Ardmore Refinances Seven Ships
Bermuda-based owner of product and chemical tankers Ardmore Shipping has refinanced seven vessels under finance lease arrangements during the fourth quarter of 2018.
According to a stock exchange announcement, the company has options to repurchase the vessels at various stages prior to maturity and the other terms and conditions of the financings are generally in line with Ardmore's existing debt facilities.
The Ardmore Dauntless and Ardmore Defender, two 2015-built 37,000 Dwt Eco-design IMO 2 product / chemical tankers, were refinanced in a sale and leaseback transaction with Ocean Yield ASA having a lease term of 12 years.
The Ardmore Explorer and Ardmore Encounter, two 2014-built 50,000 Dwt Eco-design MR tankers, were refinanced in a sale and leaseback transaction with a top-tier Chinese financier having a lease term of seven years.
The Ardmore Seavanguard and Ardmore Exporter, two 2014-built 50,000 Dwt Eco-design MR tankers, were refinanced in a sale and leaseback transaction with a different top-tier Chinese financier having a lease term of seven years.
The Ardmore Engineer, a 2014-built 50,000 Dwt Eco-design MR tanker, was refinanced in a sale and leaseback transaction with a high-quality financier in Japan having a lease term of 11 years.
In February 2019, Ardmore agreed to terms for the sale of the Ardmore Seamaster. The sale price for the vessel is $9.7 million and the vessel is expected to deliver to the buyer in February 2019, at which time the sale price would be paid. Ardmore expects to recognize a loss of $6.5 million on the sale in the first quarter of 2019.
Three months ago, Ardmore agreed terms for the sale of the Ardmore Seatrader. The sale price for the vessel was $8.3 million and the vessel delivered to the buyer on January 9, 2019. Ardmore recognized a loss of $6.4 million on the sale in the fourth quarter of 2018.
