Ardmore Shipping Corporation Announces Financial Results for Second Quarter 2013

  Ardmore Shipping Corporation Announces Financial Results for Second Quarter
  2013

Business Wire

CORK, Ireland -- August 26, 2013

Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore” or the “Company) today
announced results for the three and six months ended June 30, 2013. A summary
of the recent and second quarter highlights are as follows:

Highlights

  *The Company raised $140 million of gross proceeds in its initial public
    offering (“IPO”) of common stock, par value $0.01, which closed on August
    6, 2013. In connection with its IPO, the Company listed its common stock
    on the New York Stock Exchange and trading commenced on August 1, 2013.
  *Signed contracts for the construction of ten newbuildings at yards in
    South Korea and Japan which are expected to be delivered in 2014 and 2015
    for a total of $319.8 million, increasing the Ardmore fleet to 20 ships
    consisting of eight vessels in operation and 12 vessels on order.
  *Entered into a commercial management arrangement with Mansel Limited, a
    subsidiary of the Vitol Group, for employment of six eco-design MR product
    tankers.
  *Accepted delivery of the Company’s second newbuilding, the Ardmore
    Seaventure from SPP Shipbuilding Co. Ltd, which commenced employment under
    a one year time charter with Cargill International S.A. (“Cargill”).
  *Renewed the time charter for the Ardmore Seafarer in July, for one year at
    an increased rate with Itochu Enex Co. Ltd.
  *Entered into a commercial management arrangement with Nordic Womar Pte Ltd
    to spot charter the Ardmore Centurion in chemical and product trades.
  *Reported adjusted EBITDA of $3.0 million (see Non-GAAP Measures section
    below) in the three months ended June 30, 2013, an increase of $0.9
    million from the three months ended June 30, 2012. The Company reported an
    adjusted net loss of $0.7 million (see Non-GAAP Measures section below),
    or $0.04 basic and diluted adjusted loss per share, for the three months
    ended June 30, 2013. Including IPO related expenses and deferred finance
    fees written off in the period, the net loss was $1.2 million, or $0.07
    basic and diluted loss per share, for the period.

Anthony Gurnee, the Company’s Chief Executive Officer commented:

“It is my pleasure to present Ardmore’s first earnings release as a public
company and to outline a number of significant transactions concluded in the
past few weeks. We are pleased with Ardmore’s successful listing on New York
Stock Exchange on August 1, 2013 and the calibre of investors who chose to
participate in the offering. We believe it is a highly opportune time to
invest in our sectors and we look forward to building the value of Ardmore for
our investors.

“As part of our expansion, we are pleased to announce a commercial management
arrangement with Mansel Limited, the in-house shipping arm of Vitol SA. The
arrangement is for the employment of six MR product tankers on a pooling and
time charter basis. Ardmore’s chartering policy is to balance time charters
and spot employment with customers having large cargo volumes in an effort to
maximise commercial flexibility, manage cash flow visibility, and provide
shareholders with upside in an improving market. The arrangement with Mansel
is a significant step for Ardmore given Vitol’s strong position in the global
oil market. We look forward to providing Vitol with high quality service with
these brand new, fuel efficient vessels.”

Mr Gurnee continued: “We are very satisfied with Ardmore’s progress in
furtherance of our business strategy by adding ten newbuildings to the fleet
in recent weeks at attractive prices from high quality yards. Our recent
orders increase our total fleet to 20 ships which consists of approximately
80% MR tankers by cargo capacity. As a consequence, we believe that Ardmore is
well positioned to take advantage of improvements in the charter market for
both products and chemicals.”

Summary of Recent and Second Quarter Events

Initial Public Offering

On August 6, 2013, the Company completed its IPO of 10,000,000 shares of its
common stock, par value $0.01, at $14.00 per share. The gross proceeds to the
Company from the IPO were $140 million before deducting underwriting discounts
and commission and IPO related expenses. The underwriters have an
over-allotment option to purchase up to an additional 1,500,000 shares at
$14.00 per share which expires on August 30, 2013.

