Anthony Gurnee 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…

Ardmore Shipping announced it is expanding its presence in Singapore this year as the company formulates a more geographically balanced senior management team.In Q4 2022, Ardmore’s Chief Operating Officer (COO), Mark Cameron, will relocate from Ireland to Singapore where, in addition to his ongoing responsibilities as COO he will also assume the role of Managing Director of Ardmore Shipping Asia. One of his key areas of focus will be further business development opportunities in Singapore and the Far East.

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.

German shipowner Leonhardt & Blumberg has entered the tanker shipping sector with the purchase of three MR2 product tankers from Ireland-based Ardmore Shipping.The companies announced Monday that they agreed to terms for the sale of three 2008-built vessels for an aggregate price of $40 million. Immediately following the completion of the sales, which are expected to take place in the second quarter, Ardmore will time charter back each vessel for at least two years. Completion of each sale is subject to the satisfaction of certain conditions, including, for one vessel, a proposed closing date currently in advance of the current purchase lease option exercise date for that vessel…

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…

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…

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…

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.

German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard. The lenders - among the biggest backers of shipowners over the past 20 years - are behind up to a quarter of the world's $400 billion of outstanding shipping loans, three shipping financiers told Reuters. This would make them collectively more exposed than banks from any other single country in terms of outstanding debt to the sector. These institutions…

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 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.

The rapid growth of mega refineries is prompting a new class of oil products supertankers, mirroring an earlier revolution in crude oil shipping, as traders look for scale that was previously not economically viable. In the early 1970s, ships capable of carrying 2 million barrels of crude oil were built to mitigate disruptions from the closure of the Suez Canal and to meet growing global demand. Now, the products trade is spurring similar innovation. As the Middle East and U.S. Gulf Coast transform into refining hubs, traders require ever-larger tankers to move oil products such as gasoline, diesel and aviation fuel to Europe, Asia and Latin America.

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canada's biggest oil company Suncor have lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S.

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canadian's biggest oil company Suncor have all lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S. shale boom, as West African barrels that used to be imported to the United States were some of the first to be pushed out by soaring output in Texas and North Dakota. While U.S.

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.

Ardmore Shipping Corporation announced the acquisition of a 45,726 Dwt MR product tanker built in October 2006 at Minami Nippon Shipbuilding Co., Ltd., Japan, for a purchase price of approximately $20.5 million. The vessel is expected to deliver to Ardmore in December 2013, and is intended to be employed either in the spot market or on a one-year time charter. The company plans to convert the vessel to Eco-Mod shortly after delivery. Upon delivery of this vessel, Ardmore’s fleet will stand at 21 vessels: nine in operation and 12 on order with deliveries commencing in January 2014. Anthony Gurnee, the Company’s Chief Executive Officer commented…

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.

Ardmore Shipping Celebrates Naming of "Ardmore Seavaliant' and 'Ardmore Seaventure'. Ardmore Seavaliant immediately chartered to Cargill, following naming at SPP Shipbuilding. Chemical and product tanker specialist Ardmore Shipping has named the two newest vessels to join its fleet, the Ardmore Seavaliant and the Ardmore Seaventure. The naming ceremonies for the two newbuild vessels took place at SPP Shipbuilding in South Korea, prior to the Ardmore Seavaliant being immediately delivered to Cargill on a 12-month time charter arrangement.

Ardmore Shipping Ltd, the specialist tanker company, today announced that it has taken over the contracts for two newbuild vessels from Hellespont Group and, in a separate deal, has agreed to charter in two vessels from Hellespont. Ardmore, based in Cork, Ireland, has agreed to take over the newbuild contracts on two 17,000 deadweight tonnes (dwt) IMO II chemical tankers from Hellespont. The two as-yet unnamed vessels are currently being built by Sekwang Shipbuilding in South Korea and delivery is expected in April and July 2012 respectively.

Lasco Shipping Co.’s Chief Executive Officer Kenneth M. Novack announced that Steven T. Ho has joined the Lasco Board of Directors. Ho, President of Fairmont Shipping (Canada) Limited, headquartered in Vancouver, B.C., Canada, joins George Wood and Anthony Gurnee as outside directors of Lasco. “We’re extremely pleased that Steven Ho has joined our Board,” commented Novack, calling attention to Ho’s over twenty-five years of global shipping experience, including senior management positions in New York, Tokyo and Hong Kong. Over the years Ho has been involved in many aspects of shipping, from sales to brokering, technical management to operations, project development to financial management.