Ireland’s Ardmore Shipping has begun using some of its cash to kick-start its fleet renewal — and there is the financial power for more deals.
That is the view of Fearnley Securities, which said in a note to clients that the US-listed product tanker specialist is likely to see its loan-to-value (LTV) ratio go to zero.
This is due to limited debt amortisation, strong markets, limited capital expenditure and a breakeven of $13,900 per day in strong freight markets.
