Ardmore Announces H1, Q2 Results
Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock, par value $0.01, which closed on August 6, 2013. In connection with its IPO, the company listed its common stock on the New York Stock Exchange and trading commenced on August 1, 2013. Signed contracts for the construction of ten newbuildings at yards in South Korea and Japan which are expected to be delivered in 2014 and 2015 for a total of $319.8 million, increasing the Ardmore fleet to 20 ships consisting of eight vessels in operation and 12 vessels on order.
Nordic Tankers: 2Q "Slightly Improved"
The second quarter of 2011 saw slightly improved time charter equivalent (TCE) revenue resulting in improved results compared to the first quarter 2011, and led to an impoved H1 2011 EBITDA compared with H1 2010. EBITDA in Q2 2011 was $4.8 million, up from $1.5 million in Q1 2011, and cash flow was a positive USD 4.3 million compared to a negative cash flow in Q1 2011 of USD 6.1 million, Nordic Tankers reported for the first half of 2011. In H1 2011 Nordic Tankers’ TCE revenue increased by $20.4 million compared to H1 2010 to $51.2 million ($30.8 million). EBITDA was $6.3 million in H1 2011 ($1.9 million) and the result before tax was a loss of $5.9 million ($-12.0 million).
Nordic Tankers, WOMAR establish “Nordic Womar” JV
Nordic Tankers A/S and WOMAR Logistics Pte. Ltd. have reached an agreement to establish a jointly owned independent pool management company with the name of “Nordic Womar”. Nordic Womar will initially manage two pools of coated chemical tankers with a total of approximately 40 vessels in the 10,000 to 25,000 deadweight tonnes (dwt) segment. The agreement is made in continuation of the joint marketing agreement that commenced 1 June 2010, where Nordic Tankers and WOMAR started marketing each others' coated chemical tankers in the range of 10,000 to 17,000 dwt in their individual areas of primary marketing strength. The marketing agreement combined Nordic Tankers’ strength in the West with WOMAR's strength in the East…
