Ardmore Shipping Announces Expansion of Operating Fleet

  Ardmore Shipping Announces Expansion of Operating Fleet

  Takes Delivery of its Third Eco-design Newbuilding and 2006-built Eco-mod
                                    Tanker

Business Wire

CORK, Ireland -- January 21, 2014

Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”) today
announced that, on January 17, 2014, it took delivery of the
newbuildingArdmore Seavantage, a 49,999 Dwt IMO 3 Eco-design MR product and
chemical tanker built at SPP Shipbuilding Co., Ltd.in South Korea.Following
delivery, theArdmore Seavantage commenced operating under an existing charter
arrangement with the Vitol Group.

Ardmore also announced that on January 7, 2014 it took delivery of the
2006-builtArdmore Seamariner, a 45,726 Dwt MR product tanker built at Minami
Nippon Shipbuilding Co., Ltd. in Japan and acquired by the Company in October
2013. Following delivery, the vessel entered drydock, where it is being
upgraded to Eco-mod in conjunction with its scheduled intermediate
survey.Upon completion of the drydocking, the Ardmore Seamariner will
commence a three-month time charter at a rate of $16,050 per day.

With the addition of these two vessels, Ardmore’s fleet stands at 10 ships in
operation and 11 Eco-design MR product and chemical tankers on order, with the
next newbuilding vessel, the Ardmore Seavanguard, scheduled to deliver from
SPP in February 2014.

Ardmore also announced that it has committed the 2013-built Ardmore
Seavaliant, a 49,999 Dwt Eco-Design IMO 3 MR product and chemical tanker, to a
12-month time charter commencing February 2014 at a rate of $17,100 per day,
which represents an increase in time charter rates for Eco-design MR tankers
of approximately $2,000 per day compared to one year ago.

Additionally, in late December 2013, the Company commenced planned upgrades on
the Ardmore Centurion to improve fuel efficiency and commercial capability in
chemical trades. The upgrades will allow carriage of a broader range of cargos
and reduce cleaning time, which will enhance the vessel's earnings potential.
Following completion of the upgrade program, the Company expects that the
vessel will resume operating in product and chemical trades in late January
2014.

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

“We welcome theArdmore SeavantageandArdmore Seamarinerto our fleet. These
additions represent our commitment to well-timed growth through the
acquisition of Eco-design newbuildings and Eco-mod vessels, and our dedication
to service excellence through the operation of a modern, high quality fleet
with particular focus on fuel efficiency. Furthermore, we are pleased to have
identified a window in theArdmore Centurion’s trading schedule to complete
upgrades, thus positioning the ship to benefit more fully from an improving
product and chemical tanker market.”

Mr. Gurnee continued, “We look forward to taking delivery of the fourth
Eco-design newbuilding, Ardmore Seavanguard, from SPP next month. Upon
delivery, we will have more than 50% of our fleet on the water and generating
cash flow.”

About Ardmore Shipping Corporation:

Ardmore owns and operates a modern, fuel-efficient fleet of mid-size product
and chemical tankers. The Company is engaged in the seaborne transportation of
petroleum products and chemicals worldwide to oil majors, national oil
companies, oil and chemical traders, and chemical companies. Additional
information is available at the Company's website www.ardmoreshipping.com,
which is not a part of this press release.

Forward-Looking Statements

This press release contains certain forward-looking statements (as such term
is defined in Section 21E of the U.S. Securities Exchange Act of 1934, as
amended), which reflect management's current views with respect to certain
future events and performance, including, in particular, statements regarding:
improvement of the product and chemical tanker market; fleet growth;
newbuilding delivery dates; results of vessel upgrades; and future employment
of vessels. Although these statements are based upon assumptions the Company
believes to be reasonable, they are subject to risks and uncertainties that
may cause actual results to differ materially from those discussed in the
forward-looking statements. These risks and uncertainties include, among
others: conditions in the markets in which the Company operates; shipyard
construction delays; the financial condition and ability to perform their
obligations to the Company of shipyards, charterers, lenders and other
counterparties; and other factors detailed from time to time in the Company’s
filings with the U.S. Securities and Exchange Commission. The Company
expressly disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new information,
a change in the Company’s views or expectations, or otherwise.

Contact:

Media Enquiries:
Blue Communications
Simon Phillips, +44 (0) 1865 514214
M: +44 (0) 7760 787030
simon.phillips@blue-comms.com
or
Investor Relations Enquiries:
The IGB Group
Mr. Leon Berman, 212-477-8438
Fax: 212-477-8636
lberman@igbir.com
 
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