New York Listed Ardmore Says Eco-Ships Helped Q3 Revenue Jump

by Ship & Bunker News Team
Wednesday November 13, 2013

After going public in July, Ireland's Ardmore Shipping Corp. [NYSE:ASC] (Ardmore) reports it narrowed its Q3 net loss to $920,027, compared with a loss of $1.4 million in the same period last year, while almost doubling its revenues.

The company brought in $10.6 million in the quarter, up from $5.6 million in Q3 2012, saying much of the increase was due to the delivery of the new fuel-efficient product tankers Ardmore Seavaliant and Ardmore Seaventure.

CEO Anthony Gurnee said the company is executing on its strategy of boosting its fleet size with fuel-efficient vessels.

"In October, we acquired a high quality second-hand MR tanker at a very attractive price, positioning the Company to continue increasing its fleet size and near-term cash flow potential," he said.

The company said at the time that it would convert the vessel to improve its fuel efficiency.

"In addition, we completed the upgrade of the Ardmore Seamaster to IMO3 and renewed the contract at an improved rate of $14,250 plus an additional $250 per day when the vessel transports IMO3 cargos.

"Our newbuilding program is progressing well, with two Eco-Design MR's on schedule to deliver from SPP Shipbuilding in January 2014 and steel cutting commenced on the first of our four newbuildings at Fukuoka Shipbuilding in early November."

The Ardmore Seaventure, which was delivered this summer, was immediately chartered to Cargill, which has said it will only charter fuel-efficient vessels.

Ship & Bunker News Team
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