Ardmore Shipping Corporation Announces Financial Results For The Three and Twelve Months Ended December 31, 2024
Ardmore Shipping (NYSE: ASC) reported financial results for Q4 and full-year 2024. The company achieved Adjusted earnings of $10.3 million ($0.25 per share) for Q4 2024, down from $26.1 million ($0.63 per share) in Q4 2023. Full-year 2024 Adjusted earnings were $119.5 million ($2.87 per share), up from $113.4 million in 2023.
The company declared a quarterly dividend of $0.08 per share and repurchased 1.56 million shares (4% of outstanding stock) at $11.49 per share. MR Eco-Design tankers earned average spot TCE rates of $22,663 per day in Q4 2024, while Chemical tankers earned $21,406 per day. For Q1 2025, with 55% of revenue days fixed, MR Eco-Design tankers are earning approximately $23,400 per day.
The company maintains a strong liquidity position with $243.4 million available, including $47.0 million in cash and $196.4 million in undrawn credit facilities as of December 31, 2024.
Ardmore Shipping (NYSE: ASC) ha riportato i risultati finanziari per il Q4 e l'intero anno 2024. L'azienda ha raggiunto utili rettificati di 10,3 milioni di dollari (0,25 dollari per azione) per il Q4 2024, in calo rispetto ai 26,1 milioni di dollari (0,63 dollari per azione) del Q4 2023. Gli utili rettificati per l'intero anno 2024 sono stati 119,5 milioni di dollari (2,87 dollari per azione), in aumento rispetto ai 113,4 milioni di dollari del 2023.
L'azienda ha dichiarato un dividendo trimestrale di 0,08 dollari per azione e ha riacquistato 1,56 milioni di azioni (4% del capitale sociale in circolazione) a 11,49 dollari per azione. Le petroliere MR Eco-Design hanno guadagnato tassi TCE spot medi di 22.663 dollari al giorno nel Q4 2024, mentre le petroliere chimiche hanno guadagnato 21.406 dollari al giorno. Per il Q1 2025, con il 55% dei giorni di fatturato fissati, le petroliere MR Eco-Design stanno guadagnando circa 23.400 dollari al giorno.
L'azienda mantiene una solida posizione di liquidità con 243,4 milioni di dollari disponibili, inclusi 47,0 milioni di dollari in contante e 196,4 milioni di dollari in linee di credito non utilizzate al 31 dicembre 2024.
Ardmore Shipping (NYSE: ASC) informó los resultados financieros para el cuarto trimestre y el año completo de 2024. La compañía logró ingresos ajustados de 10,3 millones de dólares (0,25 dólares por acción) para el cuarto trimestre de 2024, una disminución respecto a los 26,1 millones de dólares (0,63 dólares por acción) en el cuarto trimestre de 2023. Los ingresos ajustados para el año completo de 2024 fueron 119,5 millones de dólares (2,87 dólares por acción), en comparación con los 113,4 millones de dólares en 2023.
La compañía declaró un dividendo trimestral de 0,08 dólares por acción y recompró 1,56 millones de acciones (4% de las acciones en circulación) a 11,49 dólares por acción. Los petroleros MR Eco-Design ganaron tasas TCE spot promedio de 22,663 dólares por día en el cuarto trimestre de 2024, mientras que los petroleros químicos ganaron 21,406 dólares por día. Para el primer trimestre de 2025, con el 55% de los días de ingresos asegurados, los petroleros MR Eco-Design están ganando aproximadamente 23,400 dólares por día.
La compañía mantiene una sólida posición de liquidez con 243,4 millones de dólares disponibles, incluidos 47,0 millones de dólares en efectivo y 196,4 millones de dólares en líneas de crédito no utilizadas al 31 de diciembre de 2024.
아드모어 쉬핑 (NYSE: ASC)은 2024년 4분기 및 연간 재무 결과를 발표했습니다. 회사는 2024년 4분기에 조정된 수익 1,030만 달러 (주당 0.25달러)를 기록했으며, 이는 2023년 4분기의 2,610만 달러 (주당 0.63달러)에서 감소한 수치입니다. 2024년 전체 연간 조정 수익은 1억 1,950만 달러 (주당 2.87달러)로, 2023년의 1억 1,340만 달러에서 증가했습니다.
회사는 주당 0.08달러의 분기 배당금을 선언했으며, 1.56백만 주 (발행 주식의 4%)를 주당 11.49달러에 재매입했습니다. MR 에코 디자인 유조선은 2024년 4분기에 하루 평균 22,663달러의 스팟 TCE 요금을 기록했으며, 화학 유조선은 하루 21,406달러를 기록했습니다. 2025년 1분기에는 55%의 수익 일수가 고정되어 있는 가운데, MR 에코 디자인 유조선은 하루 약 23,400달러를 벌어들이고 있습니다.
회사는 2024년 12월 31일 기준으로 2억 4,340만 달러의 유동성을 유지하고 있으며, 이 중 4,700만 달러는 현금, 1억 9,640만 달러는 미사용 신용 한도입니다.
