This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ardmore Shipping Announces Acquisition Of Eco-design MR Tanker

Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today announced the acquisition of a 49,997 Dwt Eco-design product and chemical tanker built in July 2013 at STX Offshore & Shipbuilding Co. Ltd., South Korea, for a purchase price of $36 million.

The vessel is expected to deliver to Ardmore between July 1 st and August 31 st 2014, and is intended to be employed either in the spot market or on a one-year time charter. Upon delivery, Ardmore’s fleet will stand at 22 vessels, with 12 in operation and 10 Eco-design product and chemical tankers scheduled to be delivered by the fourth quarter of 2015, the next two of which are scheduled to deliver six months from now, in November 2014.

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

“We are pleased to announce the acquisition of this 2013-built, state-of-the-art, Eco-design MR tanker. This latest addition to our growing fleet of fuel-efficient product and chemical tankers represents the ongoing execution of our expansion strategy and the first step in the accretive deployment of the capital that we raised during our recent equity offering.”

Mr. Gurnee continued, “With the addition of this in-the-water, Eco-design tanker, we have increased our fleet size and near-term earnings potential. We are furthermore very happy with the price, which compares favorably with other recently traded Eco-design MR’s. The success of this transaction is a result of our measured, disciplined growth strategy, and we will continue to seek out further acquisitions in order to maximize both our earnings potential and long-term shareholder value.”

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,152.97 +21.00 0.12%
S&P 500 2,001.97 +2.99 0.15%
NASDAQ 4,559.4830 +6.7240 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs