Highlights
Anthony Gurnee, the Company’s Chief Executive Officer commented:
“We are very pleased to report a third successive profitable quarter and our first profitable full year. Ardmore continues to maximize earnings through its versatile employment strategy, currently taking advantage of the very strong charter market by deploying more ships in the spot market. Our spot MR product tankers earned
We have also taken delivery of the Ardmore Cherokee, the first of the ships ordered at the time of the IPO.We look forward to taking delivery of the nine remaining newbuildings throughout 2015, which will result in an approximately 70% increase in revenue generating capacity. Of note, every
Mr. Gurnee continued:
“As we look ahead further into 2015, the product tanker market shows signs of continued strength catalyzed by lower oil prices and supported by robust ongoing demand growth driven by refinery expansions and rising global product exports.We look forward to taking full advantage of these strong market conditions in order to continue building earnings momentum.”
Summary of Recent and Fourth Quarter 2014 Events
Fleet
Deliveries
On January 6, 2015, Ardmore took delivery of the Ardmore Cherokee, a 25,215 Dwt Eco-design chemical tanker constructed at Fukuoka Dockyard in
We expect that the above vessels will be employed in the spot market, in pools or on time charters.
Fleet Operations and Employment
The Company has 15 vessels currently in operation and nine Eco-design vessels under construction. The Company’s 15 vessels in operation include five Eco-design MR product tankers, six Eco-mod MR product tankers, one Eco-design chemical tanker and three Eco-mod chemical tankers.
MR Product Tankers
During the fourth quarter of 2014, the Company’s three spot-trading MR product tankers, comprising one Eco-design MR product tanker and two Eco-mod MR product tankers, earned an average daily rate of
Four of the Company’s five Eco-design MR vessels were employed on time charters and one was employed in the spot market. The average daily rate for Ardmore’s five Eco-design MR’s was
For the first quarter of 2015, the Company expects to have approximately 80% of Eco-design MR product tanker revenue days covered by time charter employment at an average daily rate of
Four of the Company’s six Eco-mod MR vessels were employed on time charters and two were employed in the spot market. The average daily rate for Ardmore’s six Eco-mod MR’s was
For the first quarter of 2015, the Company expects to have approximately 55% of Eco-mod MR product tanker revenue days covered by time charter employment at an average daily rate of
Chemical Tankers
The Company took delivery of the Ardmore Cherokee on January 6, 2015, and the vessel immediately commenced employment in a pool. Based on current schedules, we are expecting to take delivery of three additional Eco-design chemical tankers in the first quarter of 2015, and it is envisioned that these vessels will be employed in the spot market, in pools or on time charters.
During the fourth quarter of 2014, the Company’s three Eco-mod chemical vessels earned an average daily rate of
For the first quarter of 2015, the Company expects to have approximately 35% of Eco-mod chemical tanker revenue days covered by time charter employment and approximately 65% of revenue days employed in a pool whose earnings are derived from the spot market.
Drydocking
The Ardmore Calypso completed its first special survey on November 20, 2014. The Ardmore Capella is expected to enter drydock in the first quarter of 2015.
Financing
As of December 31, 2014, all of Ardmore’s fleet has bank financing in place. Debt has been drawn down for all vessels in operation, and committed financing is in place for the Company’s nine vessels on order.