Ardmore Shipping (NYSE: ASC) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. L'entreprise a réalisé des bénéfices ajustés de 10,3 millions de dollars (0,25 dollar par action) pour le quatrième trimestre 2024, en baisse par rapport à 26,1 millions de dollars (0,63 dollar par action) au quatrième trimestre 2023. Les bénéfices ajustés pour l'année complète 2024 se sont élevés à 119,5 millions de dollars (2,87 dollars par action), en hausse par rapport à 113,4 millions de dollars en 2023.
L'entreprise a déclaré un dividende trimestriel de 0,08 dollar par action et a racheté 1,56 million d'actions (4 % des actions en circulation) à 11,49 dollars par action. Les pétroliers MR Eco-Design ont gagné des taux TCE spot moyens de 22 663 dollars par jour au quatrième trimestre 2024, tandis que les pétroliers chimiques ont gagné 21 406 dollars par jour. Pour le premier trimestre 2025, avec 55 % des jours de revenus fixés, les pétroliers MR Eco-Design gagnent environ 23 400 dollars par jour.
L'entreprise maintient une solide position de liquidité avec 243,4 millions de dollars disponibles, dont 47,0 millions de dollars en espèces et 196,4 millions de dollars en facilités de crédit non utilisées au 31 décembre 2024.
Ardmore Shipping (NYSE: ASC) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen erzielte bereinigte Erträge von 10,3 Millionen Dollar (0,25 Dollar pro Aktie) für das vierte Quartal 2024, ein Rückgang von 26,1 Millionen Dollar (0,63 Dollar pro Aktie) im vierten Quartal 2023. Die bereinigten Erträge für das gesamte Jahr 2024 beliefen sich auf 119,5 Millionen Dollar (2,87 Dollar pro Aktie), ein Anstieg von 113,4 Millionen Dollar im Jahr 2023.
Das Unternehmen erklärte eine vierteljährliche Dividende von 0,08 Dollar pro Aktie und kaufte 1,56 Millionen Aktien (4% des ausstehenden Kapitals) zu einem Preis von 11,49 Dollar pro Aktie zurück. MR Eco-Design-Tanker erzielten im vierten Quartal 2024 durchschnittliche Spot-TCE-Raten von 22.663 Dollar pro Tag, während Chemietanker 21.406 Dollar pro Tag verdienten. Für das erste Quartal 2025, bei dem 55% der Erlös-Tage fixiert sind, verdienen die MR Eco-Design-Tanker etwa 23.400 Dollar pro Tag.
Das Unternehmen hält eine starke Liquiditätsposition mit 243,4 Millionen Dollar zur Verfügung, darunter 47,0 Millionen Dollar in bar und 196,4 Millionen Dollar in nicht in Anspruch genommenen Kreditlinien zum 31. Dezember 2024.
- Full-year 2024 Adjusted earnings increased to $119.5M from $113.4M in 2023
- Strong liquidity position of $243.4M as of December 31, 2024
- Active capital return with share repurchases of $17.9M and quarterly dividend payment
- Q1 2025 MR Eco-Design tanker rates showing improvement to $23,400 per day
- Q4 2024 Adjusted earnings declined 60.5% to $10.3M from $26.1M in Q4 2023
- Q4 2024 TCE rates decreased to $22,353 per day from $29,702 in Q4 2023
- $4.4M impairment loss on Element 1 investment
- Chemical tanker rates declining to $14,000 per day in Q1 2025
Insights
The Q4 2024 results reveal Ardmore Shipping's resilient business model despite market volatility. While quarterly earnings declined year-over-year, the annual performance showed improvement with Adjusted earnings reaching
The company's strategic financial management deserves attention. The conversion of term loans into revolving facilities has significantly reduced interest expenses by
Fleet performance metrics indicate market resilience, with MR Eco-Design tankers achieving TCE rates of
The company's capital allocation strategy demonstrates a balanced approach: maintaining operational excellence, strengthening the balance sheet, and returning capital to shareholders through both dividends and share repurchases. The repurchase of 1.56 million shares at an average price of
Geopolitical tensions, particularly in the Red Sea, are creating inefficiencies in global shipping routes that could support stronger rates through increased ton-mile demand. The aging MR fleet and expanding biofuel trades provide additional structural support for the market outlook, though regulatory uncertainty remains a key consideration for the sector.
Highlights and Recent Activity
- Reported Adjusted earnings of
$10.3 million $0.25 $26.1 million $0.63
- Reported Adjusted earnings of
$119.5 million $2.87 $2.84 $113.4 million $2.76 $2.71 $12.3 million
- Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on February 13, 2025, of
$0.08
- In December 2024, the Company repurchased 1.56 million shares, or approximately
4% of its outstanding common stock, under Ardmore's share repurchase plan, at a weighted average price of$11.49 $17.9 million
- Reported net income attributable to common stockholders of
$5.1 million $0.12 $26.1 million $0.63
- Reported net income attributable to common stockholders of
$128.6 million $3.09 $3.06 $113.4 million $2.76 $2.71
- MR Eco-Design tankers earned an average spot TCE rate of
$22,663 $21,406 55% of total revenue days currently fixed for the first quarter of 2025, the average spot TCE rate is approximately$23,400 40% of revenue days fixed for the first quarter of 2025, the average TCE rate for chemical tankers is approximately$14,000
Gernot Ruppelt, the Company's Chief Executive Officer, commented:
"Ardmore's consistent focus on optimizing our performance, strengthening our financial position, and maintaining low breakeven levels has served us well. With the combination of supportive fundamentals and the close coordination of our teams on shore and at sea, we have harnessed market volatility and delivered another profitable quarter.
