Ardmore Shipping has exercised its final two options for tanker construction at China's Wuhu Shipyard. The company's fleet renewal program now includes six product and chemical tankers with a total value of approximately $269.4 million.
The New York-listed company has ordered two additional handysize tankers, each with a deadweight capacity of 40,500 tonnes. The new pair is being built on terms similar to the contracts for the four vessels ordered previously. Ardmore now has no remaining options.
Deliveries of the entire series are scheduled to begin in late 2028.
Program Expansion
The partnership with Wuhu Shipyard began in April, when Ardmore placed a firm order for two vessels at $44.9 million each and secured options for two additional tankers. The stated price included approximately $3 million per vessel for full IMO 2 specification compliance and MarineLine cargo tank coatings.
This equipment will enable the tankers to carry both clean petroleum products and chemical cargoes subject to more stringent requirements.
In June, Ardmore exercised the first pair of options, increasing the order to four vessels, and secured rights to build two more tankers on comparable terms. Based on the cost of the initial vessels, investment in the latest pair will amount to approximately $89.8 million.
The tanker series at Wuhu Shipyard has become the centerpiece of Ardmore's fleet renewal program. At the same time, the company is taking advantage of strong secondhand market prices: earlier this year, it agreed to sell a 2014-built MR tanker for $35.5 million.
GLOAPM.COM