Dividend
On January 15, 2015, Ardmore’s Board of Directors announced a cash dividend of
Results for the three months ended December 31, 2014 and 2013
For the three months ended December 31, 2014, the Company reported EBITDA (see “Non-GAAP Measures” section below) of
For the three months ended December 31, 2014, the Company reported adjusted EBITDA (see “Non-GAAP Measures” section below) of
Management’s Discussion and Analysis of Financial Results
Revenue for the three months ended December 31, 2014 was
Commissions and voyage related costs were
Vessel operating expenses were
Depreciation expense for the three months ended December 31, 2014 was
Amortization of deferred dry dock expenditure for the three months ended December 31, 2014 was
General and administrative expenses for the three months ended December 31, 2014 were
Interest expense and finance costs (which include loan interest, capital lease interest and amortization of deferred financing fees) for the three months ended December 31, 2014 were
Results for the twelve months ended December 31, 2014 and 2013
For the twelve months ended December 31, 2014, the Company reported EBITDA (see “Non-GAAP Measures” section below) of
For the twelve months ended December 31, 2014, the Company reported adjusted EBITDA (see “Non-GAAP Measures” section below) of
Liquidity
As of December 31, 2014, the Company had
The following debt and capital lease liabilities were outstanding as of the dates indicated:
| As of | ||||||
| Dec 31, 2014 | Dec 31, 2013 | |||||
| Debt | 204,728,268 | 88,860,000 | ||||
| Capital Leases | 28,800,329 | 30,379,015 | ||||
| Total | 233,528,597 | 119,239,015 | ||||
Conference Call
The Company plans to have a conference call on Tuesday, February 3, 2014 at 10:00 a.m. Eastern Time to discuss its results for the quarter ended December 31, 2014. All interested parties are invited to listen to the live conference call and slide presentation by choosing from the following options:
| 1. | By dialing 888-364-3109 (U.S.) or 719-325-2472 (International) and entering the conference participant passcode 1652188. | |||||
| 2. |
By accessing the live webcast at Ardmore Shipping’s website at www.ardmoreshipping.com. |
Participants should dial into the call 10 minutes before the scheduled time.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the passcode 1652188 to access the audio replay. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.
About Ardmore Shipping Corporation
Ardmore Shipping owns and operates a fleet of mid-size product and chemical tankers ranging from 17,500 Dwt to 50,300 Dwt. Ardmore provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of tankers.
Ardmore’s core strategy is to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships, maintain its cost advantage in assets, operations and overhead, while creating significant synergies and economies of scale as the Company grows. Ardmore provides its services to customers through voyage charters, commercial pools and time charters and enjoys close working relationships with key commercial and technical management partners. Ardmore views the continued development of these relationships as crucial to its long-term success.
| Ardmore Shipping Corporation | ||||||||
| Unaudited Condensed Consolidated Balance Sheet | ||||||||
| (Expressed in U.S. dollars, unless otherwise stated) | ||||||||
| As at | ||||||||
| ASSETS | Dec 31, 2014 | Dec 31, 2013 | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | 59,879,596 | 56,860,845 | ||||||
| Receivables, trade | 4,985,900 | 743,406 | ||||||
| Working capital advances | 500,000 | 534,571 | ||||||
| Prepayments | 1,227,321 | 471,563 | ||||||
| Advances and deposits | 2,509,433 | 1,894,317 | ||||||
| Other receivables | 636,464 | 321,810 | ||||||
