ARDMORE SHIPPING CORPORATION - ASC STOCK NEWS

Ardmore Shipping Corporation (NYSE: ASC) will host its 2023 Investor Day on February 14, 2023, at 12:00 PM Eastern Time in New York City. The event, titled "Product and Chemical Tankers in a Re-Ordered Global Energy Market," will provide updates on product and chemical tanker markets, including the effects of sanctions like the EU's ban on Russian refined products effective February 5, 2023. Ardmore aims to maximize value through strategic initiatives in both the short and long term. A live webcast will be available on the company's website, and it will be archived for later access.

Ardmore Shipping Corporation (NYSE: ASC) announced the appointment of James Fok as a Class III director on its Board. Fok brings over 20 years of experience, including a key role at Hong Kong Exchanges and Clearing and advisory positions with major financial entities. Chairman Curtis McWilliams expressed confidence that Fok's expertise in Asian financial markets will enhance Ardmore's strategic direction amid evolving economic challenges. Ardmore operates a fleet of modern, fuel-efficient tankers, focusing on financial strength and operational excellence.

Ardmore Shipping Corporation (ASC) reported a net profit of $61 million for Q3 2022, translating to $1.57 earnings per share, a significant turnaround from a net loss of $12.8 million in Q3 2021. For the first nine months, profits reached $82 million, with $2.27 earnings per share. Revenue surged to $142.4 million, up from $47.2 million year-over-year. The company is initiating a quarterly cash dividend starting Q4 2022. Recent refinancing of 19 vessels is expected to enhance financial flexibility and lower interest costs.

Ardmore Shipping Corporation (NYSE: ASC) has initiated a quarterly cash dividend policy, effective for the quarter ending December 31, 2022. The dividend will be equivalent to one-third of Adjusted Earnings and will be declared with fourth quarter earnings in February 2023. This decision follows the company's capital allocation policy aimed at optimizing earnings and reducing leverage.

CEO Anthony Gurnee highlights a strong foundation for growth, while CFO Bart Kelleher emphasizes maintaining operational performance and controlling costs to maximize shareholder value.

Ardmore Shipping Corporation (NYSE: ASC) will announce its third quarter earnings on November 2, 2022, before the market opens. A conference call is scheduled for 10:00 a.m. Eastern Time to discuss the earnings, which will also be available via a live webcast. Interested parties can join the call by dialing 844-492-3728 for domestic or 412-542-4189 for international access. An audio replay will be accessible until November 9, and the webcast will be archived on the company's website.

Ardmore Shipping Corporation (ASC) reported a net profit of $28.8 million for Q2 2022, or $0.82 per share, a significant recovery from a net loss of $8.2 million in Q2 2021. For the six months ending June 30, 2022, the company posted a net profit of $21.0 million, compared to a $16.7 million loss in 2021. Revenue surged to $107.1 million, driven by improved TCE rates averaging $30,480 per day for MR tankers. The company has also completed the sale of two vessels for $26.4 million and secured $308 million in new sustainability-linked loans, enhancing financial flexibility.

Ardmore Shipping Corporation (NYSE: ASC) announced the departure of CFO Paul Tivnan, effective September 28, 2022, after 12 years with the company. Bart Kelleher will succeed him, bringing extensive maritime and financial sector experience. Tivnan played a key role in Ardmore's growth since its inception in 2010, including successful refinancing efforts. Kelleher's background includes leadership positions at Chembulk Tankers and Principal Maritime Management. The transition aims for continuity with an overlap period beginning September 1, 2022, to ensure a smooth handover.

Ardmore Shipping Corporation (NYSE: ASC) announced plans to report its second-quarter earnings on July 27, 2022, prior to market opening. A conference call will follow at 10:00 a.m. ET, accessible via dial-in or live webcast. Ardmore operates a fleet of mid-size product and chemical tankers, focusing on seaborne transport of petroleum and chemicals globally. The company aims to modernize its fleet while establishing long-term commercial relationships. Additionally, Ardmore is committed to an Energy Transition Plan that emphasizes sustainable shipping practices.

Ardmore Shipping Corporation (ASC) reported a net loss of $7.9 million or $0.23 per share for Q1 2022, slightly improving from a loss of $8.5 million in Q1 2021. Revenue increased to $63.4 million from $45.6 million, largely due to higher spot rates and an increase in average TCE rates to $15,155 per day. The sale of three MR tankers, expected to yield $15 million in net cash, positions Ardmore for potential gains amid strong market conditions. However, challenges remain, including the impact of rising bunker prices and geopolitical tensions.