Commercial Arrangement with Vitol Group companies

In July 2013, Ardmore agreed to terms for a commercial arrangement for the
employment of six MR product tankers with Mansel Limited. Two of the vessels
will be employed on a time charter arrangement and four vessels will be
employed under a commercial pooling arrangement. All six vessels will operate
as part of Mansel’s MR product tanker fleet.

Mansel Limited is the commercial shipping arm of Vitol SA, one of the largest
independent energy trading companies. Mansel’s activities complement the core
cargo flows and it seeks to maximise utilization of its fleet through access
to third party and internal cargos.

Vessel Acquisitions

SPP Shipbuilding Co. Ltd – Four Newbuildings

On July 16, 2013, Ardmore agreed to acquire two 50,300 Dwt IMO 3 eco-design
product tankers ordered from SPP Shipbuilding Co. Ltd, South Korea. (“SPP”).
On August 8, 2013, the Company exercised options on two additional 50,300 Dwt
IMO 3 eco-design product tankers. The four vessels have a total contract cost
of approximately $136,400,000 inclusive of ballast water treatment systems.
Ardmore expects to take delivery of these vessels from SPP commencing in the
first quarter 2015.

Hyundai Mipo Dockyard Co. Ltd – Two Newbuildings

On August 14, 2013, Ardmore executed contracts for the construction of two
37,000 Dwt IMO 2 eco-design chemical tankers ordered from Hyundai Mipo
Dockyard Co. Ltd, South Korea (“HMD”) for approximately $32.7 million each
with options for further equipment upgrades. As part of the contracts, Ardmore
has also negotiated fixed price options for additional vessels. Ardmore
expects to take delivery of the contracted vessels in the fourth quarter 2014
or in the first quarter 2015.

Fukuoka Shipbuilding Co. Ltd – Four Newbuildings

On August 21, 2013, Ardmore executed contracts for the construction of four
25,000 Dwt IMO 2 eco-design chemical tankers ordered from Fukuoka Shipbuilding
Co. Ltd., Japan (“Fukuoka”) for a total contract price of approximately
$118,000,000. As part of the contracts, Ardmore has also negotiated fixed
price options for additional vessels. Ardmore expects to take delivery of the
contracted vessels between fourth quarter 2014 and fourth quarter 2015.

Vessel Deliveries

On June 7, 2013, the Company took delivery of the Ardmore Seaventure. This
vessel is built to the latest eco-design and includes upgrades for further
improvements to enhance fuel efficiency. The Ardmore Seaventure began
employment on a one-year time charter with Cargill at a rate of $19,500 per
day for the first 60 days and $15,100 thereafter. Cargill is an international
producer and marketer of food, agricultural, financial and industrial products
and services.

Vessel Employment

In July 2013, the Company renewed the time charter for the Ardmore Seafarer at
an improved rate of $13,750 per day. In addition, the charter rate includes a
performance bonus of up to $250 per day. The new charter is scheduled to
expire in July 2014.

On August 3, 2013 following redelivery of the Ardmore Centurion from previous
charterers, the Company delivered the vessel to Nordic Womar Pte Ltd to
operate it under a third party spot chartering arrangement. The third party
spot chartering arrangement does not have a fixed expiration period.

Financing

On April 2, 2013, Ardmore entered into a capital lease agreement (bareboat
charter) for the Ardmore Calypso and Ardmore Capella. In connection with the
transaction, $17.9 million of outstanding senior debt was repaid in full. The
capital lease is scheduled to expire in 2018 and includes a mandatory purchase
obligation. The total amount financed under the capital lease arrangement was
$31.5 million.

