Ardmore, which went head to head with the unsuccessful Diamond S Shipping IPO to raise $94.5m, will quickly set the cash to work, Evercore Partners says.
“ASC has been consistently inspecting vessels since its July 2013 IPO and according to management it has recently inspected 11 second-hand MRs,” analyst Jonathan Chappell said.
“Although we will not forecast exact timing of vessel acquisitions, we would be surprised if ASC has not deployed at least part of the new capital by its 1Q14 earnings release likely to be in mid-May.
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