| Inventories | 2,486,340 | 1,131,466 | ||||||
| Total current assets | 72,225,054 | 61,957,978 | ||||||
| Non-current assets | ||||||||
| Vessels and vessel equipment, net | 371,618,023 | 201,700,229 | ||||||
| Deferred dry dock expenditure, net | 4,229,617 | 1,339,238 | ||||||
| Vessels under construction | 113,985,986 | 89,015,139 | ||||||
| Other non-current assets, net | 156,311 | 158,308 | ||||||
| Deferred finance charges, net | 8,625,882 | 3,794,741 | ||||||
| Total non-current assets | 498,615,819 | 296,007,655 | ||||||
| TOTAL ASSETS | 570,840,873 | 357,965,633 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Payables, trade | 7,038,621 | 3,999,311 | ||||||
| Charter revenue received in advance | 1,542,863 | 1,806,600 | ||||||
| Other payables | 648,105 | 5,436 | ||||||
| Accrued interest on loans | 882,594 | 557,160 | ||||||
| Current portion of long-term debt | 19,394,928 | 9,100,000 | ||||||
| Current portion of capital lease obligations | 1,702,981 | 1,578,686 | ||||||
| Total current liabilities | 31,210,092 | 17,047,193 | ||||||
| Non-current liabilities | ||||||||
| Non-current portion of long-term debt | 185,333,340 | 79,760,000 | ||||||
| Non-current portion of capital lease obligations | 27,097,348 | 28,800,329 | ||||||
| Total non-current liabilities | 212,430,688 | 108,560,329 | ||||||
| Equity | ||||||||
| Share capital | 261,000 | 180,500 | ||||||
| Additional paid in capital | 339,082,131 | 244,702,577 | ||||||
| Treasury stock | (1,278,546 | ) | - | |||||
| Accumulated deficit | (10,864,492 | ) | (12,524,966 | ) | ||||
| Total equity | 327,200,093 | 232,358,111 | ||||||
| TOTAL LIABILITIES AND EQUITY | 570,840,873 | 357,965,633 | ||||||
| Ardmore Shipping Corporation | ||||||||||||||
| Unaudited Condensed Statement of Operations | ||||||||||||||
| (Expressed in U.S. dollars, unless otherwise stated) | ||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||||||
| REVENUE | ||||||||||||||
| Revenue | 22,250,566 | 9,626,591 | 67,326,634 | 35,867,356 | ||||||||||
| OPERATING EXPENSES | ||||||||||||||
| Commissions and voyage related costs | 3,388,081 | 1,023,940 | 7,004,045 | 2,523,842 | ||||||||||
| Vessel operating expenses | 9,017,198 | 5,182,150 | 29,447,876 | 18,215,487 | ||||||||||
| Depreciation | 4,349,854 | 2,324,144 | 14,854,885 | 8,388,208 | ||||||||||
| Amortization of deferred dry dock expenditure | 564,013 | 365,520 | 2,031,100 | 1,420,814 | ||||||||||
| General and administrative expenses | 1,890,432 | 1,954,548 | 8,178,666 | 5,669,935 | ||||||||||
| Total operating expenses | 19,209,578 | 10,850,302 | 61,516,572 | 36,218,286 | ||||||||||
| Profit/(loss) from operations | 3,040,988 | (1,223,711 | ) | 5,810,062 | (350,930 | ) | ||||||||
| Interest expense and finance costs | (1,172,531 | ) | (460,737 | ) | (4,119,283 | ) | (3,464,006 | ) | ||||||
| Interest income | 3,067 | 1,548 | 16,444 | 6,059 | ||||||||||
| Profit/(loss) before taxes | 1,871,524 | (1,682,900 | ) | 1,707,223 | (3,808,877 | ) | ||||||||
| Income tax | (9,641 | ) | (9,784 | ) | (46,749 | ) | (33,726 | ) | ||||||
| Net profit/(loss) | 1,861,883 | (1,692,684 | ) | 1,660,474 | (3,842,603 | ) | ||||||||
| Earnings/(loss) per share, basic and diluted | 0.07 | (0.09 | ) | 0.07 | (0.31 | ) | ||||||||
| Weighted average number of shares outstanding, basic and diluted | 26,047,244 | 18,050,000 | 24,547,661 | 12,241,599 | ||||||||||
| Ardmore Shipping Corporation | ||||||||
| Unaudited Condensed Statement of Cash Flows | ||||||||
| (Expressed in U.S. dollars, unless otherwise stated) | ||||||||
| Twelve months ended | ||||||||
| Dec 31, 2014 | Dec 31, 2013 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net profit/(loss) | 1,660,474 | (3,842,603 | ) | |||||
| Non-cash items: | ||||||||
| Depreciation | 14,854,885 | 8,388,208 | ||||||