Results for the six months ended June 30, 2013 and 2012

For the six months ended June 30, 2013, the Company had an adjusted EBITDA
(see Non-GAAP Measures section below) of $5.5 million, an increase of $2.2
million from the six months ended June 30, 2012. The Company had an adjusted
net loss (see Non-GAAP Measures section below) of $0.7 million, or $0.04 basic
and diluted loss per share, excluding $0.4 million of fees and expenses
incurred in connection with our IPO and $0.2 million of deferred finances fees
written off in relation to the repayment of senior loan facilities on two
vessels. This compared to an adjusted net loss of $1.7 million for the six
months ended June 30, 2012 or $0.10 basic and diluted loss per share.

On an unadjusted basis, the Company reported a net loss of $1.2 million, or
$0.07 basic and diluted loss per share, for the six months ended June 30,
2013, as compared to a net loss of $1.7 million, or $0.10 basic and diluted
loss per share, for the six months ended June 30, 2012.

Results for the three months ended June 30, 2013 and 2012

For the three months ended June 30, 2013, the Company had an adjusted EBITDA
(see Non-GAAP Measures section below) of $3.0 million, an increase of $0.9
million from the three months ended June 30, 2012. The Company had an adjusted
net loss (see Non-GAAP Measures section below) of $0.7 million, or $0.04 basic
and diluted loss per share, excluding $0.4 million of non-recurring fees and
expenses incurred in connection with our initial public offering (“IPO”) and
$0.2 million of deferred finances fees written off in relation to the
repayment of senior loan facilities on two vessels. This compared to an
adjusted net loss of $0.5 million for the three months ended June 30, 2012, or
$0.03 basic and diluted loss per share.

On an unadjusted basis, the Company reported a net loss of $1.2 million, or
$0.07 basic and diluted loss per share, for the three months ended June 30,
2013 as compared to a net loss of $0.5 million, or $0.03 basic and diluted
loss per share, for the three months ended June 30, 2012.

Management’s Discussion and Analysis of Financial Results

Revenue for the three months ended June 30, 2013 was $8.3 million, an increase
of $1.3 million, or 18.6%, from $7.0 million for the three months ended June
30, 2012. Product tanker revenue was $5.6 million for the three months ended
June 30, 2013, an increase of $2.1 million, or 61.6%, from $3.5 million for
the three months ended June 30, 2012. The increase primarily relates to
additional revenue attributable to the Ardmore Seavaliant and Ardmore
Seaventure, which were delivered to us on February 27, 2013 and June 7, 2013,
respectively. Chemical tanker revenue on owned vessels was $2.8 million for
the three months ended June 30, 2013, as compared to $2.8 million for the
three months ended June 30, 2012. Ardmore previously chartered-in two chemical
tankers, the Hellespont Crusader and the Hellespont Commander, commencing on
May 12, 2011 and July 17, 2011, respectively. These vessels were redelivered
to the owner on May 29, 2012 and June 23, 2012. These chartered-in vessels
contributed $0 to revenue for the three months ended June 30, 2013 and
contributed $0.8 million to revenue for the three months ended June 30, 2012.

Commissions and voyage related costs were $0.15 million for the three months
ended June 30, 2013, a decrease of $0.02 million, or 12%, from $0.17 million
for the three months ended June 30, 2012.

Vessel operating expenses were $4.4 million for the three months ended June
30, 2013, an increase of $1.0 million, or 29.2%, from $3.4 million for the
three months ended June 30, 2012. Fleet operating costs per day (defined under
Unaudited Other Operating Data below) were $6,443 for the three months ended
June 30, 2013, an increase of $458, or 7.7%, from $5,985 for the three months
ended June 30, 2012. The increase in vessel operating expenses primarily
relates to additional vessels in operation and timing of vessel expenses.

We did not incur any charter hire costs during the three months ended June 30,
2013 as we redelivered our chartered-in vessels on May 29, 2012 and June 23,
2012, respectively. Charter hire costs were $0.8 million in the three months
ended June 30, 2012.

