Ardmore Shipping has the firepower to grow its fleet after significant strengthening of its balance sheet this year, analysts say.
New York-listed Ardmore, which booked a profit in line with Wall Street expectations this week, is well set to add to its fleet, according to Fotis Giannakoulis of Morgan Stanley.
Ardmore finished the first quarter with $47m in cash, with the sale of two chemical tankers swelling its cash pile to $60m and raising its liquidity to over $100m, the analyst says.
