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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

Vessel Employment

In October 2013, the Company renewed the time charter for the Ardmore Seamaster at an improved rate of $14,250 per day, including a bonus of $250 per day where the charterer engages the vessel to carry IMO3 cargos. This time charter is due to expire in July 2014.

On August 3, 2013, following redelivery of the Ardmore Centurion from the previous charterer, the Company delivered the vessel to Nordic Womar Pte. Ltd to operate the vessel under a third party spot chartering arrangement. The third party spot chartering arrangement does not have a fixed expiration period.


The Company declared a cash dividend of $0.066 per share for the period from the date of the IPO, August 1, 2013, to the quarter ended September 30, 2013. The dividend will be paid on November 20, 2013 to all shareholders of record as at November 8, 2013. Ardmore currently intends to pay our shareholders quarterly dividends of $0.10 per share, or $0.40 per share per year.


The Company is continuing negotiations for debt finance for ten newbuildings and the recent second-hand acquisition. The two MR vessels that deliver from SPP Shipbuilding in January 2014 have committed financing in place.

Results for the three months ended September 30, 2013 and 2012

For the three months ended September 30, 2013, the Company reported EBITDA (see Non-GAAP Measures section below) of $2.8 million, 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 loss per share, for the three months ended September 30, 2012. The number of shares used in determining loss per share was 18,050,000, which is the full number of issued shares at the IPO date.

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