Ardmore Shipping, listed in New York, has sold another old tanker named Ardmore Endeavour for $34.3 million. This transaction is part of Ardmore's fleet modernization strategy and reflects the company's efforts to capitalize on the strong values of second-hand vessels.
Transaction Details
The Ardmore Endeavour tanker, built in 2013 at STX Shipbuilding in South Korea, has a capacity of 49,859 deadweight tons (dwt) and does not have a scrubber system. This transaction was completed during the third quarter of this year and finalized in October. The identity of the buyer has not been disclosed, but S&P sources have linked the vessel to the Mercan Group in Turkey.
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Fleet Modernization Strategy
Ardmore is currently expanding its new vessel construction program at Wuhu Shipyard in China and has recently activated its two final options to build six handy and chemical tankers with a capacity of 40,500 deadweight tons (dwt). This six-vessel investment is valued at approximately $269 million, with the first vessel expected to be delivered in late 2028.
The recent sale comes as the product tanker market is in a stronger position. Ardmore has stated that it has fixed about 45% of its MR tanker revenue days for the fourth quarter at an average rate of $57,600 per day, compared to an average of $27,031 in the third quarter. This rate increase indicates improved market conditions and strong demand for product tankers.
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