Highlights
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Ardmore Cherokee: |
25,215 Dwt constructed at Fukuoka Shipbuilding, |
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Ardmore Dauntless: |
37,764 Dwt constructed at Hyundai Mipo Dockyard, |
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Ardmore Defender: |
37,791 Dwt constructed at Hyundai Mipo Dockyard, |
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Ardmore Cheyenne: |
25,217 Dwt constructed at Fukuoka Shipbuilding, |
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Anthony Gurnee, the Company’s Chief Executive Officer commented:
“We are very pleased with our financial performance for the first quarter, reporting earnings of
The spot market has exhibited sustained strength for the year- to- date and into the second quarter, with positive long term fundamental trends continuing to play out, lower oil pricing stimulating further demand growth, and oil price volatility providing the opportunity for long-haul arbitrage trade, further boosting demand for the foreseeable future.
Against the backdrop of a strengthening charter market, Ardmore is set to grow significantly this year with revenue days increasing by 70%, following delivery of four Eco-design product and chemical tankers in the first quarter and six more Eco-design product and chemical vessels delivering over the remainder of the year. By year-end, we look forward to having all 24 vessels in operation contributing to already strong cash flow and earnings.
Summary of Recent and First Quarter 2015 Events
Fleet
Deliveries
The Company took delivery of four Eco-design IMO 2 product and chemical tankers during the quarter, comprising, two 25,000 Dwt vessels and two 37,000 Dwt vessels.
On January 6, 2015, Ardmore took delivery of the Ardmore Cherokee (Hull N-2062), a 25,215 Dwt Eco-design product and chemical tanker, and on March 27, 2015, Ardmore took delivery of the Ardmore Cheyenne (Hull N-2063), a 25,217 Dwt Eco-design product and chemical tanker. Both vessels were constructed at Fukuoka Shipbuilding,
On February 13, 2015, Ardmore took delivery of the Ardmore Dauntless (Hull H-2480), a 37,764 Dwt Eco-design product and chemical tanker, and on February 25, 2015, Ardmore took delivery of the Ardmore Defender (Hull H-2481), a 37,791 Dwt Eco-design product and chemical tanker. Both vessels were constructed at Hyundai Mipo Dockyard in
Ardmore has a further six vessels under construction and, based on the current schedule, we expect to take delivery of these vessels throughout 2015 as follows:
Upon delivery, Hulls S-1162, S-1163, S-1171 and S-1172 will be employed in an MR tanker pool operated by a leading oil trader. The remaining Hulls, N-2065 and N-2067 will be employed in the spot market, in pools or on time charters.
Fleet Operations and Employment
The Company has 18 vessels currently in operation, comprising 11 MR tankers, ranging 45,000 Dwt to 50,000 Dwt (five Eco-design and six Eco-mod) and seven product and chemical tankers, ranging 17,000 Dwt to 37,000 Dwt (four Eco-design and three Eco-mod).
MR Tankers (45,000 Dwt – 50,000 Dwt)
At the end of the first quarter of 2015, the Company had seven MR tankers trading in the spot market and four MR tankers employed on time charter. The seven spot-trading ships, comprising two Eco-design and five Eco-mod, earned an average of
In the second quarter of 2015, the Company expects to have 67% of its revenue days for its MR tankers employed in the spot market. For the Eco-design MR tankers, 57% of revenue days are expected to be employed in the spot market and pools, and the remaining 43% of revenue days are expected to be employed on time charters at an average rate of
Based on current delivery schedules, the Company expects to take delivery of two Eco-design MR tankers (Hull S-1162 and Hull S-1163) in the second quarter of 2015. Upon delivery, these vessels will be employed in an MR tanker pool operated by a leading oil trader.
Product / Chemical Tankers (IMO 2: 17,000 Dwt – 37,000 Dwt)
The Company took delivery of the Ardmore Cherokee, Ardmore Dauntless, Ardmore Defender and Ardmore Cheyenne on January 6, February 13, February 25, and March 27, 2015 respectively. The Ardmore Cherokee, Ardmore Dauntless and Ardmore Defender immediately commenced employment in a pool, and the Ardmore Cheyenne commenced employment on a time charter.
At the end of the first quarter of 2015, the Company had seven IMO 2 product and chemical tankers in operation (four Eco-design and three Eco-mod), five of which were trading in pools and two of which were employed on time charters. During the first quarter of 2015, the Company’s four Eco-design product and chemical vessels earned an average daily rate of
For the second quarter of 2015, the Company expects to have approximately 75% of revenue days for the Eco-design product and chemical tankers employed in a pool, with 25% of the revenue days covered by time charter employment. For the Eco-mod product and chemical tankers, the Company expects approximately 67% of revenue days to be employed in a pool, with the remaining 33% covered by time charter employment.