| Amortization of deferred dry dock expenditure | 2,031,100 | 1,420,814 | ||||||
| Share based compensation | 1,383,121 | 571,321 | ||||||
| Amortization of deferred finance charges | 917,675 | 772,787 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables, trade | (4,242,494 | ) | 120,980 | |||||
| Working capital advances | 34,571 | 1,039,384 | ||||||
| Prepayments | (755,758 | ) | (248,092 | ) | ||||
| Advances and deposits | (615,116 | ) | (1,470,614 | ) | ||||
| Other receivables | (314,654 | ) | 176,449 | |||||
| Inventories | (1,354,874 | ) | (465,226 | ) | ||||
| Payables, trade | 3,039,310 | 1,485,259 | ||||||
| Charter revenue received in advance | (263,737 | ) | 955,555 | |||||
| Other payables | 642,669 | 3,569 | ||||||
| Amounts due to related parties | - | (600,000 | ) | |||||
| Accrued interest on loans | 325,434 | 54,645 | ||||||
| Deferred dry dock expenditure | (4,921,479 | ) | (242,263 | ) | ||||
| Net cash provided by operating activities | 12,421,127 | 8,120,173 | ||||||
| INVESTING ACTIVITIES | ||||||||
| Payments for acquisition of vessels and equipment | (152,222,866 | ) | (63,497,023 | ) | ||||
| Payments for vessels under construction | (57,463,397 | ) | (81,072,100 | ) | ||||
| Payments for other non-current assets | (55,266 | ) | (68,435 | ) | ||||
| Net cash used in investing activities | (209,741,529 | ) | (144,637,558 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from long-term debt | 128,625,000 | 47,030,000 | ||||||
| Repayments of long term debt | (12,756,732 | ) | (25,270,000 | ) | ||||
| Proceeds from capital leases | - | 31,500,000 | ||||||
| Repayments of capital leases | (1,578,686 | ) | (1,120,985 | ) | ||||
| Payments for deferred finance charges | (5,748,816 | ) | (1,333,312 | ) | ||||
| Net proceeds from equity offering | 102,711,933 | 128,429,204 | ||||||
| Payment of dividend | (9,635,000 | ) | (1,191,300 | ) | ||||
| Payments for treasury stock | (1,278,546 | ) | - | |||||
| Shareholder contributions | - | 500 | ||||||
| Net cash provided by financing activities | 200,339,153 | 178,044,107 | ||||||
| Net increase in cash and cash equivalents | 3,018,751 | 41,526,722 | ||||||
| Cash and cash equivalents at the beginning of the year | 56,860,845 | 15,334,123 | ||||||
| Cash and cash equivalents at the end of the year | 59,879,596 | 56,860,845 | ||||||
| Ardmore Shipping Corporation | ||||||||||
| Unaudited Other Operating Data | ||||||||||
| (Expressed in U.S. dollars, unless otherwise stated) | ||||||||||
| Three months ended | Twelve months ended | |||||||||
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||
| ADJUSTED EBITDA(1) | 8,302,438 | 1,817,766 | 24,079,168 | 10,750,788 | ||||||
| AVERAGE DAILY DATA | ||||||||||
| Fleet time charter equivalent per day(2) | 15,327 | 12,661 | 14,393 | 12,850 | ||||||
| Fleet operating costs per day(3) | 6,500 | 6,449 | 6,197 | 6,152 | ||||||
| Technical management fees per day(4) | 353 | 363 | 359 | 379 | ||||||
| 6,853 | 6,812 | 6,556 | 6,531 | |||||||
| MR Tankers “Eco-Design” | ||||||||||
| TCE per day(2) | 16,855 | 15,099 | 15,913 | 15,838 | ||||||
| Vessel operating costs per day(5) | 6,480 | 5,544 | 5,835 | 5,550 | ||||||
| MR Tankers “Eco-Mod" | ||||||||||
| TCE per day(2) | 15,756 | 13,944 | 14,793 | 13,732 | ||||||
| Vessel operating costs per day(5) | 6,608 | 7,152 | 6,499 | 6,478 | ||||||
| Chemical Tankers “Eco-Mod” | ||||||||||
| TCE per day(2) | 11,426 | 9,277 | 11,404 | 10,483 | ||||||
| Vessel operating costs per day(5) | 6,317 | 6,350 | 6,246 | 6,106 | ||||||
| FLEET | ||||||||||
| Upgrades and enhancements expensed | 191,331 | 168,571 | 586,446 | 565,196 | ||||||
| Average number of owned operating vessels | 14.0 | 8.0 | 12.1 | 7.4 | ||||||
