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Ardmore Shipping completes debts financing and vessel sale

Ardmore Shipping has announced that the company has taken delivery of the first three of six product tankers that it agreed to acquire in June, The Ardmore Endurance, Ardmore Explorer and Ardmore Engineer.

In the meantime, Ardmore Shipping has completed debt financing for the six vessels.

Four of the vessels are being financed through a new $71.3m senior debt facility with ABN AMRO. The facility is an amortizing senior term loan with a final maturity date in 2023.

The remaining two vessels have been added to the existing credit facility with ABN AMRO and DVB Bank, which was completed in January 2016. The facility has been upsized by $36.6m, and NIBC Bank has agreed to join ABN AMRO and DVB Bank as lenders under the facility.

The company also announced that it has agreed to sell the product tanker Ardmore Centurion for a price of $15.7m. The vessel is expected to deliver to the buyer in late September 2016.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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