Ardmore Shipping Announces Acquisition of Two MR Product Tankers

  Ardmore Shipping Announces Acquisition of Two MR Product Tankers

Business Wire

HAMILTON, Bermuda -- June 10, 2014

Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today
announced the acquisition of two second-hand 47,500 Dwt MR product tankers
built in 2008 at Onomichi Dockyard Co. Ltd., Japan for a purchase price of $23
million each.

The vessels are expected to deliver to Ardmore between July and October 2014
and are intended to be employed either in the spot market or on time charters.
Upon delivery, Ardmore’s fleet will stand at 24 vessels, with 14 in operation
and 10 Eco-design product and chemical tanker newbuildings delivering by the
fourth quarter of 2015. The next two newbuildings are scheduled to deliver in
November 2014.

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

“We are pleased to announce the acquisition of these modern MR product tankers
at attractive prices. The vessels are Japanese-built and very fuel-efficient,
in line with our strategy of acquiring high-quality MRs that we can upgrade to
Eco-mod.”

Mr. Gurnee continued, “The delivery of these vessels will expand our operating
fleet and provide an immediate positive contribution to Ardmore’s earnings. By
continuing to supplement our newbuilding program with accretive acquisitions
of modern, in-the-water vessels, we are capitalizing on the attractive, cash
flow-generating opportunities that exist in the near term while also
strengthening the Company’s ability to benefit from the long-term fundamentals
of the product and chemical tanker markets.”

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 websitewww.ardmoreshipping.com,
which is not a part of this press release.

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, 212-477-8438
Fax: 212-477-8636
lberman@igbir.com
 
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