Drydocking
The Ardmore Capella completed its first special survey on April 9, 2015. Ardmore has no scheduled drydocking in the second quarter of 2015.
Financing
On April 29, 2015 the Company completed a refinancing with DVB Bank S.E. and ABN AMRO N.V., secured by seven vessels releasing
Dividend
On April 2, 2015, Ardmore announced a dividend reinvestment plan (“DRIP”). The DRIP allows participants to obtain additional common shares of the Company by automatically reinvesting all or any portion of the cash dividends paid on common shares held by the DRIP participant. The DRIP will be administered through the Company’s transfer agent, Computershare Trust Company, N.A. (“Computershare”) and shareholders and other persons may obtain a copy of the DRIP prospectus and enrollment forms by contacting Computershare at (877) 373-6374, or visiting Computershare’s website at www.computershare.com/investor. On April 20, 2015, Ardmore’s largest shareholder, GA Holdings LLC, announced its participation under the plan.
Results for the three months ended March 31, 2015 and 2014
For the three months ended March 31, 2015, the Company reported EBITDA (see “Non-GAAP Measures” section below) of
For the three months ended March 31, 2015, 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 March 31, 2015 was
Commissions and voyage related costs were
Time charter equivalent (“TCE”) revenue, a non-GAAP measure, is vessel revenues less commissions and voyage related costs (including bunkers and port charges). TCE revenue is a standard shipping industry measure used primarily to compare performance of the Company’s fleet irrespective of changes in the mix of employment (i.e. direct spot charters, pool employment or time charters). TCE per day for the fleet amounted to
Vessel operating expenses were
Depreciation expense for the three months ended March 31, 2015 was
Amortization of deferred dry dock expenditure for the three months ended March 31, 2015 was
General and administrative expenses for the three months ended March 31, 2015 were
Interest expense and finance costs (which include loan interest, capital lease interest and amortization of deferred financing fees) for the three months ended March 31, 2015 were
Cash interest expense increased by
Liquidity
As of March 31, 2015, the Company had
The following debt and capital lease liabilities were outstanding as of the dates indicated:
| As of | ||||||||
| Mar 31, 2015 | Dec 31, 2014 | |||||||
| Debt | 263,709,536 | 204,728,268 | ||||||
| Capital Leases | 28,399,662 | 28,800,329 | ||||||
| Total | 292,109,198 | 233,528,597 | ||||||
Conference Call
The Company plans to have a conference call on Tuesday, May 5, 2015 at 10:00 a.m. Eastern Time to discuss its results for the quarter ended March 31, 2015. All interested parties are invited to listen to the live conference call and slide presentation by choosing from the following options:
1. By dialing 888-466-4462 (U.S.) or 719-457-2727 (International) and entering the conference participant passcode 7995035.
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 7995035 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.
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Ardmore Shipping Corporation Unaudited Condensed Consolidated Balance Sheet (Expressed in U.S. dollars, unless otherwise stated) |
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| As at | ||||||||
| ASSETS | Mar 31, 2015 | Dec 31, 2014 | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | 22,083,834 | 59,879,596 | ||||||
| Receivables, trade | 12,710,664 | 4,985,900 | ||||||
| Working capital advances | 1,475,000 | 500,000 | ||||||
| Prepayments | 814,105 | 1,227,321 | ||||||
| Advances and deposits | 3,321,892 | 2,509,433 | ||||||
| Other receivables | 689,094 | 636,464 | ||||||
| Inventories | 3,817,631 | 2,486,340 | ||||||
| Total current assets | 44,912,220 | 72,225,054 | ||||||
| Non-current assets | ||||||||
| Vessels and vessel equipment, net | 503,328,000 | 371,618,023 | ||||||
| Deferred dry dock expenditure, net | 4,623,233 | 4,229,617 | ||||||
| Vessels under construction | 71,732,800 | 113,985,986 | ||||||
| Other non-current assets, net | 174,306 | 156,311 | ||||||
| Deferred finance charges, net | 8,901,899 | 8,625,882 | ||||||
