Ardmore Refinances Four Ships(marine crane manufacturer;offshore crane manufacturer)

- Oct 26, 2018-

As World Maritime News reported, Ardmore’s subsidiaries have signed sale and leaseback deals for the Ardmore Dauntless and Ardmore Defender with Ocean Yield. The lease agreements are for a period of 12 years and include  options to repurchase each vessel at various stages prior to maturity.

Additionally, agreements have been secured for the sale and leaseback of the Ardmore Explorer and Ardmore Encounter, two 2014-built 50,000 Dwt Eco-design MR tankers, with an undisclosed Asian financier. The lease agreements are for a period of seven years and they include purchase options as well.

Both transactions are expected to fund in October 2018, enabling the company to cash in a total of USD 19.7 million, net of fees and the repayment of senior debt secured by the vessels.

“These transactions highlight Ardmore’s strong financial relationships and our ability to identify opportunities to strengthen our balance sheet and position the company for further opportunistic growth,” Anthony Gurnee, Ardmore’s Chief Executive Officer, said.

The refinancing comes on the back of a similar deal Ardmore reported back in May for two of its 2013-built Eco-design MR product tankers. The duo secured a sale and leaseback arrangement “with a top-tier Asian financier”, the company said.

Ardmore Shipping Corporation reported a net loss of USD 13.7 million for the six months ended June 30, 2018, sinking further into the red from last year’s USD 4 million, mostly driven by challenging charter market conditions.(marine crane manufacturer;offshore crane manufacturer)



The TB series crane is designed as an electro-hydraulic driven telescopic boom crane, with integrated electro-hydraulic power unit, delivered as a complete unit ready for installation to vessels. The crane is equipped with hydraulic operated winch, hydraulic operated luffing and hydraulic operator extension and hydraulic operated slewing system.

The crane is installed with a rolled steel pedestal for bolting or welding to deck with a height of 1200mm and pedestal diameter is depend on the SWL of the crane. The standard TB crane will supply with an operator platform. Operator cabin is optional.

The crane and all it associated components / equipment shall be designed in accordance to any leading classification societies which is upon request. The crane shall be tested and adjusted ready for installation by welding or bolting to vessel deck. Power connection shall be provided for electrical supply through integrated electrical slip rings.(marine crane manufacturer;offshore crane manufacturer)