Ardmore Shipping (ASC) Announces Sale and Time-Charter Back of Vessels

Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") announced today that it has agreed terms for the sale of three 2008-built MR product tankers to Leonhardt & Blumberg for an aggregate price of $40 million. Following completion of the sales and the prepayment of financing associated with the vessels, the transaction will generate net cash of approximately $15 million to Ardmore, which will be used for general corporate purposes.

Immediately following the completion of the sales, which are expected to take place in the second quarter, Ardmore will time charter each vessel from Leonhardt & Blumberg for a minimum of two years. Completion of each of the vessel sales is subject to the satisfaction of certain conditions, including, for one vessel, a proposed closing date currently in advance of the current purchase lease option exercise date for that vessel.

Anthony Gurnee, Ardmore's Chief Executive Officer, commented on the announcement:

"We are very pleased to work with Leonhardt & Blumberg for a sale and charter-back on three of our MR tankers. The sale is consistent with Ardmore's capital allocation policy while also maintaining our commercial scale and earnings upside. Leonhardt & Blumberg is a world-class private shipping group and an excellent industry partner for Ardmore Shipping, and we look forward to working with them on future potential business opportunities."

Torben Kölln, Leonhardt & Blumberg's Managing Director, commented on the announcement:

"For quite some time, we were investigating other shipping segments to identify opportunities to diversify our fleet and by doing so fully utilize our team's skills and expertise. On this project, all our requirements are fulfilled: The timing, the market sentiment, the right assets and the right partner. Ardmore Shipping enjoys the highest reputation within the tanker industry and has the same philosophy on topics such as operational efficiency, customer relations and environmental and social responsibility. We look very much forward to working together."

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