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Overview | 12 Months Ended
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Dec. 31, 2013
Overview [Abstract] |
Overview | 1. Overview 1.1. Background Ardmore Shipping Corporation (NYSE: ASC) (“ASC”) and subsidiaries (collectively “Ardmore” or “the Company”) is an international marine transportation company. Ardmore was established to acquire and operate a high quality fleet of tanker vessels. As at December 31, 2013 Ardmore had eight vessels in operation, twelve vessels under construction and was awaiting delivery of one recently acquired second-hand vessel. The average age of Ardmore’s operating fleet at December 31, 2013 is 5.9 years. All of Ardmore’s vessels are double-hulled and are engaged in the transportation of refined oil and chemical products. All the vessels are subject to IMO (International Maritime Organization) regulations including MARPOL (the International Convention for the Prevention of Pollution from Ships) and regulations of major oil and energy-related companies and other relevant international standards. 1.2. Management and organizational structure Ardmore Shipping Corporation (“ASC”) was incorporated in the Republic of the Marshall Islands on May 14, 2013 as a wholly owned subsidiary of GA Holdings LLC, a limited liability company incorporated in the Marshall Islands. On August 6, 2013, the Company completed its initial public offering (“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 commissions and IPO related expenses. Prior to the initial public offering of ASC’s common stock, GA Holdings LLC exchanged all of the shares of its wholly owned subsidiary, Ardmore Shipping LLC (“ASLLC”), for 8,049,500 additional shares of ASC and ASLLC became a wholly owned subsidiary of ASC (“the Reorganization”). The financial statements have been retroactively adjusted to reflect the issuance of 8,049,500 shares in connection with the Reorganization. Immediately following the IPO, GA Holdings LLC held 44.6% of the common stock of the Company, with the remaining 55.4% held by public investors. 1.3. Vessels Ardmore’s fleet as of December 31, 2013 comprises the following:
Vessel Name | Type |  | Dwt |  |  | Imo |  | Built Date | Built Country | Employment | Specification
In Operation |  |  |  |  |  |  |  |  |  |  |
Ardmore Seavaliant | Product/Chemical |  |  | 49,998 |  |  |  | 3 |  | Feb-13 | Korea | Time Charter | Eco-design
Ardmore Seaventure | Product/Chemical |  |  | 49,998 |  |  |  | 3 |  | Jun-13 | Korea | Time Charter | Eco-design
Ardmore Seatrader | Product |  |  | 47,141 |  |  |  | — |  | Dec-02 | Japan | Time Charter | Eco-mod
Ardmore Seamaster | Product/Chemical |  |  | 45,840 |  |  |  | 3 |  | Sep-04 | Japan | Time Charter | Eco-mod
Ardmore Seafarer | Product |  |  | 45,744 |  |  |  | — |  | Aug-04 | Japan | Time Charter | Eco-mod
Ardmore Centurion | Product/Chemical |  |  | 29,006 |  |  |  | 2 |  | Nov-05 | Korea | Spot | Eco-mod
Ardmore Calypso | Product/Chemical |  |  | 17,589 |  |  |  | 2 |  | Jan-10 | Korea | Pool | Eco-mod
Ardmore Capella | Product/Chemical |  |  | 17,567 |  |  |  | 2 |  | Jan-10 | Korea | Pool | Eco-mod
Awaiting delivery |  |  |  |  |  |  |  |  |  |  |  |  |
Ardmore Seamariner | Product |  |  | 45,726 |  |  |  | — |  | Oct-06 | Japan | Time Charter | Eco-mod
Vessel Name | Type |  | Dwt |  |  | Imo |  |  | Built Date |  | Built Country | Employment | Specification
On Order |  |  |  |  |  |  |  |  |  |  |  |  |
Ardmore Seavantage | Product/Chemical |  |  | 49,997 |  |  |  | 3 |  |  | Jan-14 |  | Korea | Time Charter | Eco-design
Ardmore Seavanguard | Product/Chemical |  |  | 49,998 |  |  |  | 3 |  |  | Feb-14 |  | Korea | MI | Eco-design
SPP Hull S-1162 | Product/Chemical |  |  | 50,300 |  |  |  | 3 |  |  |  | 1Q15 |  | Korea | MI | Eco-design
SPP Hull S-1163 | Product/Chemical |  |  | 50,300 |  |  |  | 3 |  |  |  | 2Q15 |  | Korea | MI | Eco-design
SPP Hull S-1171 | Product/Chemical |  |  | 50,300 |  |  |  | 3 |  |  |  | 2Q15 |  | Korea | MI | Eco-design
SPP Hull S-1172 | Product/Chemical |  |  | 50,300 |  |  |  | 3 |  |  |  | 3Q15 |  | Korea | MI | Eco-design
HMD Hull H-2480 | Product/Chemical |  |  | 37,000 |  |  |  | 2 |  |  |  | 1Q15 |  | Korea | MI | Eco-design
HMD Hull H-2481 | Product/Chemical |  |  | 37,000 |  |  |  | 2 |  |  |  | 1Q15 |  | Korea | MI | Eco-design
FKA Hull N-2062 | Product/Chemical |  |  | 25,000 |  |  |  | 2 |  |  |  | 4Q14 |  | Japan | MI | Eco-design
FKA Hull N-2063 | Product/Chemical |  |  | 25,000 |  |  |  | 2 |  |  |  | 1Q15 |  | Japan | MI | Eco-design
FKA Hull N-2065 | Product/Chemical |  |  | 25,000 |  |  |  | 2 |  |  |  | 3Q15 |  | Japan | MI | Eco-design
FKA Hull N-2067 | Product/Chemical |  |  | 25,000 |  |  |  | 2 |  |  |  | 4Q15 |  | Japan | MI | Eco-design
Total | 21 |  |  | 823,804 |  |  |  |  |  |  |  |  |  |  |  |
On February 27, 2013 Ardmore took delivery of the Ardmore Seavaliant from SPP Shipbuilding Co., Ltd, in Korea. The Ardmore Seavaliant is an IMO 3 product and chemical tanker and was employed on a one year time charter. On June 7, 2013 Ardmore took delivery of the Ardmore Seaventure from SPP Shipbuilding Co., Ltd, in Korea. The Ardmore Seaventure is an IMO 3 product and chemical tanker and was employed on a one year time charter. On October 23, 2013 Ardmore agreed to acquire a 45,726 dwt MR product tanker built in October 2006 at Minami Nippon Shipbuilding Co., Ltd., Japan, to be renamed the Ardmore Seamariner .

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