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Ardmore Shipping losses widen on higher expenses

New York-listed tanker owner Ardmore Shipping reported an increased net loss in the first quarter due to higher expenses.

Lee Hong Liang, Asia Correspondent

May 14, 2014

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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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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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