| Total non-current assets | 588,760,238 | 498,615,819 | ||||||
| TOTAL ASSETS | 633,672,458 | 570,840,873 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Payables, trade | 9,566,892 | 7,038,621 | ||||||
| Charter revenue received in advance | 495,229 | 1,542,863 | ||||||
| Other payables | 452,783 | 648,105 | ||||||
| Accrued interest on loans | 1,026,702 | 882,594 | ||||||
| Current portion of long-term debt | 23,650,264 | 19,394,928 | ||||||
| Current portion of capital lease obligations | 1,746,127 | 1,702,981 | ||||||
| Total current liabilities | 36,937,997 | 31,210,092 | ||||||
| Non-current liabilities | ||||||||
| Non-current portion of long-term debt | 240,059,272 | 185,333,340 | ||||||
| Non-current portion of capital lease obligations | 26,653,535 | 27,097,348 | ||||||
| Total non-current liabilities | 266,712,807 | 212,430,688 | ||||||
| Equity | ||||||||
| Share capital | 261,000 | 261,000 | ||||||
| Additional paid in capital | 336,836,409 | 339,082,131 | ||||||
| Treasury stock | (1,278,546) | (1,278,546) | ||||||
| Accumulated deficit | (5,797,209) | (10,864,492) | ||||||
| Total equity | 330,021,654 | 327,200,093 | ||||||
| TOTAL LIABILITIES AND EQUITY | 633,672,458 | 570,840,873 | ||||||
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Ardmore Shipping Corporation Unaudited Condensed Statement of Operations (Expressed in U.S. dollars, unless otherwise stated) |
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| Three months ended | ||||||||
| Mar 31, 2015 | Mar 31, 2014 | |||||||
| REVENUE | ||||||||
| Revenue | 29,615,937 | 12,386,264 | ||||||
| OPERATING EXPENSES | ||||||||
| Commissions and voyage related costs | 6,120,847 | 246,599 | ||||||
| Vessel operating expenses | 9,220,308 | 5,899,991 | ||||||
| Depreciation | 4,908,604 | 3,021,762 | ||||||
| Amortization of deferred dry dock expenditure | 562,630 | 441,585 | ||||||
| General and administrative expenses | 2,115,642 | 2,289,266 | ||||||
| Total operating expenses | 22,928,031 | 11,899,203 | ||||||
| Profit from operations | 6,687,906 | 487,061 | ||||||
| Interest expense and finance costs | (1,609,769) | (889,986) | ||||||
| Interest income | 1,634 | 2,022 | ||||||
| Profit/(loss) before taxes | 5,079,771 | (400,903) | ||||||
| Income tax | (12,488) | (12,549) | ||||||
| Net profit/(loss) | 5,067,283 | (413,452) | ||||||
| Earnings/(loss) per share, basic and diluted | 0.20 | (0.02) | ||||||
| Weighted average number of shares outstanding, basic and diluted | 25,980,600 | 19,858,333 | ||||||
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Ardmore Shipping Corporation Unaudited Condensed Statement of Cash Flows (Expressed in U.S. dollars, unless otherwise stated) |
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| Three months ended | ||||||||
| Mar 31, 2015 | Mar 31, 2014 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net profit / (loss) | 5,067,283 | (413,452) | ||||||
| Non-cash items: | ||||||||
| Depreciation | 4,908,604 | 3,021,762 | ||||||
| Amortization of deferred dry dock expenditure | 562,630 | 441,585 | ||||||
| Share based compensation | 352,338 | 353,855 | ||||||
| Amortization of deferred finance charges | 301,175 | 201,451 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables, trade | (7,724,764) | 207,584 | ||||||
| Working capital advances | (975,000) | 17,634 | ||||||
| Prepayments | 413,216 | (121,585) | ||||||
| Advances and deposits | (812,459) | 577,408 | ||||||
| Other receivables | (52,630) | (132,467) | ||||||
| Inventories | (1,331,291) | (30,339) | ||||||
| Payables, trade | 2,528,271 | 5,268,008 | ||||||
| Charter revenue received in advance | (1,047,634) | 402,277 | ||||||
| Other payables | (195,322) | 12,549 | ||||||
| Accrued interest on loans | 144,108 | 173,178 | ||||||
| Deferred dry dock expenditure | (956,246) | (1,321,897) | ||||||
| Net cash provided by operating activities | 1,182,279 | 8,657,551 | ||||||
| INVESTING ACTIVITIES | ||||||||
| Payments for acquisition of vessels and equipment | (78,484,645) | (68,532,225) | ||||||
| Payments for vessels under construction | (15,864,844) | (9,658,375) | ||||||
| Payments for other non-current assets | (33,901) | (25,628) | ||||||
| Net cash used in investing activities | (94,383,390) | (78,216,228) | ||||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from long-term debt | 63,830,000 | 45,000,000 | ||||||
