented: "Following UNFCCC in Paris, the industry has an obligation to find new and innovative ways to reduce carbon while remaining competitive. With expertise spanning finance, ship operation, classification, data analysis, technology, and software, these individuals are perfectly positioned to identify and evaluate opportunities for innovation and growth.

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds. The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room, commented: "We are thrilled to have gathered a group with so much knowledge and experience in shipping. Following UNFCCC in Paris, the industry has an obligation to find new and innovative ways to reduce carbon while remaining competitive.

Ardmore Shipping Corporation has taken delivery of two product and chemical tanker newbuildings, the Ardmore Chippewa and Ardmore Seahawk, signaling the completion of its initial newbuild program. The last of four vessels constructed at the Fukuoka Shipbuilding Co., Ltd shipyard in Nagasaki, Japan, and delivered to Ardmore in 2015, the Ardmore Chippewa is a 25,233 deadweight metric ton, Eco-design IMO 2 product and chemical tanker delivered November 13. Delivered several days later on November 16…

Ardmore Shipping Corporation announced that GA Holdings LLC intends to offer for sale in an underwritten public offering 4,000,000 shares of the Company's common stock. The Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock. The shares to be sold by the Selling Shareholder, excluding shares subject to the option, represent approximately 49% of the shares held by the Selling Shareholder. The Company is not selling any shares and will not receive any proceeds from the proposed offering. Ardmore's common stock is listed on the New York Stock Exchange under the symbol "ASC". Morgan Stanley & Co. LLC and Clarksons Platou Securities AS will act as the underwriters for the offering.

Tanker shipper Ardmore Shipping Corporation’s latest newbuild vessel, Ardmore Seawolf, was delivered by SPP Shipbuilding from the Sacheon shipyard in Korea on August 13, 2015. The addition of the 49,999 DWT IMO 3 product and chemical tanker increases the number of Ardmore vessels on the water to 22, joining sister ships, Ardmore Sealion and Ardmore Seafox. Technical management of the Ardmore Seawolf will be provided by Univan Ship Management. Commenting on Ardmore Seawolf’s delivery…

Ardmore Shipping Corporation announced that its latest newbuild tanker vessel, the Ardmore Chinook, was delivered by Japanese shipbuilder Fukuoka Shipbuilding Co. Ltd from its Nagasaki shipyard on July 17, 2015. The Ardmore Chinook is a 25,000 DWT IMO 2 product and chemical tanker. Her addition to the Ardmore fleet increases the number of Ardmore vessels on the water to 21. Technical management of the Ardmore Chinook will be provided by Thome Ship Management Pte Ltd. “We are pleased to welcome the Ardmore Chinook…

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,999 dwt, Eco-design IMO 3 tanker was built at Korea's SPP Shipbuilding Co., Ltd Sacheon Shipyard and is the second in a series of four SPP newbuilds scheduled to be delivered to Ardmore in 2015, following the delivery of sister ship Ardmore Sealion on May 26. The addition of Ardmore Seafox increases the number of Ardmore vessels on the water to 20 with a total tonnage of 819,519 DWT.

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB"). The total amount available under the facility has been increased by $53 million to $225 million. Ardmore explain that the proceeds from the expanded facility will be used to finance up to 65% of the purchase price of three recent vessel acquisitions. The facility will be an amortizing senior term loan with final maturity in early 2021. The covenants and other conditions are consistent with the original facility. "Furthermore, we are in late-stage discussions with a leading shipping bank on a credit facility for the Ardmore Seamariner and expect to finalize this agreement in the near term.

Bermuda-based Ardmore Shipping Corporationtoday announced that it has signed a loan agreement for a new US$39-million credit facility with Credit Agricole CIB. Ardmore say that the proceeds from the new facility will be used to finance up to 65% of the purchase price of two vessels on order in the Company’s current fleet. The facility will be an amortizing senior term loan with a final maturity seven years from the date of drawdown. The covenants and other conditions are consistent with those of the Company’s existing credit facilities. “We appreciate the support of Credit Agricole and are pleased to have secured bank financing for the remaining vessels currently on order.