Financial Data and Key Metrics Changes - Ardmore Shipping reported earnings of $113 million, or $2.71 per share for the full year 2023, with fourth-quarter adjusted earnings of $26 million, or $0.63 per share, reflecting strong market conditions [8][14] - The company declared a quarterly cash dividend of $0.21 per share, consistent with its policy of paying out one third of adjusted earnings [9][30] - The breakeven level was lowered to $13,900 per day due to effective cost control and reduced debt levels, with nearly $50 million in cash on hand at the end of the quarter [13] Business Line Data and Key Metrics Changes - MRs (Medium Range tankers) earned $32,500 per day in Q4 and $35,400 per day in Q1 2024, while chemical tankers earned $29,300 per day in Q4 and $30,100 per day in Q1 2024 [8][9] - The company completed seven dry dockings in 2023 with a total capital expenditure of nearly $40 million, focusing on energy efficiency technologies [15][18] Market Data and Key Metrics Changes - Refined product tonne-mile demand increased by 11% year-on-year, driven by geopolitical disruptions and climate-related trading restrictions [11] - The EU refined product embargo and reduced traffic in the Panama Canal have significantly impacted supply, with traffic down by up to 30% overall [11][36] - The product tanker order book stands at 13% of the existing fleet, with the MR order book under 8%, indicating limited fleet growth [39][40] Company Strategy and Development Direction - Ardmore Shipping focuses on MR product tankers and chemical tankers, aiming to increase scale and organizational capability while adapting to changing market conditions driven by energy transition [20][21] - The company emphasizes a combination of performance and progress, with a strong focus on relative performance metrics compared to peers [22] - Ardmore's energy transition plan aims to improve fleet efficiency and reduce emissions while meeting ongoing demand for refined products [24][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted robust market conditions strengthening into Q1 2024, driven by geopolitical disruptions and favorable supply-demand fundamentals [18] - The company is well-positioned to benefit from ongoing strong market conditions, with a focus on capital allocation priorities and fleet modernization [9][18] - Management acknowledged the potential for a prolonged bull market, suggesting that the current cycle could last another two to four years [69] Other Important Information - Ardmore Shipping's governance practices have been recognized, ranking as the number one publicly traded tanker company in the Webber ESG Scorecard [23] - The company has invested significantly in energy efficiency technologies, with 50% of its fleet expected to be outfitted with carbon-capture-ready scrubbers [15][24] Q&A Session Summary Question: What percentage of the global fleet can make it around Africa without refueling? - Every ship can technically make the journey, but operationally it may not be practical due to bunker planning and potential bottlenecks in South Africa [60][61] Question: Can Russian refined products be sold through middlemen to other markets? - There are concerns about the potential for Russian crude or products to re-enter the supply chain in the West, but tracking this is complex [66] Question: What was the price of fuel used to calculate the return on capital for environmental savings? - The price of fuel used for calculations was approximately $500 per ton, equating to about $70 per barrel [64][65] Question: How is Ardmore preparing for a potentially longer cycle? - Management is aware of historical patterns and is positioning the company to capitalize on the current market strength while preparing for various outcomes [68][69]

Earnings Presentation Fourth Quarter and Full Year 2023 & Investor Day 2024 To Submit Questions for the Q&A Session Ardmore@IGBIR.com ...

Financial Performance - The Company reported net income of $113.4 million for the year ended December 31, 2023, down from $135.1 million in 2022, representing a decrease of approximately 16%[17] - Revenue for the three months ended December 31, 2023 was $98.9 million, a decrease of $33.9 million or 25.5% from $132.8 million for the same period in 2022[17] - Net revenue for the three months ended December 31, 2023, was $98,878 thousand, a decrease of 25.6% compared to $132,831 thousand for the same period in 2022[33] - Net income for the year ended December 31, 2023, was $116,808 thousand, down 15.7% from $138,454 thousand in 2022[33] - Adjusted EBITDA for the year ended December 31, 2023, was $159,489 thousand, a decline of 12.5% from $168,869 thousand in 2022[36] - Adjusted EBITDA for the three months ended December 31, 2023, was $37.839 million, compared to $66.457 million for the same period in 2022, reflecting a decline of approximately 43%[49] - The company reported EBITDA of $37.839 million for the three months ended December 31, 2023, compared to $66.457 million for the same period in 2022, indicating a significant decrease in operational performance[49] - Earnings per share, diluted, for the year ended December 31, 2023, was $2.71, a decrease of 23.1% from $3.52 in 2022[33] - Adjusted earnings per share for the quarter ended December 31, 2023, was $0.63, down from $1.33 in the same quarter of 2022[50] Operational Metrics - The average TCE rate for the Company's fleet decreased to $29,702 per day for the three months ended December 31, 2023, down $9,159 per day or 23.5% from $38,861 per day in 2022[20] - The Company had 2,293 spot revenue days for the three months ended December 31, 2023, a decrease of 106 days or 4.4% from 2,399 days in the same period of 2022[18] - Voyage expenses were $33.2 million for the three months ended December 31, 2023, a decrease of $6.3 million or 15.9% from $39.5 million in 2022[19] - Total charter hire expense was $5.7 million for the three months ended December 31, 2023, a decrease of $0.3 million or 5% from $6.0 million in 2022[22] - The average number of operating vessels in the fleet was 26.0 for the three months ended December 31, 2023, compared to 27.0 in the same period of 2022[36] - Fleet operating expenses per day increased to $7,192 for the three months ended December 31, 2023, compared to $6,927 in the same period of 2022[36] Liquidity and Debt - As of December 31, 2023, the Company had $268.0 million in liquidity available, with cash and cash equivalents of $46.8 million, down from $50.6 million in 2022[26] - Total debt decreased to $89.7 million as of December 31, 2023, down from $174.3 million in 2022, representing a reduction of approximately 48.6%[27] - Net cash used in financing activities for the year ended December 31, 2023, was $136,537 thousand, compared to $164,497 thousand in 2022[35] Environmental and Efficiency Initiatives - Ardmore's Energy Transition Plan focuses on transition technologies, projects, and sustainable cargos, aiming to enhance operational efficiency and reduce environmental impact[30] - CO2 emissions for the three months ended December 31, 2023, were 103,348 metric tonnes, a decrease from 105,625 metric tonnes in the same period of 2022[40] - The annual efficiency ratio (AER) for the fleet improved to 6.05g/tm for the twelve months ended December 31, 2023, down from 6.10g/tm in the previous year[40] - The energy efficiency operational indicator (EEOI) for the fleet increased to 13.34g/ctm for the twelve months ended December 31, 2023, compared to 12.53g/ctm in the previous year[40] - The company anticipates continued refinement of performance measures for emissions and efficiency, aligning with industry best practices[53] - The company expects to install additional scrubbers on vessels during 2024, enhancing compliance with environmental regulations[53] Future Outlook and Events - The Company plans to host an Investor Day and conference call on February 15, 2024, to discuss the financial results for the quarter ended December 31, 2023[28] - The company acknowledges potential impacts from geopolitical conflicts, including the Russia-Ukraine war and the Hamas-Israel war, on the shipping industry and its operations[54] Asset Valuation - Ardmore's total asset value was estimated at $721.62 million as of December 31, 2023, with a depreciated replacement value (DRV) per share of $17.47[37] - The estimated resale price for newbuild vessels of equivalent deadweight tonne is $51.50 million as of December 31, 2023[37] - Ardmore's commercial management business is estimated to have a value of $700.15 million, based on industry standard fees and a multiple of 7x net earnings[37]

