Press Release: 1 March 2021
Cooperation strengthens chemical platform; underpins strategy to operate more sustainable, non-fossil fuel cargoes
Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore” or the “Company”) has announced a new partnership with Carl Buettner – taking on the commercial management of four chemical tankers on behalf of the Bremen-based shipowner.
The vessels – the MT Aurelia, MT Avalon, MT Apollo and MT Admiral – are high-quality 24,000 deadweight tonne (DWT) chemical tankers, and will operate alongside Ardmore’s own chemical tanker fleet. This move signals a doubling of the number of similar sized chemical tankers under Ardmore’s management, leveraging the Company’s global platform and experience in the chemical and vegetable oil trades.
Gernot Ruppelt, Chief Commercial Officer, Ardmore Shipping, commented:
“We feel honoured that a company as well-established and professional as Carl Buettner has entrusted us with their assets. These are four high-quality, high-performing vessels, and we will work hard to repay their trust with performance.”
“This move also reflects our belief in the significant growth potential for more sustainable, non-fossil fuel cargoes, which already makes up 25% of our business. The energy transition is driving greater demand for non-fossil cargoes. In joining forces with Carl Buettner, we have strengthened our platform when it comes to meeting customers’ needs for the movement of chemical cargoes, which will benefit both partners mutually.”
Thorsten Mackenthun, Managing Director, Carl Buettner, said:
“We believe there is a lot of aligned thinking between Buettner and Ardmore, and we look forward to this new partnership. There is a strong match between our chemical tankers and Ardmore’s global presence and strong track record in the chemical and vegoil markets. And we look forward to exploring new trades and cargo opportunities for our ships.”
Ardmore Shipping also owns and operates six chemical tankers (25-37,000 DWT), bringing the total number of chemical tankers under Ardmore’s management to ten, in addition to their large fleet of IMO 2/3 medium range tankers. The growth in more sustainable, non-fossil fuel cargoes is one of the key strands in Ardmore’s Energy Transition Plan, alongside an ongoing focus on fuel efficiency improvements and partnership projects with like-minded customers and shipping companies.