Ardmore Shipping signed a sale-and-leaseback deal for its oldest vessel to raise a “small but meaningful” amount to debt, its chief executive says.
New York-listed Ardmore said in its quarterly report that the transaction involving the 47,000-dwt Ardmore Seatrader (built 2002) had generated $9.3m in working capital.
Anthony Gurnee explains the ship is the third Ardmore vessel involved in a sale-and-leaseback after the 17,600-dwt IMO2 Ardmore Calypso and Ardmore Capella (both built 2010), which have since been sold.
