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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”) today announced results for the three and nine months ended September 30, 2013.

Highlights

  • Reported EBITDA (see Non-GAAP Measures section below) of $2.8 million for the three months ended September 30, 2013, an increase of $2.0 million from $0.8 million for the three months ended September 30, 2012. The Company reported a net loss of $0.9 million, or $0.05 basic and diluted loss per share, for the three months ended September 30, 2013, as compared to a net loss of $1.4 million, or $0.08 basic and diluted adjusted loss per share for the three months ended September 30, 2012.
  • Excluding non-recurring IPO-related expenses, adjusted EBITDA (see Non-GAAP Measures section below) was $3.2 million for the three months ended September 30, 2013, an increase of $2.4 million from $0.8 million for the three months ended September 30, 2012. Adjusted net loss was $0.6 million (see Non-GAAP Measures section below), or $0.03 basic and diluted adjusted loss per share, for the three months ended September 30, 2013 as compared to adjusted net loss of $1.4 million, or $0.08 basic and diluted adjusted loss per share for the three months ended September 30, 2012.
  • Acquired a 2006-built MR product tanker constructed at Minami Nippon Shipbuilding Co., Ltd, Japan on October 28, 2013, for a purchase price of approximately $20.5 million.
  • Renewed the time charter for the Ardmore Seamaster in October 2013, at an increased rate of $14,250 per day plus a bonus of $250 per day when the vessel transports IMO3 cargos. This time charter is due to expire in July 2014.
  • Commenced a third party spot chartering arrangement with Nordic Womar Pte. Ltd for the Ardmore Centurion in product and chemical trades.
  • The Board of Directors declared an initial cash dividend of $0.066 per share on October 31, 2013 for the period August 1, 2013 to September 30, 2013. The dividend will be paid on November 20, 2013 to all shareholders of record as at November 8, 2013.

Anthony Gurnee, the Company’s Chief Executive Officer commented:

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