Ardmore Shipping Corporation (ASC) is scheduled to release fourth-quarter 2023 earnings on Feb 15.ASC beat the Zacks Consensus Estimate in each of the last four quarters by an average of 4.33%.The Zacks Consensus Estimate for quarterly earnings per share has remained stable at 59 cents over the past 60 days.Against this backdrop, let’s take a look at the factors that might have shaped the company’s December-quarter performance.We expect Ardmore Shipping’s results to reflect bullishness surrounding the tanke ...

Core Viewpoint - Ardmore Shipping's recent trading performance shows a slight decline, but it has outperformed the Transportation sector and the S&P 500 over the past month [1] Group 1: Recent Performance - Ardmore Shipping closed at $16.16, down 0.8% from the previous trading session, while the S&P 500 gained 0.23% [1] - The company's shares increased by 8.82% over the last month, outperforming the Transportation sector's gain of 0.29% and the S&P 500's gain of 5.3% [1] Group 2: Upcoming Earnings - The upcoming earnings release is highly anticipated, with an expected EPS of $0.59, representing a 54.62% decrease year-over-year [1] - Revenue is projected to be $60.6 million, indicating a 35.07% decline compared to the same quarter last year [1] Group 3: Analyst Estimates and Rankings - Recent adjustments to analyst estimates indicate a positive trend, with the Zacks Consensus EPS estimate rising by 15.4% in the past month [2] - Ardmore Shipping currently holds a Zacks Rank of 3 (Hold), reflecting a neutral outlook based on analyst confidence [2] Group 4: Valuation Metrics - The company is trading at a Forward P/E ratio of 6.69, which is lower than the industry average of 7.04 [3] - The Transportation - Shipping industry ranks 72 in the Zacks Industry Rank, placing it in the top 29% of over 250 industries [3]

The market expects Ardmore Shipping (ASC) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if t ...

The Company will provide a comprehensive update, focusing on the forces and trends influencing the global product and chemical tanker markets. The February 15, 2024 event will also include the Company's presentation of 4Q 2023 financial results. HAMILTON, Bermuda, Feb. 1, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that it will host its 2024 Investor Day on Thursday, February 15 at 12:00 P.M. Eastern Time in New York City. At the event, the exte ...

Small-cap companies are a great option for early investors because they are typically less expensive per share than large-cap stocks. They are also typically more volatile investment vehicles because they have a greater chance of large fluctuations in share price than other large companies, which could be a downside or an upside depending upon an investor’s goals.It’s always a good idea to focus on diversification within an investment portfolio and include more than just different sectors. It also should co ...

Ardmore Shipping (ASC) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this shipping company have returned +16.5% over the past month versus the Zacks S&P 500 composite's +3.4% change. The Zacks Transportation - Shipping industry, to which Ardmore Shipping belongs, has gained 10.5% over this period. Now the key question is: Where could the stock be headed in the near t ...

The most recent trading session ended with Ardmore Shipping (ASC) standing at $15.97, reflecting a -1.84% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.53%. Meanwhile, the Dow experienced a rise of 0.64%, and the technology-dominated Nasdaq saw an increase of 0.19%.Coming into today, shares of the shipping company had gained 14.18% in the past month. In that same time, the Transportation sector lost 3.36%, while the S&P 500 gained 2.48%.The ...