Hamburg, 2022 / 04 / 04

Leonhardt & Blumberg acquires vessels from ardmore shipping

Leonhardt & Blumberg and Ardmore Shipping Corporation announced today that they had agreed terms for the sale of three 2008-built MR product tankers to Leonhardt & Blumberg for an aggregate price of $40 million.

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.

When the vessels are taken over between June and August of this year, the current ship names will receive the L&B-typical prefix „Hansa".

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 strategy while 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 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 teams 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 relation and environmental and social responsibility. We look very much forward to working together!"