Anthony Gurnee-led Ardmore Shipping is exploring the sale of four modern chemical tankers in a move that would tighten its focus on MR product carriers.
New York-listed Ardmore is circulating the 25,200-dwt Ardmore Chinook, Ardmore Cheyenne, Ardmore Cherokee and Ardmore Chippewa (all built 2015), European shipbrokers said.
Ardmore ordered the tankers at Fukuoka Shipbuilding in Japan in 2013 in a $118m move shortly after completing its initial public offering.
The tankers could fetch between $18.5m and $20m each in today’s market, brokers say, in line with the figure VesselsValue places against the ships.
Greater MR focus
Ardmore officials declined to comment on the situation. However, a sale of the quartet would continue the company developing a greater focus on the MR tanker market.
The Fukuoka order in August 2013 is believed to be the last time Ardmore invested outside of the MR arena.
Data from VesselsValue shows that Ardmore has inked four new and 11 secondhand MRs since the final quarter of 2013. It has also divested some smaller tankers in the same period.
The company went public in July 2013 with a $140m IPO but has not been a regular issuer of capital. Ardmore bought six Frontline MR tankers in 2016 and raised $64.1m as part of that purchase.
Raising funds
However, last month Ardmore set the table to raise funds. It logged a $400m shelf filing and revealed plans for a $25m at-the-market offering handled by Evercore, Jefferies and Wells Fargo. The Cork-headquartered outfit said it would be used for general corporate purposes. The company has 25 tankers on the water, most of which are MRs. However, it does have a pair of 37,000-dwt tankers.
It last purchased a tanker in October when it bought the Onomichi-built 47,000-dwt Challenge Pearl (built 2008) for $16.5m.