We continue to execute on our capital allocation priorities with a focus on long-term value creation. We are making favorable higher return investments in our vessels, building balance sheet strength to enhance our ability to act decisively when attractive opportunities arise, and returning capital to our shareholders through both a quarterly dividend and recent use of our share repurchase program.
Moving forward, we expect steady growth in underlying demand for refined oil products and expanding biofuel trades that will support product tanker demand, while the MR fleet ages to its oldest level in decades. At the same time, the combination of regulatory uncertainty, the expansion of sanctions, and widespread geopolitical instability is underscoring the value of cargo and destination flexibility that is the hallmark of MR product tankers and chemical tankers."
Summary of Recent and Fourth Quarter 2024 Events
Fleet
Fleet Operations and Employment
As of December 31, 2024, the Company had 26 vessels in operation (including four chartered-in vessels), consisting of 20 MR tankers ranging from 45,000 deadweight tonnes ("dwt") to 49,999 dwt (16 owned Eco-Design and four chartered-in Eco-Mod) and six owned Eco-Design IMO 2 product/chemical tankers ranging from 25,000 dwt to 37,800 dwt.
MR Tankers (45,000 dwt – 49,999 dwt)
At the end of the fourth quarter of 2024, the Company had 20 MR tankers in operation, all but one of which was trading in the spot market.
Below is a summary of the average daily MR Tanker TCE rates earned during the fourth quarter of 2024 and thus far in the first quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the first quarter:
Number of | 4Q 2024 | 1Q 2025 | ||
TCE | % Fixed | |||
MR Eco-Design | 16 | 55 % | ||
MR Eco-Mod | 4 | 50 % | ||
MR Combined | 20 | 55 % | ||
Product / Chemical Tankers (IMO 2: 25,000 dwt – 37,800 dwt)
At the end of the fourth quarter of 2024, the Company had six Eco-Design IMO 2 product / chemical tankers in operation, all of which were trading in the spot market.
Below is a summary of the average daily Chemical Tanker TCE rates earned during the fourth quarter of 2024 and thus far in the first quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the quarter:
Number of | 4Q 2024 | 1Q 2025 | ||
TCE | % Fixed | |||
Chemical Tankers | 6 | 40 % | ||
Drydocking
The Company had no drydocking days in the fourth quarter of 2024. The Company is scheduled to have 174 drydocking days in the first quarter of 2025.
Dividend on Common Shares
Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, as calculated for dividends (see Adjusted earnings (for purposes of dividend calculations) in the Non-GAAP Measures section), the Board of Directors declared a cash dividend on February 13, 2025 of
Share Repurchases
In December 2024, the Company repurchased 1.56 million shares, or approximately
Preferred Stock Redemption
On December 10, 2024, the Company redeemed 10,000 shares of its Series A Preferred Stock at a redemption value of
Geopolitical Conflicts
The ongoing
Geopolitical tensions have increased since commencement of the Israel-Hamas war in October 2023. Since mid-December 2023, Houthi rebels in
Results for the Three Months Ended December 31, 2024 and 2023
The Company reported net income attributable to common stockholders of
Results for the Years Ended December 31, 2024 and 2023
The Company reported net income attributable to common stockholders of
Management's Discussion and Analysis of Financial Results for the Three Months Ended December 31, 2024 and 2023
Revenue. Revenue for the three months ended December 31, 2024 was
The Company's average number of operating vessels was 26.0 for the three months ended December 31, 2024, consistent with 26.0 for the three months ended December 31, 2023.
The Company had 2,245 spot revenue days for the three months ended December 31, 2024, as compared to 2,293 for the three months ended December 31, 2023. The Company had 25 vessels employed directly in the spot market as of December 31, 2024 compared with 26 vessels as of December 31, 2023. Decreases in spot rates during the three months ended December 31, 2024 resulted in a decrease in revenue of
The Company had one product tanker employed under time charter as of December 31, 2024 as compared to none as of December 31, 2023. There were 92 revenue days derived from time charters for the three months ended December 31, 2024, as compared to none for the three months ended December 31, 2023. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of
Voyage Expenses. Voyage expenses were
TCE Rate. The average TCE rate for the Company's fleet was
Vessel Operating Expenses. Vessel operating expenses were
Charter Hire Costs. Total charter hire expense was
Depreciation. Depreciation expense for the three months ended December 31, 2024 was
Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended December 31, 2024 was
General and Administrative Expenses: Corporate. Corporate-related general and administrative expenses for the three months ended December 31, 2024 were
General and Administrative Expenses: Commercial and Chartering. Commercial and chartering expenses are the expenses attributable to Ardmore's chartering and commercial operations departments in connection with its spot trading activities. Commercial and chartering expenses for the three months ended December 31, 2024 were
Unrealized Gains / (Losses) on Derivatives. Unrealized gains on derivatives were
Interest Expense and Finance Costs. Interest expense and finance costs for the three months ended December 31, 2024 were
Loss from equity method investments. During the three months ended December 31, 2024, the Company recognized an impairment loss of
Extinguishment of Preferred Stock. During the three months ended December 31, 2024, the Company redeemed
Liquidity
As of December 31, 2024, the Company had
Conference Call
The Company plans to host a conference call on February 13, 2025, at 12:00 p.m. Eastern Time to discuss its financial results for the quarter ended December 31, 2024. All interested parties are invited to listen to the live conference call and review the related slide presentation by choosing from the following options:
- By dialing 800‑836‑8184 (
U.S. ) or 646-357-8785 (International) and referencing "Ardmore Shipping." - By accessing the live webcast at Ardmore's website at www.ardmoreshipping.com.
