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Ardmore Shipping Corporation (NYSE: ASC) is a global leader in the ownership and operation of product and chemical tankers. Established in 2010, Ardmore provides seaborne transportation of petroleum products and chemicals to a diverse range of clients including oil majors, national oil companies, and chemical traders.
The Company operates a modern, fuel-efficient fleet of mid-size tankers ranging from 25,000 to 50,000 deadweight tonnes (dwt), including 20 Medium Range (MR) tankers and six Eco-Design IMO 2 product/chemical tankers. Ardmore's vessels are equipped to handle various voyages and charters, ensuring flexibility and reliability in its operations.
Ardmore continues to expand and modernize its fleet, most recently acquiring a 2017-built MR product tanker and selling an older vessel for strategic modernization. The company's fleet management is supported by technical and commercial management partners, ensuring the highest standards in operational efficiency and customer service.
In addition to its core business of transportation, Ardmore is committed to sustainability through its Energy Transition Plan (ETP), focusing on technologies and projects that promote fuel efficiency and sustainable cargoes. The company has installed modular, carbon capture-ready scrubbers on several vessels and plans to continue these upgrades.
Financially, Ardmore demonstrates robust performance with strong earnings and disciplined capital allocation, including regular dividend payouts to shareholders. For the quarter ended December 31, 2023, the company reported net income of $26.1 million and maintained a strong liquidity position with $268.0 million available.
Ardmore Shipping Corporation remains vigilant in addressing geopolitical risks and market volatility, ensuring the safety of its seafarers and optimizing fleet performance. Through a combination of technological advancements and operational excellence, Ardmore is well-positioned for long-term growth and shareholder value maximization.
Ardmore Shipping Corporation (NYSE: ASC) announced that it will report its first quarter earnings on May 9, 2023, before market opening. A conference call will follow at 10:00 a.m. Eastern Time, which will be available via dial-in and online webcast. Those unable to attend the call can access an audio replay until May 16. Ardmore operates a fleet of mid-size chemical and product tankers, providing transportation services globally. The company's strategy focuses on maintaining a modern fleet, building long-term relationships, and improving operational efficiencies. Ardmore is also working on an Energy Transition Plan aimed at sustainable practices in its operations.
Ardmore Shipping Corporation (NYSE: ASC) announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission. As per New York Stock Exchange rules, the report is available in the Investor Relations section of Ardmore's website. Shareholders can request a hard copy of the audited financial statements for free. Ardmore operates a fleet of MR product and chemical tankers, emphasizing a strategy focused on building a modern fleet, maintaining cost advantages, and fostering long-term commercial relationships.
Ardmore Shipping Corporation (ASC) reported net income of $53.1 million for Q4 2022, translating to $1.31 earnings per share, reversing a net loss of $8.6 million in Q4 2021. For the full year 2022, net income reached $135.1 million, or $3.63 per share, compared to a net loss of $38.1 million in 2021. Adjusted earnings for Q4 were $54.0 million, marking significant growth amid strong tanker market conditions. The company declared a cash dividend of $0.45 per share. The average TCE rate for MR tankers was $43,174 per day, with favorable signs for Q1 2023. Ardmore expects continued strong earnings from its operational strategies.
Ardmore Shipping Corporation (NYSE: ASC) will host its 2023 Investor Day on February 14, 2023, focusing on updates in the product and chemical tanker markets.
The presentation will cover the impacts of sanctions on global energy flows, particularly the recent EU embargo on Russian refined products initiated on February 5, 2023.
Ardmore aims to showcase its competitive advantages during market volatility and outline strategies for maximizing value in the long term.
The webcast will be available on the company's website, providing transparency for investors.
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