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

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Contracts

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Rolls-Royce to Design, Equip Stern Trawler for Ramoen

The Armon shipyard in Gijón, Spain has entered into a contract to build a new Stern Trawler for the Norwegian fishing company Ramoen. The vessel will be a Rolls-Royce design,

India to Develop Iran's Chabahar Port

India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers.

Shipbuilding

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Tanker Trends

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1993 sec (5 req/sec)