Ardmore Shipping Secures Newbuilding Finance

By George Backwell
Friday, July 25, 2014
Ardmore Shipping tankship: Photo courtesy of the owners

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.

Anthony Gurnee, the Company’s Chief Executive Officer, commented:
"We are delighted to further expand our relationship with ABN AMRO, Nordea and SEB through the upsizing of this facility, which completes financing for our three recent acquisitions and highlights the Company’s financial strength and flexibility."

"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. At that time, Ardmore will have secured debt financing for its current operating fleet as well as all of its vessels on order."

About Ardmore Shipping Corporation:
Ardmore owns and operates a modern, fuel-efficient fleet of mid-size product and chemical tankers. The Company is engaged in the seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.

www.ardmoreshipping.com


People & Company News

MN100: Shock Mitigation

The Company: The company provides marine organizations, boat builders and equipment manufacturers with relevant subject matter expertise plus an independent overview

MN100: BlueTide Communications

The Company: BlueTide is a leader in the provisioning, implementation, monitoring and support of satellite equipment. Combining the power of HUGHES proprietary

Transas to Unveil the ‘Future of Maritime Operations’

Today's maritime industry requires realistic solutions and concepts for a modern, integrated operational infrastructure that delivers a sustainable, viable future,

Contracts

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Shipbuilding

Intermarine's Industrial Skipper Completes Maiden Voyage

Intermarine, LLC announced the July delivery of the M/V Industrial Skipper from Shandong Huanghai shipyard in Rongcheng, China. The ship transported modules to Corpus Christi,

Schwarze-Robitec Offers Efficiency in Shipbuilding

Cruise ships, freighters or yachts require complex supply systems on board to  be able to travel long distances in the open sea. For the supply of oil and gas, for example,

New Bunker Vessel for Maxum Petroleum

Maxum Petroleum's newest bunker vessel Global Provider is currently under construction at Jesse Co. in Tacoma, Wash. and is expected to enter service in January 2017.

Tanker Trends

Veg Oils Can Benefit Tankers

A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should

Worldscale Flat Rates to Fall Again

The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The

What is Happening to Suezmax Rates in 2016?

Several years ago, the main market for Suezmax tankers was the West Africa to North America trade. When this market dried up in the period from 2012 to 2014/15,

Finance

SUNY Maritime Among 'Best Bang for the Buck' Colleges

SUNY Maritime College has been named one of the best colleges for its price by Washington Monthly.   SUNY Maritime placed in the top 30 schools in the Northeast.

Meyer Turku Continues Shipyard Investments

Meyer Turku shipyard  has further enlarged it’s investment package with a new 75 million euro steel storage and pretreatment facility. This is already a third large

Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1158 sec (9 req/sec)