Depreciation expense for the three months ended June 30, 2013 was $2.0
million, an increase of $0.4 million, or 25% from $1.6 million for the three
months ended June 30, 2012. The increase is due to an increase in the average
number of owned vessels to 7.2 from 6.0 for the three months ended June 30,
2013 and 2012, respectively, as a result of the delivery of the Ardmore
Seavaliant and Ardmore Seaventure. Amortization of deferred drydock
expenditure for the three months ended June 30, 2013 was $0.4 million, an
increase of $0.4 million from $0 for the three months ended June 30, 2012.
There were no vessels drydocked by Ardmore prior to June 30, 2012.

General and administrative expenses for the three months ended June 30, 2013
were $1.2 million, an increase of $0.5 million, or 71% from $0.7 million for
the three months ended June 30, 2012. The increase is primarily due to
IPO-related costs of approximately $0.4 million incurred in the three months
ended June 30, 2013.

Interest expense and finance costs, which include loan interest, capital lease
interest and amortization of deferred financing fees, were $1.4 million for
the three months ended June 30, 2013, an increase of $0.4 million, or 40% from
$1.0 million for the three months ended June 30, 2012. The variance was driven
by an increase in our average debt balance due to the delivery of two vessels
(the Ardmore Seavaliant and Ardmore Seaventure), additional interest costs
associated with the capital lease facility for the Ardmore Calypso and Ardmore
Capella executed in April 2013 and a write-off of $0.2 million of deferred
financing fees upon the repayment of senior debt in connection with the
capital lease. These increases were partially offset by a decrease in interest
costs associated with our revolving credit facility and an increase in the
amount of capitalized interest.

Liquidity

As of June 30, 2013, the Company had $9.9 million in cash and $50.0 million
available to draw down from its revolving credit facility. Following
completion of the IPO, the Company had approximately $138.3 million in cash as
at August 6, 2013. The revolving credit facility was repaid and discontinued
in conjunction with the IPO.

The following debt and capital lease liabilities were outstanding as of June
30, 2013:

                                    As at
                                              Jun 30, 2013    Dec 31, 2012
Debt                                  $       93,410,000         67,100,000
Capital Leases                                31,140,399         -
Revolving Credit                              -                  -
Facility
Total                                 $       124,550,399        67,100,000

Dividend Policy

Ardmore currently intends to pay our stockholders quarterly dividends of $0.10
per share, or $0.40 per share per year. The Company expects to pay an initial
dividend of $0.066 per share commencing in November 2013.

Conference Call

The Company will have a conference call on Monday August 26, 2013 at 11.00 AM
Eastern Daylight Time. Participants should dial into the call 10 minutes
before the scheduled time using the following numbers: 888-539-3678 (U.S.)
or719-457-2648 (International). The conference participant passcode is
8898817. To access the live webcast please visit: www.ardmoreshipping.com. 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
8898817 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 Corporation, a company incorporated in the Republic of the
Marshall Islands, provides seaborne transportation of petroleum products and
chemicals worldwide to oil majors, national oil companies, oil and chemical
traders, and chemical companies, with our modern, fuel-efficient fleet of
mid-size product and chemical tankers. Our fleet consists of 20 vessels
including eight in operation and 12 on order with deliveries expected to begin
in January 2014. We are strategically focused on modern, fuel-efficient
mid-size product and chemical tankers. Our fuel-efficient operations are
designed to enhance our investment returns and provide value-added service to
our customers.

       Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation
            Unaudited Condensed Interim Consolidated Balance Sheet
             (Expressed in U.S. Dollars, unless otherwise stated)

                                           As at
ASSETS                                                                 Jun 30,        Dec 31,
                                                                       2013              2012
Current
assets
Cash and
cash                                                               $   9,855,950         15,334,123
equivalents
Receivables,                                                           874,991           864,386
trade
Working
capital                                                                939,119           1,573,955
advances
Prepayments                                                            372,336           223,471
Advances and                                                           987,595           423,703
deposits
Other                                                                  198,491           498,259
receivables
Amounts due
from related                                                           -                 -
parties
Inventories                                                            977,694           666,240
Total
current                                                                14,206,176        19,584,137
assets
                                                                                                     
