Ardmore Shipping posted a loss of $413,452 in the quarter ended 31 March 2014 compared to a deficit of $40,692 in the same period of 2013.
However the company reaped a core first quarter operating profit of $4.3m, an increase of $1.7m from $2.6m recorded in the previous corresponding period due partly to the delivery of two newbuildings and one secondhand vessel this year.
Revenue rose jumped 70.2% year-on-year to $12.39m due primarily to additional income from an enlarged operating fleet.
“Complementing our fleet growth during the quarter, we increased our financial flexibility significantly by raising $108.7m from an upsized follow-on equity offering to fund vessel acquisitions, as well as closing on a $172m senior debt facility to fund out existing newbuilding program,” commented Anthony Gurnee, ceo of Ardmore Shipping.
Ardmore Shipping’s fleet stood at 11 ships in operation and 10 eco-design product and chemical tankers on order, with the next vessel on order scheduled to deliver in November this year.
“We believe Ardmore is well positioned to benefit from favourable long term fundamentals for product and chemical tankers by continuing to engage in well-timed fleet growth,” Gurnee said.
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