| (1) | Adjusted EBITDA is a non-GAAP measure and is defined and reconciled to the to the most directly comparable GAAP measure under the “Non-GAAP Measures” section below. | |
| (2) | Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as applicable, per revenue day plus Communication Victualing and Entertainment Income (“CVE”). Revenue days are the total number of calendar days the vessels are in our possession less off-hire days generally associated with drydocking or repairs. For vessels employed on voyage charters, TCE is the net rate after deducting voyage costs incurred by commercial managers. | |
| (3) | Fleet operating costs per day are routine operating expenses and comprise, crewing, repairs and maintenance, insurance, stores, lube oils and communication costs. They do not include additional costs related to upgrading or enhancement of the vessels that are not capitalized. | |
| (4) | Technical management are fees paid to third-party technical managers. | |
| (5) | Vessel operating costs per day excludes technical management fees. |
|
Ardmore Shipping Corporation |
|||||||||||||||
| Fleet List as at February 2, 2015 | |||||||||||||||
| Vessel Name | Type | Dwt | IMO | Built | Built | Flag | Specification | ||||||||
| In Operation | |||||||||||||||
| Ardmore Seavaliant | Product/Chemical | 49,998 | 3 | Feb-13 | MI | Eco-design | |||||||||
| Ardmore Seaventure | Product/Chemical | 49,998 | 3 | Jun-13 | MI | Eco-design | |||||||||
| Ardmore Seavantage | Product/Chemical | 49,997 | 3 | Jan-14 | MI | Eco-design | |||||||||
| Ardmore Seavanguard | Product/Chemical | 49,998 | 3 | Feb-14 | MI | Eco-design | |||||||||
| Ardmore Endeavour | Product/Chemical | 49,997 | 2 | Jul-13 | MI | Eco-design | |||||||||
| Ardmore Seafarer | Product/Chemical | 45,744 | 3 | Aug-04 | MI | Eco-mod | |||||||||
| Ardmore Seatrader | Product | 47,141 | - | Dec-02 | MI | Eco-mod | |||||||||
| Ardmore Seamaster | Product/Chemical | 45,840 | 3 | Sep-04 | MI | Eco-mod | |||||||||
| Ardmore Seamariner | Product | 45,726 | - | Oct-06 | MI | Eco-mod | |||||||||
| Ardmore Sealeader | Product | 47,463 | - | Aug-08 | MI | Eco-mod | |||||||||
| Ardmore Sealifter | Product | 47,472 | - | Jul-08 | MI | Eco-mod | |||||||||
| Ardmore Centurion | Product/Chemical | 29,006 | 2 | Nov-05 | MI | Eco-mod | |||||||||
| Ardmore Cherokee | Product/Chemical | 25,215 | 2 | Jan-15 | MI | Eco-design | |||||||||
| Ardmore Calypso | Product/Chemical | 17,589 | 2 | Jan-10 | MI | Eco-mod | |||||||||
| Ardmore Capella | Product/Chemical | 17,567 | 2 | Jan-10 | MI | Eco-mod | |||||||||
| On Order | |||||||||||||||
| SPP Hull S-1162 | Product/Chemical | 50,300 | 3 | 2Q15 | MI | Eco-design | |||||||||
| SPP Hull S-1163 | Product/Chemical | 50,300 | 3 | 2Q15 | MI | Eco-design | |||||||||
| SPP Hull S-1171 | Product/Chemical | 50,300 | 3 | 3Q15 | MI | Eco-design | |||||||||
| SPP Hull S-1172 | Product/Chemical | 50,300 | 3 | 4Q15 | MI | Eco-design | |||||||||
| HMD Hull H-2480 | Product/Chemical | 37,000 | 2 | 1Q15 | MI | Eco-design | |||||||||
| HMD Hull H-2481 | Product/Chemical | 37,000 | 2 | 1Q15 | MI | Eco-design | |||||||||
| FKA Hull N-2063 | Product/Chemical | 25,000 | 2 | 1Q15 | MI | Eco-design | |||||||||
| FKA Hull N-2065 | Product/Chemical | 25,000 | 2 | 3Q15 | MI | Eco-design | |||||||||
| FKA Hull N-2067 | Product/Chemical | 25,000 | 2 | 4Q15 | MI | Eco-design | |||||||||
| Total | 24 | 968,951 | |||||||||||||
Non-GAAP Measures
This press release describes EBITDA, adjusted EBITDA, adjusted net profit/(loss) and adjusted net earnings/(loss) per share, which are not measures prepared in accordance with U.S. GAAP and which are reconciled below. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before share-based compensation and initial public offering costs and certain other items that Ardmore believes are not representative of its operating performance.
