A number of tanker stocks are well positioned to benefit from the fallout from the disruption to Red Sea shipping caused by the Houthi attacks on cargo ships, according to Evercore ISI.“It appears only a black swan event could overwhelm what is an incrementally strong supply/demand backdrop for the industry… and the current black swan in the form of Red Sea diversion is more likely to add upside,” wrote Evercore analyst Jonathan Chappell, in a note released Wednesday. “Capacity adds remain muted well into 2 ...

Ardmore Shipping (ASC) closed at $15.58 in the latest trading session, marking a +0.58% move from the prior day. This move lagged the S&P 500's daily gain of 1.23%. Meanwhile, the Dow experienced a rise of 1.06%, and the technology-dominated Nasdaq saw an increase of 1.7%.The shipping company's stock has climbed by 5.16% in the past month, exceeding the Transportation sector's loss of 3.36% and the S&P 500's gain of 0.94%.The upcoming earnings release of Ardmore Shipping will be of great interest to investo ...

Ardmore Shipping (ASC) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this shipping company have returned +5.2%, compared to the Zacks S&P 500 composite's +0.9% change. During this period, the Zacks Transportation - Shipping industry, which Ardmore Shipping falls in, has gained 9.8%. The key question now is: What could be the stock's ...

Ardmore Shipping (ASC) ended the recent trading session at $14.85, demonstrating a -1.33% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.37%. At the same time, the Dow lost 0.62%, and the tech-heavy Nasdaq lost 0.19%.The the stock of shipping company has risen by 4.66% in the past month, leading the Transportation sector's loss of 2.95% and the S&P 500's gain of 1.56%.The upcoming earnings release of Ardmore Shipping will be of great interest to investors. The ...

The financial markets in 2024 will be pulsating with transformative opportunities driven by companies poised to redefine industries. This is leading to several 2024 investment trends making themselves known, and several stocks gaining traction. Three distinct stocks illuminate diverse sectors, suggesting robustness, technological innovation, and strategic positioning.The first one’s astute market navigation in the transportation sector reflects resilience amid industry dynamics. The second one pioneers gene ...

Ardmore Shipping (ASC) ended the recent trading session at $14.97, demonstrating a -0.2% swing from the preceding day's closing price. This change lagged the S&P 500's 1.41% gain on the day. Meanwhile, the Dow gained 0.58%, and the Nasdaq, a tech-heavy index, added 2.2%.Heading into today, shares of the shipping company had gained 9.41% over the past month, outpacing the Transportation sector's gain of 4.07% and the S&P 500's gain of 2.9% in that time.Market participants will be closely following the financ ...

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 +9.4% over the past month versus the Zacks S&P 500 composite's +2.9% change. The Zacks Transportation - Shipping industry, to which Ardmore Shipping belongs, has gained 13% over this period. Now the key question is: Where could the stock be headed in the near term ...

Ardmore Shipping Corporation (NYSE:ASC) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Anthony Gurnee - Founder, President, CEO & Director Bart Kelleher - Secretary & CFO Conference Call Participants Omar Nokta - Jefferies Benjamin Nolan - Stifel, Nicolaus & Company Operator Good morning, ladies and gentlemen, and welcome to the Ardmore Shipping's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded, and an audio webcast and presentation are availab ...

Ardmore Shipping Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation (“Ardmore” or the “Company”) expects, projects, believes or anticipates will, or may occur in the future, are among these forward-looking statements, including, without limitation, ...