Non-current
assets
Vessels and
vessel                                                                 201,614,852       125,478,619
equipment,
net
Deferred dry
dock                                                                   2,054,425         2,517,789
expenditure,
net
Vessels
under                                                                  16,518,150        29,012,560
construction
Other
non-current                                                            589,555           133,147
assets, net
Deferred
finance                                                                3,975,959         3,234,216
charges, net
Total
non-current                                                            224,752,941       160,376,331
assets
                                                                                        
TOTAL ASSETS                                                           238,959,117       179,960,468
                                                                                                     
LIABILITIES
AND EQUITY
Current
liabilities
Payables,                                                              4,340,317         2,514,052
trade
Charter
revenue                                                                1,241,426         851,045
received in
advance
Other                                                                  466,249           1,867
payables
Amounts due
to related                                                             600,000           600,000
parties
Accrued
interest on                                                            594,004           502,515
loans
Short-term
revolving                                                              -                 -
credit
facility
Current
portion of                                                             9,100,000         6,819,918
long-term
debt
Current
portion of
capital                                                                1,519,486         -
lease
obligations
Total
current                                                                17,861,482        11,289,397
liabilities
                                                                                                     
Non-current
liabilities
Non-current
portion of                                                             84,310,000        60,280,082
long-term
debt
Non-current
portion of
capital                                                                29,620,913        -
lease
obligations
Total
non-current                                                            113,930,913       60,280,082
liabilities
                                                                                                     
Equity
Share                                                                  100               100
capital
Additional
paid in                                                                117,078,877       117,073,252
capital
Accumulated                                                            (9,912,255)       (8,682,363)
deficit
Total equity                                                           107,166,722       108,390,989
                                                                                        
TOTAL
LIABILITIES                                                        $   238,959,117       179,960,468
AND EQUITY

       Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation
        Unaudited Condensed Interim Statement of Comprehensive Income
             (Expressed in U.S. Dollars, unless otherwise stated)

                   Three months ended              Six months ended
                     Jun 30,           Jun 30,                                    Jun
                     2013           2012             Jun 30, 2013           30,
                                                                                  2012
REVENUE                                                                 
Revenue          $   8,345,281         7,034,352        15,620,366          13,813,091
                                                                                        
OPERATING
EXPENSES
Commissions
and voyage           148,346           166,157          324,082             329,048
related costs
Vessel
operating            4,353,343         3,368,285        8,230,152           7,038,831
expenses
Charter hire         -                 790,553          -                   1,699,942
costs
Depreciation         2,024,909         1,552,632        3,728,926           3,103,688
Amortization
of deferred          365,526           -                714,422             -
dry dock
expenditure
General and
administrative       1,235,520         685,270          1,897,536           1,406,475
expenses
Total
operating            8,127,644         6,562,897        14,895,118          13,577,984
expenses
                                                                         
Profit from          217,637           471,455          725,248             235,107
operations
                                                                                        
Interest
expense and          (1,400,413)       (963,585)        (1,942,949)         (1,959,998)
finance costs
Interest             1,310             838              2,191               1,666
income
                                                                         
Loss before          (1,181,466)       (491,292)        (1,215,510)         (1,723,225)
taxes
                                                                                        
Income tax           (7,734)           (7,769)          (14,382)            (15,541)
                                                                         
Net loss             (1,189,200)       (499,061)        (1,229,892)         (1,738,766)
                                                                                        
Other
comprehensive        -                 -                -                   -
income
                                                                         
Comprehensive    $   (1,189,200)       (499,061)        (1,229,892)         (1,738,766)
loss
                                                                                        
Loss per
share, basic     $   (0.15)            (0.06)           (0.15)              (0.22)
and diluted
Weighted average
number of shares,
basic and diluted
(Pro forma giving    8,050,000         8,050,000        8,050,000           8,050,000
effect to the
pre-IPO
reorganisation)
                                                                                        