Participants should dial into the call 10 minutes before the scheduled time.
If you are unable to participate at this time, an audio replay of the call will be available through February 20, 2025 at 888-660-6345 or 646-517-4150. Enter the passcode 16498 to access the audio replay. A recording of the webcast, with associated slides, will also be available on the Company's website. The information provided on the teleconference is only accurate at the time of the conference call, and the Company takes no responsibility for providing updated information.
About Ardmore Shipping Corporation
Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Ardmore provides, through its modern, fuel-efficient fleet of mid-size tankers, seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.
Ardmore's core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the company grows. Ardmore provides its services to customers through voyage charters and time charters, and enjoys close working relationships with key commercial and technical management partners.
Ardmore's Energy Transition Plan ("ETP") focusses on three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos. The ETP is an extension of Ardmore's strategy, building on its core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance.
Ardmore Shipping Corporation Unaudited Condensed Consolidated Balance Sheets | ||||
As of | ||||
In thousands of | December 31, 2024 | December 31, 2023 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 46,988 | 46,805 | ||
Receivables, net of allowance for bad debts of | 60,871 | 56,234 | ||
Prepaid expenses and other assets | 4,298 | 4,348 | ||
Advances and deposits | 3,084 | 6,833 | ||
Inventories | 11,308 | 12,558 | ||
Total current assets | 126,549 | 126,778 | ||
Non-current assets | ||||
Investments and other assets, net | 5,236 | 11,186 | ||
Vessels and vessel equipment, net | 545,594 | 524,044 | ||
Deferred drydock expenditures, net | 14,252 | 12,022 | ||
Advances for ballast water treatment and scrubber systems | 4,845 | 9,587 | ||
Deferred finance fees, net | 2,746 | 2,835 | ||
Operating lease, right-of-use asset | 5,577 | 4,499 | ||
Total non-current assets | 578,250 | 564,173 | ||
TOTAL ASSETS | 704,799 | 690,951 | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | 6,070 | 2,016 | ||
Accrued expenses and other liabilities | 18,313 | 18,265 | ||
Deferred revenue | 482 | 347 | ||
Accrued interest on debt and finance leases | — | 939 | ||
Current portion of long-term debt | — | 6,436 | ||
Current portion of finance lease obligations | — | 2,029 | ||
Current portion of operating lease obligations | 4,965 | 3,807 | ||
Total current liabilities | 29,830 | 33,839 | ||
Non-current liabilities | ||||
Non-current portion of long-term debt | 38,796 | 39,590 | ||
Non-current portion of finance lease obligations | — | 41,614 | ||
Non-current portion of operating lease obligations | 476 | 510 | ||
Other non-current liabilities | 273 | 954 | ||
Total non-current liabilities | 39,545 | 82,668 | ||
TOTAL LIABILITIES | 69,375 | 116,507 | ||
Redeemable Preferred Stock | ||||
Cumulative Series A | 27,782 | 37,043 | ||
Total redeemable preferred stock | 27,782 | 37,043 | ||
Stockholders' equity | ||||
Common stock | 440 | 433 | ||
Additional paid in capital | 475,812 | 471,216 | ||
Treasury stock | (33,524) | (15,636) | ||
Retained earnings | 164,914 | 81,388 | ||
Total stockholders' equity | 607,642 | 537,401 | ||
Total redeemable preferred stock and stockholders' equity | 635,424 | 574,444 | ||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 704,799 | 690,951 | ||
Ardmore Shipping Corporation Unaudited Condensed Consolidated Statements of Operations | ||||||||
Three Months Ended | Year Ended | |||||||
In thousands of | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
Revenue, net | 82,039 | 98,878 | 405,784 | 395,978 | ||||
Voyage expenses | (32,769) | (33,169) | (132,612) | (131,904) | ||||
Vessel operating expenses | (15,141) | (15,149) | (60,254) | (59,770) | ||||
Time charter-in | ||||||||
Operating expense component | (3,015) | (2,964) | (11,828) | (10,194) | ||||
Vessel lease expense component | (2,775) | (2,728) | (10,883) | (9,380) | ||||
Depreciation | (7,830) | (7,134) | (30,244) | (27,817) | ||||
Amortization of deferred drydock expenditures | (944) | (908) | (3,636) | (3,542) | ||||
General and administrative expenses | ||||||||
Corporate | (6,792) | (5,663) | (23,439) | (20,565) | ||||
Commercial and chartering | (1,304) | (1,366) | (4,601) | (4,676) | ||||
Unrealized gains / (losses) on derivatives | 681 | (231) | 655 | (262) | ||||
Interest expense and finance costs | (1,104) | (2,722) | (6,778) | (11,408) | ||||
Gain on extinguishment of finance leases | — | — | 1,432 | — | ||||
Interest income | 435 | 555 | 1,817 | 1,818 | ||||
Gain on vessel sold | — | — | 12,322 | — | ||||
Income before taxes | 11,481 | 27,399 | 137,735 | 118,278 | ||||
Income tax | (13) | (88) | (215) | (435) | ||||
