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Ardmore follows IPO with product pair

Ardmore follows IPO with product pair
Ardmore shipping has exercised options on two eco-design, 50,300dwt IMO 3 product tankers from SPP Shipbuilding in Korea.  

The $68.5m pair will be the seventh and eighth in a series of vessels ordered at SPP and are due to be delivered in the second and third quarters of 2015. Ardmore’s fleet currently comprises five product and three chemical tankers, with six product tankers, four 50,300dwt and a pair of 49,999dwt, on order at SPP.

The Ireland-based company, which hopes to fund at least ten further vessels, recently raised $140m in an Initial Public Offering, pricing 10m shares at $14 each, just below the indicated range of $15 - $17 per share.