AUGUST 26, 2013 — Cork, Ireland, headquartered Ardmore Shipping Corporation (NYSE: ASC) today reported results for the three and six months ended June 30, 2013.
The results are Ardmore's first to be released since it raised $140 million in an IPO that closed on August 6, 2013 and listed its common stock on the New York Stock Exchange. Since then it has signed contracts for the construction of ten newbuildings at shipyards in South Korea and Japan which are expected to be delivered in 2014 and 2015 for a total of $319.8 million, increasing the Ardmore fleet to 20 ships consisting of eight vessels in operation and 12 vessels on order.
The company reported adjusted EBITDA of $3.0 million in the three months ended June 30, 2013, an increase of $0.9 million from the three months ended June 30, 2012 and an adjusted net loss of $0.7 million, including IPO related expenses and deferred finance fees written off in the period, the net loss was $1.2 million.
CEO Anthony Gurnee commented:
"It is my pleasure to present Ardmore's first earnings release as a public company and to outline a number of significant transactions concluded in the past few weeks. We are pleased with Ardmore's successful listing on New York Stock Exchange on August 1, 2013 and the caliber of investors who chose to participate in the offering. We believe it is a highly opportune time to invest in our sectors and we look forward to building the value of Ardmore for our investors.
"As part of our expansion, we are pleased to announce a commercial management arrangement with Mansel Limited, the in-house shipping arm of Vitol SA. The arrangement is for the employment of six MR product tankers on a pooling and time charter basis. Ardmore's chartering policy is to balance time charters and spot employment with customers having large cargo volumes in an effort to maximize commercial flexibility, manage cash flow visibility, and provide shareholders with upside in an improving market. The arrangement with Mansel is a significant step for Ardmore given Vitol's strong position in the global oil market. We look forward to providing Vitol with high quality service with these brand new, fuel efficient vessels."
Mr. Gurnee continued: "We are very satisfied with Ardmore's progress in furtherance of our business strategy by adding ten newbuildings to the fleet in recent weeks at attractive prices from high quality yards. Our recent orders increase our total fleet to 20 ships which consists of approximately 80% MR tankers by cargo capacity. As a consequence, we believe that Ardmore is well positioned to take advantage of improvements in the charter market for both products and chemicals."