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Ardmore Shipping Corporation Announces Financial Results For Second Quarter 2013

Interest expense and finance costs, which include loan interest, capital lease interest and amortization of deferred financing fees, were $1.4 million for the three months ended June 30, 2013, an increase of $0.4 million, or 40% from $1.0 million for the three months ended June 30, 2012. The variance was driven by an increase in our average debt balance due to the delivery of two vessels (the Ardmore Seavaliant and Ardmore Seaventure), additional interest costs associated with the capital lease facility for the Ardmore Calypso and Ardmore Capella executed in April 2013 and a write-off of $0.2 million of deferred financing fees upon the repayment of senior debt in connection with the capital lease. These increases were partially offset by a decrease in interest costs associated with our revolving credit facility and an increase in the amount of capitalized interest.


As of June 30, 2013, the Company had $9.9 million in cash and $50.0 million available to draw down from its revolving credit facility. Following completion of the IPO, the Company had approximately $138.3 million in cash as at August 6, 2013. The revolving credit facility was repaid and discontinued in conjunction with the IPO.

The following debt and capital lease liabilities were outstanding as of June 30, 2013:
                    As at
Jun 30, 2013       Dec 31, 2012
Debt $ 93,410,000 67,100,000
Capital Leases 31,140,399 -
Revolving Credit Facility - -
Total $ 124,550,399 67,100,000

Dividend Policy

Ardmore currently intends to pay our stockholders quarterly dividends of $0.10 per share, or $0.40 per share per year. The Company expects to pay an initial dividend of $0.066 per share commencing in November 2013.

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