ASC - Ardmore Shipping announces sale and time-charter back of vessels

Ardmore Shipping (NYSE:ASC) has agreed terms for the sale of three 2008-built MR product tankers to Leonhardt & Blumberg for an aggregate price of $40M. Following completion of the sales and the prepayment of financing associated with the vessels, the transaction will generate net cash of ~$15M to Ardmore, which will be used for general corporate purposes. Anthony Gurnee, Ardmore's Chief Executive Officer, commented on the announcement: "We are very pleased to work with Leonhardt & Blumberg for a sale and charter-back on three of our MR tankers. The sale is consistent with Ardmore's capital allocation policy while also maintaining our commercial scale and earnings upside. Leonhardt & Blumberg is a world-class private shipping group and an excellent industry partner for Ardmore Shipping, and we look forward to working with them on future potential business opportunities."

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Ardmore Shipping announces sale and time-charter back of vessels