Loss per
share, basic     $   (0.07)            (0.03)           (0.07)              (0.10)
and diluted
Weighted average
number of shares,
basic and diluted    18,050,000        18,050,000       18,050,000          18,050,000
(Pro forma post
completion of the
IPO)

       Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation
             Unaudited Condensed Interim Statement of Cash Flows
             (Expressed in U.S. Dollars, unless otherwise stated)

                                        Six months ended
                                                                Jun 30, 2013  Jun 30,
                                                                               2012
OPERATING
ACTIVITIES
Net loss                                                      $ (1,229,892)    (1,738,766)
Non-cash
items:
Share based                                                     5,625          5,625
compensation
Depreciation                                                    3,728,926      3,103,688
Amortization
of deferred                                                     714,422        -
dry dock
expenditure
Amortization
of deferred                                                     420,882        149,270
finance
charges
Changes in
operating
assets and
liabilities:
Receivables,                                                    (10,605)       (87,928)
trade
Working
capital                                                         634,836        553,842
advances
Prepayments                                                     (148,865)      (701,533)
Advances and                                                    (563,892)      (139,861)
deposits
Other                                                           299,768        253,166
receivables
Inventories                                                     (311,454)      43,535
Payables,                                                       1,826,265      424,655
trade
Charter
revenue                                                         390,381        19,096
received in
advance
Other                                                           14,382         (34,800)
payables
Amounts due
to related                                                      -              (149,700)
parties
Accrued
interest on                                                     91,489         96,413
loans
Deferred dry
dock                                                            (251,058)      (405,538)
expenditure
Net cash
provided by                                                     5,611,210      1,391,164
operating
activities
                                                                               
INVESTING
ACTIVITIES
Payments for
vessels and                                                     (59,097,783)   (65,625)
equipment
Payments for
vessels                                                         (8,253,266)    (8,264,884)
under
construction
Payments for
other                                                           (26,108)       (50,247)
non-current
assets
Net cash
used in                                                         (67,377,157)   (8,380,756)
investing
activities
                                                                               
FINANCING
ACTIVITIES
Short-term
revolving                                                       -              9,900,000
credit
facility
Proceeds
from                                                            47,030,000     -
long-term
debt
Repayments
of long term                                                    (20,720,000)   (2,800,000)
debt
Proceeds
from capital                                                    31,500,000     -
leases
Repayments
of capital                                                      (359,601)      -
leases
Payments for
deferred                                                        (1,162,625)    (334,474)
finance
charges
Additional
paid in                                                         -              -
capital
Net cash
provided by                                                     56,287,774     6,765,526
financing
activities
                                                                              
Net movement
in cash and                                                     (5,478,173)    (224,066)
cash
equivalents
                                                                               
Cash and cash equivalents at the                                15,334,123     5,460,304
beginning of the period
                                                                              
Cash and cash equivalents at the end                          $ 9,855,950      5,236,238
of the period

       Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation
                        Unaudited Other Operating Data
             (Expressed in U.S. Dollars, unless otherwise stated)

                 Three months ended           Six months ended
                   Jun 30,      Jun 30,         Jun 30,      Jun 30,
                   2013            2012            2013            2012
                                                                             
ADJUSTED       $   2,960,572       2,024,386       5,521,096       3,338,795
EBITDA^1
                                                                             
AVERAGE
DAILY DATA
Fleet time
charter            12,706          11,141          12,932          10,918
equivalent
per day
Fleet
operating          6,443           5,985           6,471           6,276
costs per
day
                                                                             
MR Tankers
“Eco-design”
TCE^2 per          16,417          -               16,556          -
day
Vessel
operating          6,079           -               6,049           -
costs^3 per
day
                                                                             
MR Tankers
“Eco-Mod"
TCE^2 per          13,698          13,119          13,726          13,300
day
Vessel
operating          6,789           6,243           6,654           6,400
costs^3 per
day
                                                                             
Chemical
Tankers
“Eco-Mod”
TCE^2 per          10,183          9,777           11,170          9,335
day
Vessel
operating          6,248           5,728           6,400           6,152
costs^3 per
day
                                                                             
FLEET
Average
number of          7.2             6.0             6.8             6.0
owned
vessels
Average
number of          -               1.4             -               1.5
chartered
vessels

(1) Adjusted EBITDA is reconciled under the “Non-GAAP Measures” section below.