Loss from equity method investments | (4,533) | (305) | (4,514) | (1,035) | ||||
Net Income | 6,935 | 27,006 | 133,006 | 116,808 | ||||
Preferred dividends | (1,108) | (857) | (3,660) | (3,400) | ||||
Extinguishment of preferred stock | (739) | — | (739) | — | ||||
Net Income attributable to common stockholders | 5,088 | 26,149 | 128,607 | 113,408 | ||||
Earnings per share, basic | 0.12 | 0.63 | 3.09 | 2.76 | ||||
Earnings per share, diluted | 0.12 | 0.63 | 3.06 | 2.71 | ||||
Adjusted earnings (1) | 10,250 | 26,149 | 119,514 | 113,408 | ||||
Adjusted earnings per share, basic | 0.25 | 0.63 | 2.87 | 2.76 | ||||
Adjusted earnings per share, diluted | 0.25 | 0.63 | 2.84 | 2.71 | ||||
Weighted average number of shares outstanding, | 41,631,336 | 41,300,425 | 41,655,701 | 41,130,089 | ||||
Weighted average number of shares outstanding, | 41,762,430 | 41,811,455 | 42,022,160 | 41,789,149 | ||||
______________________ | |
(1) | Adjusted earnings is a non-GAAP measure and is defined and reconciled under the "Non-GAAP Measures" section. |
Ardmore Shipping Corporation Unaudited Condensed Consolidated Statements of Cash Flows | ||||
Year Ended | ||||
In thousands of | December 31, 2024 | December 31, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | 133,006 | 116,808 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 30,244 | 27,817 | ||
Amortization of deferred drydock expenditures | 3,636 | 3,542 | ||
Share-based compensation | 4,650 | 3,217 | ||
Gain on vessel sold | (12,322) | — | ||
Amortization of deferred finance fees | 1,138 | 1,237 | ||
Gain on extinguishment of finance leases | (1,432) | — | ||
Unrealized (gains) / losses on derivatives | (655) | 262 | ||
Operating lease ROU - lease liability, net | 47 | 52 | ||
Loss from equity method investments | 4,514 | 1,035 | ||
Deferred drydock payments | (6,481) | (12,280) | ||
Changes in operating assets and liabilities: | ||||
Receivables | (4,640) | 23,610 | ||
Prepaid expenses and other assets | 49 | 174 | ||
Advances and deposits | 3,824 | (4,673) | ||
Inventories | 1,250 | 3,160 | ||
Accounts payable | 4,054 | (4,410) | ||
Accrued expenses and other liabilities | (165) | 855 | ||
Deferred revenue | 135 | (873) | ||
Accrued interest | (407) | 76 | ||
Net cash provided by operating activities | 160,445 | 159,609 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of vessels | 26,829 | — | ||
Payments for acquisition of vessels and vessel equipment, including deposits | (61,020) | (20,562) | ||
Advances for ballast water treatment and scrubber systems | — | (4,822) | ||
Payments for other non-current assets | (432) | (208) | ||
Proceeds / (payments) for equity investments | 1,650 | (1,244) | ||
Net cash (used in) investing activities | (32,973) | (26,836) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from revolving facilities | 104,864 | — | ||
Repayments of long term debt | (1,678) | (84,007) | ||
Repayments on revolving facilities | (111,194) | — | ||
Repayments of finance leases | (42,262) | (1,976) | ||
Payments for deferred finance fees | (200) | — | ||
Repurchase of common stock | (17,935) | — | ||
Payment of common share dividends | (45,079) | (47,154) | ||
Repayment of preferred stock | (10,000) | — | ||
Payment of preferred share dividends | (3,805) | (3,400) | ||
Net cash (used in) financing activities | (127,289) | (136,537) | ||
Net increase / (decrease) in cash and cash equivalents | 183 | (3,764) | ||
Cash and cash equivalents at the beginning of the year | 46,805 | 50,569 | ||
Cash and cash equivalents at the end of the year | 46,988 | 46,805 | ||
Ardmore Shipping Corporation Unaudited Other Operating Data | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
In thousands of | ||||||||
Adjusted EBITDA (1) | 20,243 | 37,839 | 162,167 | 159,489 | ||||
Adjusted EBITDAR (1) | 23,018 | 40,567 | 173,050 | 168,869 | ||||
AVERAGE DAILY DATA | ||||||||
MR Eco-Design Tankers Spot TCE | 22,663 | 32,542 | 32,317 | 31,005 | ||||
Fleet TCE per day (2) | 22,353 | 29,702 | 30,261 | 29,262 | ||||
Fleet operating expenses per day (3) | 6,842 | 6,747 | 6,799 | 6,635 | ||||
Technical management fees per day (4) | 443 | 445 | 465 | 480 | ||||
7,285 | 7,192 | 7,264 | 7,115 | |||||
MR Eco-Design Tankers | ||||||||
TCE per day (2) | 22,663 | 32,542 | 32,317 | 31,005 | ||||
Vessel operating expenses per day (5) | 7,484 | 7,118 | 7,283 | 7,170 | ||||
MR Eco-Mod Tankers | ||||||||
TCE per day (2) | 22,431 | 26,282 | 31,122 | 29,864 | ||||
Vessel operating expenses per day | — | 7,225 | 6,085 | 7,014 | ||||
Prod/Chem Eco-Design Tankers (25k | ||||||||
TCE per day (2) | 21,406 | 26,107 | 24,626 | 24,683 | ||||
Vessel operating expenses per day (5) | 6,755 | 7,370 | 7,268 | 6,996 | ||||
FLEET | ||||||||
Average number of operating vessels | 26.0 | 26.0 | 26.0 | 26.2 | ||||
____________________________ | |
(1) | Adjusted EBITDA and Adjusted EBITDAR are non-GAAP measures and are defined and reconciled to the most directly comparable |
