Ardmore Shipping Announces Agreement to Acquire Six Eco-Design MR Product/Chemical Tankers

Ardmore Shipping announced that it has reached agreement to acquire six modern, Eco-Design MR product/chemical tankers for an aggregate purchase price of $172.5 million.

The vessels, which have an average age of 2.4 years, are scheduled to be delivered to Ardmore on a charter-free basis between September and October 2016.

The acquisition will expand Ardmore’s fleet to 28 vessels, or by approximately 32% on a tonnage basis, and is expected to be accretive to earnings and to net asset value.

Ardmore intends to fund the acquisition with the net proceeds from a public offering of common shares and a new credit facility with an existing lender.