(2) Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or
gross pool rate, as appropriate, per revenue day plus CVE.

(3) Vessel operating costs per day are routine operating expenses and
comprise, crewing, repairs and maintenance, insurance, stores, lube oils,
communication costs and technical management fees. They do not include
additional costs related to upgrading or enhancement of the vessels that are
not capitalized.

                         Ardmore Shipping Corporation
                      Fleet List as of August 26th, 2013

VESSEL NAME   TYPE      DWT      IMO  DELIVERY  BUILT  FLAG  EMPLOYMENT  SPECIFICATION
In Operation
Ardmore        Product    49,999    3     Feb-13     Korea   MI     Time         Eco-Design
Seavaliant^1                                                        Charter
Ardmore        Product    49,999    3     Jun-13     Korea   MI     Time         Eco-Design
Seaventure^2                                                        Charter
Ardmore        Product    45,840    -     Sep-04     Japan   MI     Time         Eco-Mod
Seamaster^3                                                         Charter
Ardmore        Product    45,744    -     Aug-04     Japan   MI     Time         Eco-Mod
Seafarer^4                                                          Charter
Ardmore        Product    47,141    -     Dec-02     Japan   MI     Time         Eco-Mod
Seatrader^5                                                         Charter
Ardmore        Chemical   29,006    2     Nov-05     Korea   MI     Time         Eco-Mod
Centurion^6                                                         Charter
Ardmore        Chemical   17,589    2     Jan-10     Korea   MI     Pool         Eco-Mod
Calypso^7
Ardmore        Chemical   17,567    2     Jan-10     Korea   MI     Pool         Eco-Mod
Capella^7
                                                                                               
On Order
SPP Hull       Product    49,999    3     1Q14       Korea   MI     Time         Eco-Design
S-5118^8                                                            Charter
SPP Hull       Product    49,999    3     1Q14       Korea   MI     Time         Eco-Design
S-5119^8                                                            Charter
SPP Hull TBA   Product    50,300    3     1Q15       Korea   MI     TBD          Eco-Design
#1^9
SPP Hull TBA   Product    50,300    3     2Q15       Korea   MI     TBD          Eco-Design
#2^9
SPP Hull TBA   Product    50,300    3     3Q15       Korea   MI     TBD          Eco-Design
#3^9
SPP Hull TBA   Product    50,300    3     3Q15       Korea   MI     TBD          Eco-Design
#4^9
HMD Hull       Chemical   37,000    2     4Q14       Korea   MI     TBD          Eco-Design
2480^10
HMD Hull       Chemical   37,000    2     4Q14       Korea   MI     TBD          Eco-Design
2481^10
FKA Hull       Chemical   25,000    2     4Q14       Japan   MI     TBD          Eco-Design
2062^11
FKA Hull       Chemical   25,000    2     1Q15       Japan   MI     TBD          Eco-Design
2063^11
FKA Hull       Chemical   25,000    2     3Q15       Japan   MI     TBD          Eco-Design
2065^11
FKA Hull       Chemical   25,000    2     4Q15       Japan   MI     TBD          Eco-Design
2067^11
                                                                                               