Fleet and Operations - As of September 30, 2023, Ardmore Shipping Corporation operated a fleet of 26 vessels, including 20 Medium Range (MR) tankers and 6 Eco-Design chemical tankers[9]. - Ardmore's fleet consists of 22 owned vessels, with a total deadweight tonnage of approximately 973,181 dwt[14]. - The company has 26 vessels in operation, employed with 19 different charterers as of September 30, 2023[72]. - The company had 22 owned vessels and four chartered-in vessels in operation as of September 30, 2023, with an average fleet age of 9 years[94]. - The company plans to stagger drydockings across its fleet, with an increasing number of vessels scheduled for drydock in the coming years[58]. Financial Performance - Revenue for the three months ended September 30, 2023, was $86.9 million, a decrease of $55.5 million (39%) from $142.4 million for the same period in 2022[24]. - Net income for the three months ended September 30, 2023, was $21.2 million, a decrease of $40.6 million (66%) from $61.8 million for the same period in 2022[24]. - Revenue for the nine months ended September 30, 2023, was $297.1 million, a decrease of $15.8 million (5%) from $312.9 million for the same period in 2022[34]. - Net income attributable to common stockholders for the nine months ended September 30, 2023, was $87.3 million, an increase of $5.3 million (6%) from $82.0 million for the same period in 2022[34]. - Net income for the nine months ended September 30, 2023, was $89.8 million, an increase from $84.5 million in the same period of 2022, representing a growth of approximately 3.0%[91]. Dividends and Shareholder Returns - The company declared a cash dividend of $0.16 per common share for the quarter ended September 30, 2023, to be paid on December 15, 2023[15]. - Ardmore's variable dividend policy is based on paying out one-third of Adjusted Earnings, reflecting a commitment to returning value to shareholders[15]. - The company paid $40.5 million in common share dividends during the nine months ended September 30, 2023[91]. - A cash dividend of $0.16 per common share was declared on November 7, 2023, totaling approximately $6.8 million, to be paid on December 15, 2023[144]. Costs and Expenses - Average TCE rate for the fleet was $26,347 per day for the three months ended September 30, 2023, a decrease of $13,961 per day (34.6%) from $40,308 per day for the same period in 2022[28]. - Voyage expenses were $30.6 million for the three months ended September 30, 2023, a decrease of $15.4 million (33%) from $46.0 million for the same period in 2022[26]. - Vessel operating expenses were $14.4 million for the three months ended September 30, 2023, an increase of $1.1 million (8%) from $13.3 million for the same period in 2022[29]. - Total charter hire expenses were $4.1 million for the three months ended September 30, 2023, a decrease of $0.4 million (9%) from $4.5 million for the same period in 2022[30]. - Interest expense and finance costs for the three months ended September 30, 2023, were $3.0 million, a decrease of $1.5 million (34%) from $4.5 million for the same period in 2022[33]. Cash Flow and Liquidity - Net cash provided by operating activities was $140.9 million for the nine months ended September 30, 2023, compared to $63.5 million in the same period of 2022, primarily due to a decrease in receivables[54]. - Net cash used in investing activities was $18.6 million for the nine months ended September 30, 2023, driven by advances for ballast water and scrubber systems[55]. - Net cash used in financing activities was $122.0 million for the nine months ended September 30, 2023, with debt repayments totaling $77.5 million and cash dividends of $40.6 million[56]. - As of September 30, 2023, the company had $273.7 million in liquidity, including cash and cash equivalents of $50.8 million and undrawn credit facilities of $222.9 million[47]. Market and Economic Conditions - The ongoing geopolitical conflicts, including the Israel-Hamas conflict, have contributed to increased volatility in global energy supply chains and spot tanker rates[17]. - Ardmore's Energy Transition Plan aims to capitalize on the global energy transition, viewing it as an opportunity rather than a compliance challenge[11]. - Inflation has resulted in increased operating and administrative costs, which could adversely affect operating results if spot charter rates do not cover increased costs[73]. Risk Management - The company is exposed to operational risks including drydocking, repair costs, and fluctuating fuel prices, which increased significantly in 2022 but have decreased in 2023[65]. - The company has established countermeasures to minimize the risk of piracy attacks during voyages, particularly in high-risk regions[65]. - The company has not entered into any derivative contracts to manage foreign exchange risk during the three and nine months ended September 30, 2023[66]. Investments and Financing - The company’s investment in Element 1 Corp. amounted to $9.2 million, which includes a 10% equity stake and warrants for additional shares[101]. - The company entered into a $108 million sustainability-linked long-term loan facility with ABN AMRO and CACIB, with $49.2 million continuing as a term loan facility and the remainder converted into a revolving credit facility[110]. - The outstanding principal balance on the finance lease facility was $55.7 million as of September 30, 2023, down from $59.9 million as of December 31, 2022[116]. - The company was in full compliance with all financial covenants related to its long-term debt and finance lease facilities as of September 30, 2023[113][120]. Stock and Equity - The total stockholders' equity as of September 30, 2023, was $517,042,000, an increase from $416,285,000 as of September 30, 2022[87]. - The company has a corporate net worth requirement of not less than $200 million, which it has maintained[112]. - The Series A Preferred Stock has a cumulative dividend rate of 8.5% per $1,000 liquidation preference, with dividends payable quarterly[141].