UPDATE: Morgan Stanley Initiates Coverage on Ardmore Shipping on Positive Outlook

In a report published Monday, Morgan Stanley analyst Fotis Giannakoulis initiated coverage on

with an Overweight rating and $16.00 price target. In the report, Morgan Stanley noted, “ASC has a growing high-spec fuel efficient product/chemical tanker fleet with 8 existing vessels and 12 more eco ships to be delivered in 2014-15. Growing US Gulf exports, export refinery capacity in India and Middle East, and LatAm and WAf demand are all set to increase product trade. Management with strong record of accomplishment in shipping and operating in capital markets. Integrated ship management suggests full alignment of interest and low cost structure.” Ardmore Shipping Corporation closed on Friday at $13.71.