Ardmore Shipping is moving quickly to deepen its first newbuilding cooperation with a Chinese shipyard.

The Ireland-based, New York-listed product and chemical tanker owner has exercised options for two additional 40,500 dwt IMO II product/chemical tanker newbuildings at Wuhu Shipyard, lifting the firm part of the series from two vessels to four.

At the same time, Ardmore has secured options for two further vessels at similar terms. The latest move brings the cooperation with Wuhu to four firm vessels plus two options, creating a potential six-ship series.

The first two vessels were ordered in April at USD 44.9 million each, with deliveries scheduled from late 2028. Based on the same price level, the four firm vessels represent a total investment of nearly USD 180 million. If the two newly secured options are also exercised, the total value of the series could approach USD 270 million.

For Ardmore, the move is part of a wider fleet renewal and asset quality strategy. For Wuhu Shipyard, it is another important international breakthrough in the higher-spec product and chemical tanker segment.

From 2+2 to 4+2

Ardmore first announced the Wuhu order on April 29, when it contracted two high-specification 40,500 dwt Handysize product/chemical tankers, with options for two additional vessels.

The company said at the time that the vessels would be fitted to full IMO II specification and equipped with MarineLine cargo tank coating. Around USD 3 million of the USD 44.9 million unit price was associated with the IMO II package and MarineLine coating, while the vessels will also include performance and safety upgrades.

On June 16, Ardmore confirmed that it had exercised the original two options, increasing the firm series to four vessels. The company also secured two further options, giving it additional flexibility for fleet planning in the second half of the year.

Ardmore chief executive Gernot Ruppelt said the company was pleased to take a further step in growing the business with “highly versatile modern assets” that are well matched to Ardmore’s long-term strategy, while deepening its relationship with a quality shipbuilder.

He added that the orders represent compelling value, and that the additional options provide discretionary flexibility for the second half of the year.

Why the ship type matters

The vessels are 40,500 dwt product/chemical tankers designed for a broad range of liquid cargoes.

According to Wuhu Shipyard, the design features 8+1 pairs of independent cargo tanks and can carry up to eight different cargoes at the same time. This gives the vessels greater flexibility across refined products and chemical cargoes, a key advantage in a market where cargo mix and trading patterns can shift quickly.

The use of MarineLine cargo tank coating is also significant. For product and chemical tanker owners, coating quality, cargo compatibility, cleaning efficiency and maintenance cost directly affect long-term commercial performance.

This helps explain why Ardmore was willing to invest in full IMO II specification and MarineLine coating. Compared with a conventional product tanker, an IMO II product/chemical tanker offers a wider cargo range, stronger parcel-carrying capability and broader appeal to charterers requiring higher compliance standards.

Fleet renewal during a strong market

Ardmore’s move comes at a strong point in the product tanker market.

The company reported that its MR fleet earned USD 33,700 per day in the first quarter. At the time of its late-April update, the MR fleet was earning a much stronger USD 50,000 per day in the second quarter, with around half of available days fixed.

Its chemical tankers earned USD 22,300 per day in the first quarter, while second-quarter fixtures stood at USD 32,100 per day with 65% of days fixed.

At the same time, Ardmore has also been recycling older tonnage. In April, the company confirmed the sale of a 2014-built MR tanker for USD 35.5 million. TradeWinds identified the vessel as the 49,420 dwt Ardmore Engineer, with market sources linking the buyer to India’s Great Eastern Shipping.

The combination of newbuilding investment and secondhand disposal suggests a clear “sell older, buy newer” approach. Ardmore is using a strong asset and earnings environment to replace older vessels with more versatile, higher-specification tonnage delivering from 2028 onwards.

A notable shift in yard selection

Ardmore is a specialist product and chemical tanker owner listed on the New York Stock Exchange under the ticker ASC. The company has its main operating office in Cork, Ireland, and additional platforms in Bermuda, Singapore and Houston.

Its fleet is focused on MR product tankers and IMO II product/chemical tankers. Ardmore operates around two dozen MRs and Handysize vessels built mainly between 2013 and 2017.

The Wuhu order is notable because Ardmore’s existing fleet has historically been built mainly at established Korean and Japanese yards, including SPP Shipbuilding, Hyundai Mipo and Fukuoka Shipbuilding.

By placing a high-spec product/chemical tanker series at Wuhu Shipyard, Ardmore is adding a Chinese yard to its core fleet renewal programme. That is an important signal for the Chinese builder, and for China’s position in the higher-end liquid cargo shipbuilding market.

China’s chemical tanker capability moves up the value chain

Chemical tankers are among the more demanding segments of commercial shipbuilding.

Compared with standard oil tankers, they require more complex cargo systems, stricter coating or stainless-steel workmanship, higher standards for cargo segregation, more sophisticated pumping and piping arrangements, and strong quality control throughout construction.

Chinese yards have already built a dominant position in bulk carriers, container ships and many conventional tanker segments. The higher-spec chemical and product/chemical tanker market has traditionally remained more closely associated with Japanese and Korean yards.

That picture is now changing.

Wuhu Shipyard has built a broad product portfolio in the liquid cargo sector, covering stainless-steel chemical tankers, coated chemical tankers, MR1-type and MR2-type product/chemical tankers. The Ardmore series, to be built at Wuhu’s main yard, further strengthens its position in medium-sized, higher-spec liquid cargo tonnage.

The speed of Ardmore’s follow-up is also worth noting. Less than two months after the first contract was announced, the owner exercised its options and secured further optional slots. That points to confidence in the project terms, yard capability and delivery framework.

More than one order

The commercial value of the Ardmore-Wuhu series is meaningful. But the customer signal may matter even more.

For Wuhu Shipyard, the project brings a high-profile Western listed tanker owner into its customer base. For Ardmore, the order supports fleet renewal and gives the company access to modern, flexible assets for the next market cycle.

For China’s shipbuilding industry, the message is broader: international owners are increasingly looking at Chinese yards not only for standard ship types, but also for more complex, higher-value vessels.

As more product/chemical tanker projects move into Chinese yards, the country’s role in the global liquid cargo shipbuilding market is likely to keep expanding.