“It is my pleasure to present Ardmore’s first earnings release as a public company and to outline a number of significant transactions concluded in the past few weeks. We are pleased with Ardmore’s successful listing on New York Stock Exchange on August 1, 2013 and the calibre of investors who chose to participate in the offering. We believe it is a highly opportune time to invest in our sectors and we look forward to building the value of Ardmore for our investors.
“As part of our expansion, we are pleased to announce a commercial management arrangement with Mansel Limited, the in-house shipping arm of Vitol SA. The arrangement is for the employment of six MR product tankers on a pooling and time charter basis. Ardmore’s chartering policy is to balance time charters and spot employment with customers having large cargo volumes in an effort to maximise commercial flexibility, manage cash flow visibility, and provide shareholders with upside in an improving market. The arrangement with Mansel is a significant step for Ardmore given Vitol’s strong position in the global oil market. We look forward to providing Vitol with high quality service with these brand new, fuel efficient vessels.”
Mr Gurnee continued : “We are very satisfied with Ardmore’s progress in furtherance of our business strategy by adding ten newbuildings to the fleet in recent weeks at attractive prices from high quality yards. Our recent orders increase our total fleet to 20 ships which consists of approximately 80% MR tankers by cargo capacity. As a consequence, we believe that Ardmore is well positioned to take advantage of improvements in the charter market for both products and chemicals.”
Summary of Recent and Second Quarter EventsInitial Public Offering On August 6, 2013, the Company completed its IPO of 10,000,000 shares of its common stock, par value $0.01, at $14.00 per share. The gross proceeds to the Company from the IPO were $140 million before deducting underwriting discounts and commission and IPO related expenses. The underwriters have an over-allotment option to purchase up to an additional 1,500,000 shares at $14.00 per share which expires on August 30, 2013.