Ardmore loss doubles in second quarter

EBITDA jumped nearly 50% to $3m compared to 2012, while revenue for the three months to 30 June rose 18.6% to $8.3m.

The quarter saw Ardmore redeliver its only two chartered-in vessels, Hellespont Crusader and the Hellespont Commander, which had been with Ardmore for two years.

The second quarter earnings release is dominated by events outside the quarter, including the company's $140m IPO on 31 July, a 10-vessel ordering spree and six-vessel management agreement with Mansel.

"As part of our expansion, we are pleased to announce a commercial management arrangement with Mansel Limited, the in-house shipping arm of Vitol SA," commented ceo Anthony Gurnee. The six-vessel arrangement is for two vessels on time charter and two on a commercial pool arrangement.

"The arrangement with Mansel is a significant step for Ardmore given Vitol's strong position in the global oil market. We look forward to providing Vitol with high quality service with these brand new, fuel efficient vessels.

"We are very satisfied with Ardmore's progress in furtherance of our business strategy by adding 10 newbuildings to the fleet in recent weeks at attractive prices from high quality yards. Our recent orders increase our total fleet to 20 ships which consists of approximately 80% MR tankers by cargo capacity."

Ardmore's 20 vessel fleet consists of eight operating ships and 12 on order, including four at SPP shipbuilding, two at Hyundai Mipo Dockyard and four at Fukuoka Shipbuilding.