Ardmore Shipping said it sold a chemical and products tanker as it unveiled new financing to fund its purchase of six medium-range (MR) tankers from Frontline.
The New York-listed tanker owner said it sold the 29,000-dwt Ardmore Centurion (built 2005) for $15.7m.
The sale price for the STX-built ship is somewhat higher than the $11m estimate by Seasure Shipbroking’s VesselsValue database.
Meanwhile, the Ireland-headquartered company said it sealed a $71.3m senior debt facility from Amsterdam-headquartered ABN Amro to pay for the MR sextet. The loan matures in 2023.
Two others will be financed by upsizing an existing facility from ABN and Germany’s DVB Bank by $36.6m. NIBC Bank joins the lender group on the facility, which was first signed in January and which matures in 2023.
The financing came as Ardmore took delivery of the first three of the 49,500-dwt vessels, which were built in 2013 and 2014, with three more coming in the weeks to come.
“These recent acquisitions will expand our long-term earnings power, enhance our cost efficiency and lower our breakeven costs,” said chief executive Anthony Gurnee.
TradeWinds reported in June that John Fredriksen-led Frontline sold the ships to Ardmore for $173m.
