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Ardmore Shipping lands new $39m loan

Ardmore Shipping Corporation has signed a loan agreement for a new $39m credit facility with Credit Agricole CIB to finance the purchase of two ships.

Lee Hong Liang, Asia Correspondent

May 26, 2014

1 Min Read
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The loan will be used to finance up to 65% of the purchase price of two vessels on order, the product and chemical tanker owner announced.

“We have now secured financing for all of our vessels on order well ahead of their scheduled deliveries in late 2014 and 2015,” said Anthony Gurnee, ceo of Ardmore Shipping.

“At the same time, we have significantly expanded Ardmore’s banking relationships, which, in conjunction with our recent equity offering, ensures that we have substantial financial flexibility and the capacity to pursue attractive growth opportunities in a disciplined manner,” he added.

The new facility will be an amortising senior term loan with a final maturity seven years from the date of drawdown.

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chemical tankers

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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