(2) | Time Charter Equivalent ("TCE") rate, a non-GAAP measure, represents net revenues (a non-GAAP measure representing revenues less voyage expenses) divided by revenue days. Revenue days are the total number of calendar days the vessels are in the Company's possession less off-hire days generally associated with drydocking or repairs and idle days associated with repositioning of vessels held for sale. Net revenue utilized to calculate the TCE rate is determined on a discharge to discharge basis, which is different from how the Company records revenue under |
(3) | Fleet operating expenses per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. These amounts do not include expenditures related to vessel upgrades and enhancements or other non-routine expenditures which were expensed during the period. |
(4) | Technical management fees are fees paid to Anglo Ardmore Ship Management Limited, a joint venture entity that is |
(5) | Vessel operating expenses per day include technical management fees. |
(6) | As a result of selling the Ardmore Seafarer in April 2024, the Company no longer owns MR Eco-Mod tankers; as a result the Company had no vessel operating expenses for the fourth quarter of 2024 with respect to MR Eco-Mod tankers. The MR Eco-Mod TCE per day for the fourth quarter of 2024 is derived from the vessels the Company has chartered in |
CO2 Emissions Reporting(1)
In April 2018, the International Maritime Organization's ("IMO") Marine Environment Protection Committee ("MEPC") adopted an initial strategy for the reduction of greenhouse gas ("GHG") emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out as soon as possible. Ardmore is committed to transparency and contributing to the reduction of CO2 emissions in the Company's industry. Ardmore's reporting methodology is in line with the framework set out within the IMO's Data Collection System ("DCS") initiated in 2019.
On January 1, 2023, the BIMCO CII Operations Clause for Time Charter Parties came into force. This clause outlines that the charterer should take responsibility for a ship's emissions. On this basis, Ardmore's GHG emissions analysis has been updated to exclude the impact of ships time-chartered out and to include the impact of ships time-chartered in. Previously all vessels were included in Ardmore's analysis from the fleet except for vessels commercially managed by Ardmore.
Three Months Ended | Twelve months ended | ||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||
Number of Vessels in Operation (at period end)(2) | 26 | 26 | 26 | 26 | |||||
Fleet Average Age | 11.2 | 10.4 | 11.2 | 10.4 | |||||
CO2 Emissions Generated in Metric Tons | 103,619 | 103,348 | 422,083 | 418,022 | |||||
Distance Travelled (Nautical Miles) | 383,939 | 373,628 | 1,531,092 | 1,540,433 | |||||
Fuel Consumed in Metric Tons | 32,982 | 32,704 | 134,446 | 132,276 | |||||
Cargo Heating and Tank Cleaning Emissions | |||||||||
Fuel Consumed in Metric Tons | 928 | 564 | 2,893 | 1,816 | |||||
% of Total Fuel Consumed | 2.81 % | 1.73 % | 2.15 % | 1.37 % | |||||
Annual Efficiency Ratio (AER) for the period(3) | |||||||||
Fleet | 6.00g / tm | 6.18g / tm | 6.13g / tm | 6.05g / tm | |||||
MR Eco-Design | 5.72g / tm | 5.94g / tm | 5.81g / tm | 5.70g / tm | |||||
MR Eco-Mod | 5.59g / tm | 5.92g / tm | 5.80g / tm | 6.05g / tm | |||||
Chemical | 8.14g / tm | 8.10g / tm | 8.28g / tm | 7.78g / tm | |||||
Chemical (Less Cargo Heating & Tank Cleaning)(4) | 7.61g / tm | 7.52g / tm | 7.76g / tm | 7.32g / tm | |||||
Energy Efficiency Operational Indicator (EEOI) for | |||||||||
Fleet | 12.96g / ctm | 13.23g / ctm | 12.38g / ctm | 13.34g / ctm | |||||
MR Eco-Design | 12.22g / ctm | 12.30g / ctm | 11.70g / ctm | 13.15g / ctm | |||||
MR Eco-Mod | 17.09g / ctm | 14.18g / ctm | 13.62g / ctm | 13.14g / ctm | |||||
Chemical | 13.46g / ctm | 15.55g / ctm | 13.99g / ctm | 14.23g / ctm | |||||
Chemical (Less Cargo Heating & Tank Cleaning)(4) | 12.59g / ctm | 14.45g / ctm | 13.11g / ctm | 13.39g / ctm | |||||
Wind Strength (% greater than 4 on BF) | 48.80 % | 49.34 % | 46.59 % | 49.20 % | |||||
% Idle Time(6) | 4.17 % | 3.90 % | 2.50 % | 4.10 % | |||||
tm = ton-mile | |||||||||
ctm = cargo ton-mile | |||||||||
Ardmore Performance
It should be noted that results vary quarter to quarter depending on ship activity, ballast / laden ratio, cargo carried, weather, waiting time, time in port, and vessel speed. However, analysis is also presented on a trailing 12-month basis to provide a more accurate assessment of Ardmore's progress over a longer period and to mitigate seasonality. From a weather perspective rougher weather (based on Beaufort Scale wind force rating being greater than 4 BF) will generally have a mitigating impact on the ability to optimize fuel consumption, while idle time will impact ships metrics as they will still require power to run but will not be moving. Overall Ardmore Shipping's carbon emissions for the trailing 12-month period have increased by