| Repayments of long term debt | (4,848,732) | (2,275,000) | ||||||
| Repayments of capital leases | (400,667) | (370,471) | ||||||
| Payments for deferred finance charges | (577,192) | (2,293,736) | ||||||
| Net proceeds from equity offering | - | 102,559,385 | ||||||
| Payment of dividend | (2,598,060) | (1,805,000) | ||||||
| Net cash provided by financing activities | 55,405,349 | 140,815,178 | ||||||
| Net (decrease) / increase in cash and cash equivalents | (37,795,762) | 71,256,501 | ||||||
| Cash and cash equivalents at the beginning of the year | 59,879,596 | 56,860,845 | ||||||
| Cash and cash equivalents at the end of the period | 22,083,834 | 128,117,346 | ||||||
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Ardmore Shipping Corporation Unaudited Other Operating Data (Expressed in U.S. dollars, unless otherwise stated) |
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| Three months ended | ||||||||
| Mar 31, 2015 | Mar 31, 2014 | |||||||
| ADJUSTED EBITDA(1) | 12,511,478 | 4,304,263 | ||||||
| AVERAGE DAILY DATA | ||||||||
| Fleet time charter equivalent per day(2) | 17,149 | 14,378 | ||||||
| Fleet operating costs per day(3) | 5,864 | 6,156 | ||||||
| Technical management fees per day(4) | 362 | 364 | ||||||
| 6,226 | 6,520 | |||||||
| MR Tankers Spot TCE per day(2) | 21,594 | - | ||||||
| MR Tankers Eco-Design | ||||||||
| TCE per day(2) | 17,806 | 15,522 | ||||||
| Vessel operating costs per day(5) | 6,102 | 6,148 | ||||||
| MR Tankers Eco-Mod | ||||||||
| TCE per day(2) | 19,020 | 14,447 | ||||||
| Vessel operating costs per day(5) | 6,332 | 6,561 | ||||||
| Prod/Chem Tankers Eco-Design (25k – 37k Dwt) | ||||||||
| TCE per day(2) | 16,599 | - | ||||||
| Vessel operating costs per day(5) | 6,212 | - | ||||||
| Prod/Chem Tankers Eco-Mod (17k – 29k Dwt) | ||||||||
| TCE per day(2) | 12,228 | 12,870 | ||||||
| Vessel operating costs per day(5) | 6,230 | 6,877 | ||||||
| FLEET | ||||||||
| Upgrades and enhancements expensed | 315,842 | 77,744 | ||||||
| Average number of owned operating vessels | 15.9 | 9.9 | ||||||
| (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. | |||
| (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 includes technical management fees. | |||
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Ardmore Shipping Corporation Fleet List as at May 4, 2015 |
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| 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 Dauntless | Product/Chemical | 37,764 | 2 | Feb-15 | MI | Eco-design | ||||||||||||||||
| Ardmore Defender | Product/Chemical | 37,791 | 2 | Feb-15 | MI | Eco-design | ||||||||||||||||
| 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 Cheyenne | Product/Chemical | 25,217 | 2 | Mar-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 | ||||||||||||||||
| 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 | 970,723 | ||||||||||||||||||||
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 | |||||||
| Mar 31, 2015 | Mar 31, 2014 | |||||||
| Net profit / (loss) | 5,067,283 | (413,452) | ||||||
| Interest income | (1,634) | (2,022) | ||||||
| Interest expense and finance costs | 1,609,769 | 889,986 | ||||||
| Income tax | 12,488 | 12,549 | ||||||
| Depreciation | 4,908,604 | 3,021,762 | ||||||
| Amortization of deferred dry dock expenditure | 562,630 | 441,585 | ||||||
| EBITDA | 12,159,140 | 3,950,408 | ||||||
| Share based compensation (non-cash) | 352,338 | 353,855 | ||||||
| Adjusted EBITDA | 12,511,478 | 4,304,263 | ||||||
| Adjusted net profit/(loss) | Three months ended | |||||||
| Mar 31, 2015 | Mar 31, 2014 | |||||||
| Net profit / (loss) | 5,067,283 | (413,452) | ||||||
| Share based compensation (non-cash) | 352,338 | 353,855 | ||||||
| Adjusted net profit / (loss) | 5,419,621 | (59,597) | ||||||
| Adjusted net earnings / (loss) per share, basic and diluted | 0.209 | (0.003) | ||||||
| Weighted average number of shares outstanding, basic and diluted | 25,980,600 | 19,858,333 | ||||||
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, 212-477-8438
Fax: 212-477-8636
lberman@igbir.com
or
Mr. Bryan Degnan, 646-673-9701
Fax: 212-477-8636
bdegnan@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