Total          20         778,083

           On charter for one year at a rate of $17,000 per day for the first
  (1)   60 days plus $15,000 per day thereafter, expiring in February
           2014. CVE income is $1,500 per month.
           On charter for one year at a rate of $19,500 per day for the first
    (2)    60 days plus $15,100 per day thereafter, expiring in June 2014.
           CVE income is $1,500 per month.
    (3)    On charter for three years at a rate of $14,175 per day, expiring
           October 2013. CVE income is $1,500 per month.
           On charter for one year at a rate of $13,750 per day plus a
    (4)    performance bonus of up to $250 per day, expiring July 2014. CVE
           income is $1,000 per month.
           On charter for ten months at a rate of $13,500 per day, expiring
    (5)    in December 2013 with an option to extend for a further eight
           months at a rate of $14,250 per day. CVE income is $1,500 per
           month.
    (6)    Employed under a third party spot chartering arrangement.
    (7)    Employed in a third party commercial pool for chemical tankers.
           SPP Shipbuilding Hull S-5118 / S-5119 are due to deliver from SPP
           Shipbuilding Co. Ltd in January 2014 and following delivery they
    (8)    will be employed on a one year time charter with Mansel Ltd at a
           rate of $15,600 per day with charterers options for years two and
           years three, at rates to be agreed.
           SPP Hull #1, #2, #3 and #4 are due commence delivery from SPP
    (9)    Shipbuilding Co. Ltd, in April 2015 and following delivery they
           will be employed under a third party spot chartering arrangement
           with Mansel Ltd as part of Mansel’s pooling operations.
           HMD Hull 2480 and Hull 2481 are due commence delivery from Hyundai
           Mipo Dockyard Co. Ltd, South Korea in the fourth quarter of 2014
    (10)   or in the first quarter of 2015 and following delivery it is
           envisioned they will be deployed on a one year time charter or in
           the spot market.
           FKA Hull 2062, Hull 2063, Hull 2065 and Hull 2067 are due to
    (11)   commence delivery from Fukuoka Shipbuilding Co. Ltd, Japan in
           November 2014 and following delivery it is envisioned they will be
           deployed on a one year time charter or in the spot market.

Non-GAAP Measures

This press release describes adjusted net loss and adjusted EBITDA which are
not measures prepared in accordance with U.S. GAAP.These Non-GAAP measures
are presented in this press release as we believe that they provide investors
with a means of evaluating and understanding how the Company'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.

Adjusted net loss:

               Three months ended              Six months ended
                 Jun 30,        Jun 30,          Jun 30,        Jun 30,
                 2013              2012             2013              2012
Net loss     $   (1,189,200)       (498,763)        (1,229,892)       (1,738,766)
IPO
related          352,500           -                352,500           -
fees and
expenses
Deferred
finance          179,816           -                179,816           -
fee write
off
Adjusted         (656,884)         (498,763)        (697,576)         (1,738,766)
net loss
                                                                                  
Adjusted
loss per
share,           (0.04)            (0.03)           (0.04)            (0.10)
basic and
diluted
Weighted
average
number of
shares,
basic and
diluted          18,050,000        18,050,000       18,050,000        18,050,000
(Pro forma
post
completion
of the
IPO)

Adjusted EBITDA:

                              Three months ended                         Six months ended                       
                                             Jun 30,            Jun 30,                 Jun 30,            Jun 30,
                                             2013                      2012                    2013                      2012
Net loss                             $       (1,189,200)               (498,763)               (1,229,892)               (1,738,766)
Interest                                     (1,310)                   (838)                   (2,191)                   (1,666)
income
Interest
expense and                                  1,400,413                 963,586                 1,942,949                 1,959,998
finance
costs
Income tax                                   7,734                     7,769                   14,382                    15,541
Depreciation                                 2,024,909                 1,552,632               3,728,926                 3,103,688
Amortization
of deferred                                  365,526                   -                       714,422                   -
dry dock
expenditure
IPO related
fees and                                     352,500                   -                       352,500                   -
expenses
Adjusted                             $       2,960,572                 2,024,386               5,521,096                 3,338,795
EBITDA

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, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe 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 our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
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 us, 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
our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our 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, potential liability from pending or future
litigation, 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
our filings with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Contact:

Investor Relations Enquiries:
The IGB Group
Mr Leon Berman
Tel: 212-477-8438
Fax: 212-477-8636
Email: lberman@igbir.com
 
Press spacebar to pause and continue. Press esc to stop.