These non-GAAP measures are presented in this press release as the Company believes that they provide investors with a means of evaluating and understanding how Ardmore’s management evaluates operating performance. These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures do not have standardized meanings, and are therefore unlikely to be comparable to similar measures presented by other companies. All amounts in the tables below are expressed in U.S. dollars, unless otherwise stated.
| EBITDA & Adjusted EBITDA | Three months ended | Twelve months ended | ||||||||||||
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||||||
| Net profit/(loss) | 1,861,883 | (1,692,684 | ) | 1,660,474 | (3,842,603 | ) | ||||||||
| Interest income | (3,067 | ) | (1,548 | ) | (16,444 | ) | (6,059 | ) | ||||||
| Interest expense and finance costs | 1,172,531 | 460,737 | 4,119,283 | 3,464,006 | ||||||||||
| Income tax | 9,641 | 9,784 | 46,749 | 33,726 | ||||||||||
| Depreciation | 4,349,854 | 2,324,144 | 14,854,885 | 8,388,208 | ||||||||||
| Amortization of deferred dry dock expenditure | 564,013 | 365,520 | 2,031,100 | 1,420,814 | ||||||||||
| EBITDA | 7,954,855 | 1,465,953 | 22,696,047 | 9,458,092 | ||||||||||
| IPO related fees and expenses | - | - | - | 721,375 | ||||||||||
| Share based compensation (non-cash) | 347,583 | 351,813 | 1,383,121 | 571,321 | ||||||||||
| Adjusted EBITDA | 8,302,438 | 1,817,766 | 24,079,168 | 10,750,788 | ||||||||||
| Adjusted net profit/(loss) | Three months ended | Twelve months ended | ||||||||||||
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||||||
| Net profit/(loss) | 1,861,883 | (1,692,684 | ) | 1,660,474 | (3,842,603 | ) | ||||||||
| IPO related fees and expenses | - | - | - | 721,375 | ||||||||||
| Deferred finance fee write off | - | - | - | 179,816 | ||||||||||
| Share based compensation (non-cash) | 347,583 | 351,813 | 1,383,121 | 571,321 | ||||||||||
| Adjusted net profit/(loss) | 2,209,466 | (1,340,871 | ) | 3,043,595 | (2,370,091 | ) | ||||||||
| Adjusted net earnings/(loss) per share, basic and diluted | 0.08 | (0.07 | ) | 0.12 | (0.19 | ) | ||||||||
| Weighted average number of shares outstanding, basic and diluted | 26,047,244 | 18,050,000 | 24,547,661 | 12,241,599 | ||||||||||
Forward Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, including, without limitation, Ardmore management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs; the market for the Company’s vessels; competition in the tanker industry; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; general domestic and international political conditions; potential disruption of shipping routes due to accidents, piracy or political events; vessels breakdowns and instances of off-hires; and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Investor Relations Enquiries:
The IGB Group
Mr. Leon Berman
Tel: 212-477-8438
Fax: 212-477-8636
lberman@igbir.com
Source: Ardmore Shipping Corporation
Mr Leon Berman, The IGB Group
Tel: +1 212-477-8438 Fax: +1 212-477-8636
Email: lberman@igbir.com
