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Ardmore Shipping Announces Acquisition Of MR Product Tanker

Stocks in this article: ASC

Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today 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:

“We are very pleased with the acquisition of this 2006-built sister to the Ardmore Seafarer, a proven performer in our fleet with excellent fuel efficiency. This latest addition to our fleet represents the ongoing execution of our expansion strategy as articulated during the initial public offering of ASC: a high-quality, modern, fuel-efficient Japanese built MR tanker suitable for conversion to Eco-Mod.”

Mr Gurnee continued , “With the addition of this vessel we have increased our fleet size and near term earnings potential. We are furthermore very happy with the price, which compares favorably with other recent MR sales and reflects our value-oriented acquisition philosophy.”

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. Additional information is available at the Company's website  www.ardmoreshipping.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

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