Ardmore Shipping, the New York‑listed tanker owner, has now exercised the last two options on its order book at China’s Wuhu Shipyard, bringing the company’s new‑building programme to a total of six vessels. The full series – comprising four product tankers and two additional handysize tankers – represents an investment of approximately $269 million and is scheduled to enter service from late 2028.
Programme Overview
The original contract, signed in April 2024, called for two firm orders of 40,500 dwt handysize tankers at $44.9 million each, with two optional units on similar terms. Those options were first exercised in June, expanding the order to four ships. In August, Ardmore confirmed the final exercise of the remaining two options, completing the six‑ship series.
Option Exercise and Investment Details
- Vessel type: 40,500 dwt handysize product and chemical tankers, built to IMO 2 specifications.
- Price per vessel: $44.9 million, inclusive of roughly $3 million for full IMO 2 compliance and MarineLine tank coating.
- Total programme value: Approximately $269.4 million for all six vessels.
- Delivery timeline: First unit expected in late 2028, with subsequent deliveries spaced over the following two years.
Strategic Implications for Ardmore
The Wuhu series forms the cornerstone of Ardmore’s fleet renewal strategy, allowing the company to modernise its product and chemical tanker fleet while maintaining operational flexibility. The IMO 2 compliance and high‑performance coating system enable the vessels to carry both clean petroleum products and higher‑specification chemicals, meeting evolving market demands and regulatory standards.
In parallel with the new‑build programme, Ardmore has been active in the second‑hand market, recently disposing of a 2014‑built MR tanker for $35.5 million. The proceeds from that sale, combined with the disciplined capital allocation to the Wuhu programme, underline the company’s focus on asset quality and long‑term profitability.
Outlook
With the full order now locked in, Ardmore is positioned to benefit from the anticipated upturn in global product and chemical tanker demand as economies recover and trade patterns stabilise. The delivery schedule aligns with projected capacity gaps in the handysize segment, offering the company a competitive edge once the vessels enter service.
Stakeholders will be monitoring the construction progress at Wuhu Shipyard closely, as any delays could impact Ardmore’s strategic timelines. Nevertheless, the firm commitment to the final two options signals confidence in both the shipyard’s delivery capabilities and Ardmore’s growth trajectory.