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Ardmore Shipping sells one vessel, finances six additions to its fleet

Ardmore Shipping sells one vessel, finances six additions to its fleet
Ardmore Shipping has sold one vessel for $15.7m and financed six vessels it is acquiring secondhand.

New York Stock Exchange-listed Ardmore has sold the 2005-built, 29,000 dwt product/chemical tanker Ardmore Centurion for $15.7m to undisclosed buyers. The vessel is set to be delivered to its new owners in late September.

Meanwhile the company has taken of the first three of six MR product tankers it agreed to acquire in June this year.

Four of the vessels are being financed with a new $71.3m senior debt facility with ABN AMRO which has a final maturity date of 2023. The remaining two vessels are being financed by upsizing an existing facility with ABN AMRO and DVB Bank by $36.6m, with NIBC Bank also joining as a lender.

"We are pleased to welcome these high-quality, modern MR product / chemical tankers to Ardmore's operating fleet, said Anthony Gurnee ceo of Ardmore.

“Alongside the three additional vessels that are scheduled to deliver to Ardmore in the coming weeks, these recent acquisitions will expand our long-term earnings power, enhance our cost efficiency and lower our breakeven costs.”

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