“We are pleased with the Company’s first quarter 2014 results, which reflect improvement in our chartering performance as well as continued fleet expansion. We took delivery of two newbuildings and one second-hand vessel during the quarter, so that now 52% of our fleet is on the water generating cash flow. Complementing our fleet growth during the quarter, we increased our financial flexibility significantly by raising $108.7 million from an upsized follow-on equity offering to fund vessel acquisitions, as well as closing on a $172 million senior debt facility to fund our existing newbuilding program. We believe Ardmore is well positioned to benefit from favorable long-term fundamentals for product and chemical tankers by continuing to engage in well-timed fleet growth.”Summary of Recent and First Quarter Events
Ardmore Shipping Corporation Announces Financial Results For First Quarter 2014
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