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Ardmore Shipping announces sale of two 17,600 dwt tankers

Ardmore Shipping Corporation has announced that it has agreed terms for the sale of Ardmore Calypso and Ardmore Capella, both 17,600 Dwt IMO2 chemical tankers built in 2010 at Samho Shipbuilding Co. Ltd, South Korea.

The en bloc sale price for the two vessels is $38.5 million; Ardmore expects to book a net gain of approximately $1.6 million including gains on vessel sales and deferred depreciation, and after prepayment of capital lease obligations and other sale-related costs when the vessels deliver to the buyers in April / May 2016. 

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

"We are pleased to announce the sale of the Calypso and Capella at an attractive price, reflecting a positive outlook for the chemical sector. While these ships have traded well for us over the past five years and are excellent units on a technical basis, their small size at 17,600 Dwt makes them outliers in our fleet, no longer consistent with our strategy of focusing on vessels at or above 25,000 Dwt. We expect to have the opportunity to redeploy the capital accretively to larger vessels when this sale is completed in early 2016."


Source: Ardmore Shipping Corporation


November 2015
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