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Overview
 12 Months Ended
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 .