_______________________________ |
1 Ardmore's emissions data is based on the reporting tools and information reasonably available to Ardmore and its applicable third-party technical managers for Ardmore's owned fleet. Management assesses such data and may adjust and restate the data to reflect latest information. It is expected that the shipping industry will continue to refine the performance measures for emissions and efficiency over time. AER and EEOI metrics are impacted by external factors such as charter speed, vessel orders and weather, in conjunction with overall market factors such as cargo load sizes and fleet utilization rate. As such, variance in performance can be found in the reported emissions between two periods for the same vessel and between vessels of a similar size and type. Furthermore, other companies may report slight variations (e.g. some shipping companies report CO2 in tons per kilometer as opposed to CO2 in tons per nautical mile) and consequently it is not always practical to directly compare emissions from different companies. The figures reported above represent Ardmore's initial findings; the Company is committed to improving the methodology and transparency of its emissions reporting in line with industry best practices. Accordingly, the above results may vary as the methodology and performance measures set out by the industry evolve. |
2 Includes time-chartered out and time-chartered in vessels. |
3 Annual Efficiency Ratio ("AER") is a measure of carbon efficiency using the parameters of fuel consumption, distance travelled, and design deadweight tonnage ("DWT"). AER is reported in unit grams of CO2 per ton-mile (gCO2/dwt-nm). It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) DWT multiplied by distance travelled in nautical miles. A lower AER reflects better carbon efficiency. |
4 The AER and EEOI figures are presented including the impact of cargo heating and tank cleaning operations unless stated. |
5 Energy Efficiency Operational Indicator ("EEOI") is a tool for measuring CO2 gas emissions in a given time period per unit of transport work performed. It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) cargo carried in tons multiplied by laden voyage distance in nautical miles. This calculation is performed as per IMO MEPC.1/Circ684. A lower EEOI reflects lower CO2 gas emissions in a given time period per unit of transport work performed. |
6 Idle time is the amount of time a vessel is waiting in port or awaiting the laycan or waiting in port/at sea unfixed. |
Non-GAAP Measures
EBITDA + vessel lease expense component (i.e., EBITDAR) and Adjusted EBITDAR
EBITDAR is defined as EBITDA (i.e., earnings before interest, unrealized gains/(losses) on interest rate derivatives, taxes, depreciation and amortization) plus the vessel lease expense component of total charter hire expense for chartered-in vessels. Adjusted EBITDAR is defined as EBITDAR before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels.
For the three months ended December 31, 2024, we recognized total charter hire expense of
Many companies in our industry report under IFRS; we therefore use EBITDAR and Adjusted EBITDAR as tools to compare our valuation with the valuation of these other companies in our industry. We do not use EBITDAR and Adjusted EBITDAR as measures of performance or liquidity. We present below reconciliations of net income / (loss) attributable to common stockholders to EBITDAR (which includes an adjustment for vessel lease operating expenses) and Adjusted EBITDAR.
EBITDAR and Adjusted EBITDAR, as presented, may not be directly comparable to similarly titled measures presented by other companies. In addition, EBITDAR and Adjusted EBITDAR should not be viewed as measures of overall performance since they exclude vessel rent, which is a normal, recurring cash operating expense related to our in-chartering of vessels that is necessary to operate our business. Accordingly, you are cautioned not to place undue reliance on this information.
EBITDA, Adjusted EBITDA, Adjusted earnings and Adjusted earnings (for purposes of dividend calculations)
EBITDA, Adjusted EBITDA and Adjusted earnings are not measures prepared in accordance with
EBITDA, Adjusted EBITDA and Adjusted earnings are presented in this press release as the Company believes that they provide investors with a means of evaluating and understanding how Ardmore's management evaluates operating performance. EBITDA and Adjusted EBITDA increase the comparability of the Company's fundamental performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest expense, taxes, depreciation or amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Company believes that including EBITDA, Adjusted EBITDA and Adjusted earnings as financial and operating measures assists investors in making investment decisions regarding the Company and its common stock.
For purposes solely of the quarterly common dividend calculation, Adjusted earnings represents the Company's Adjusted earnings for the quarter ended December 31, 2024, but excluding the impact of unrealized gains / (losses) and certain non-recurring items.
These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to, financial measures prepared in accordance with
Reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDAR | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
In thousands of | ||||||||
Net income | 6,935 | 27,006 | 133,006 | 116,808 | ||||
Interest income | (435) | (555) | (1,817) | (1,818) | ||||
Interest expense and finance costs | 1,104 | 2,722 | 6,778 | 11,408 | ||||
Income tax | 13 | 88 | 215 | 435 | ||||
Depreciation | 7,830 | 7,134 | 30,244 | 27,817 | ||||
Amortization of deferred drydock expenditures | 944 | 908 | 3,636 | 3,542 | ||||
EBITDA | 16,391 | 37,303 | 172,062 | 158,192 | ||||
Gain on vessel sold | — | — | (12,322) | — | ||||
Gain on extinguishment of finance leases | — | — | (1,432) | — | ||||
Unrealized (gains) / losses on derivatives | (681) | 231 | (655) | 262 | ||||
Impairment of equity method investment | 4,423 | — | 4,423 | — | ||||
Gain on sale of e1 Marine LLC | — | — | (501) | — | ||||
Loss from equity method investments | 110 | 305 | 592 | 1,035 | ||||
ADJUSTED EBITDA | 20,243 | 37,839 | 162,167 | 159,489 | ||||
Plus: Vessel lease expense component | 2,775 | 2,728 | 10,883 | 9,380 | ||||
ADJUSTED EBITDAR | 23,018 | 40,567 | 173,050 | 168,869 | ||||
Reconciliation of net income attributable to common stockholders to Adjusted earnings | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
In thousands of | ||||||||
Net income attributable to common stockholders | 5,088 | 26,149 | 128,607 | 113,408 | ||||
Gain on vessel sold | — | — | (12,322) | — | ||||
Gain on extinguishment of finance leases | — | — | (1,432) | — | ||||
Extinguishment of preferred stock | 739 | — | 739 | — | ||||
Impairment of equity method investment | 4,423 | — | 4,423 | — | ||||
Gain on sale of e1 Marine LLC | — | — | (501) | — | ||||
Adjusted earnings | 10,250 | 26,149 | 119,514 | 113,408 | ||||
Adjusted earnings per share, basic | 0.25 | 0.63 | 2.87 | 2.76 | ||||
Adjusted earnings per share, diluted | 0.25 | 0.63 | 2.84 | 2.71 | ||||
Weighted average number of shares outstanding, basic | 41,631,336 | 41,300,425 | 41,655,701 | 41,130,089 | ||||
Weighted average number of shares outstanding, diluted | 41,762,430 | 41,811,455 | 42,022,160 | 41,789,149 | ||||
Adjusted earnings for purposes of dividend calculation | ||||||||
Three Months Ended | ||||||||
December 31, 2024 | ||||||||
In thousands of | ||||||||
Adjusted earnings | 10,250 | |||||||
Unrealized gains | (681) | |||||||
Adjusted earnings for purposes of dividend calculation | 9,569 | |||||||
Dividend to be paid | 3,190 | |||||||
Dividend Per Share (DPS) | 0.08 | |||||||
Number of shares outstanding as of February 13, 2025 | 40,455,240 | |||||||
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "should", "may", "will", "expect" and similar expressions are among those that identify forward-looking statements.
Forward-looking statements in this press release include, among others, statements regarding: future operating or financial results, including future earnings and financial position; global and regional economic conditions and trends; shipping market trends and market fundamentals, including tanker demand and supply and future spot and charter rates; expected growth in oil demand and expanding biofuel trade; the Company's capital allocation priorities and business strategies and energy transition, sustainability and other initiatives the potential effect of geopolitical conflicts, including the
In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies and currencies; general market conditions, including fluctuations in spot and charter rates and vessel values; changes in demand for and the supply of tanker vessel capacity; changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs; changes in the projections of spot and time charter or pool trading of the Company's vessels; geopolitical conflicts, including future developments relating to the
Investor Relations Enquiries:
Mr. Leon Berman | Mr. Bryan Degnan |
The IGB Group | The IGB Group |
45 Broadway, Suite 1150 | 45 Broadway, Suite 1150 |
Tel: 212‑477‑8438 | Tel: 646‑673‑9701 |
Fax: 212‑477‑8636 | Fax: 212‑477‑8636 |
Email: lberman@igbir.com | Email: bdegnan@igbir.com |
View original content:https://www.prnewswire.com/news-releases/ardmore-shipping-corporation-announces-financial-results-for-the-three-and-twelve-months-ended-december-31-2024-302375522.html
SOURCE Ardmore Shipping Corporation
FAQ
What were Ardmore Shipping's (ASC) Q4 2024 earnings per share?
How much did ASC's share repurchase program cost in December 2024?
What is ASC's dividend payment for Q4 2024?
What were ASC's MR Eco-Design tanker rates in Q4 2024?
How much liquidity did ASC have as of December 31, 2024?
