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].

Financial Data and Key Metrics Changes - Ardmore Shipping reported adjusted earnings of $23.7 million or $0.57 per share for Q2 2023, reflecting strong market conditions [6][17] - The cash breakeven rate has been reduced to $14,000 per day, down by $2,500 due to effective cost control and reduced debt levels [5][16] - Net leverage at the end of June stood at 18% with total net debt of $110 million, indicating a strong financial position [16] Business Line Data and Key Metrics Changes - MR tankers earned $27,500 per day in Q2 2023, with 45% booked for Q3 at $26,100 per day [6] - Chemical tankers earned $27,500 per day on a capital adjusted basis in Q2, with 63% booked for Q3 at $23,000 per day [6] Market Data and Key Metrics Changes - Global oil demand is forecast to grow by 2% in 2023, with significant contributions expected in the second half of the year [10][15] - The EU embargo is positively impacting the charter market, leading to a reordering of trade and increased tonne miles [9][10] - The product tanker order book is low at 9%, with only 16 million deadweight tonnes on order compared to nearly 70 million deadweight tonnes within the scrapping age profile in the next five years [14] Company Strategy and Development Direction - Ardmore Shipping is focused on capital allocation, including maintaining fleet quality, reducing carbon emissions, and returning capital to shareholders through dividends [8][21] - The company plans to invest in performance-enhancing technologies and carbon capture-ready scrubbers, with expected IRRs ranging from 20% to over 100% [18] - The near-term outlook remains positive, with expectations for market strength to build through the second half of the year [9][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the market is set up for a seasonal increase in demand, with low inventory levels in Europe ahead of winter [20][28] - The company anticipates prolonged market strength due to minimal net fleet growth and increasing tonne miles [12][15] Other Important Information - Ardmore declared a quarterly cash dividend of $0.19 per share, consistent with its policy of paying out one-third of adjusted earnings [7] - The company has a strong liquidity position with $50 million in cash and $200 million in undrawn revolving facilities [16] Q&A Session Summary Question: Capital allocation policy and stock valuation - Jonathan Chappell inquired about the potential for share buybacks given the company's low leverage and high liquidity, suggesting that the stock may be undervalued [22] - Bart Kelleher responded that the company is focused on sustainable dividends and will consider additional capital returns if cash positions allow [23][24] Question: Investment opportunities in the current market - Chappell asked about the company's view on tanker asset values being "too expensive" and whether it affects investment decisions [25] - Anthony Gurnee acknowledged that while pricing is high, the company continues to seek opportunities for fleet investment [26] Question: Market conditions heading into winter - Chappell questioned how the market is positioned for the upcoming winter with sanctions in effect and low inventories [27] - Gurnee indicated that the market is likely tighter than last winter due to seasonal demand increases and low inventory levels [28] Question: Q3 performance and capital allocation - Omar Nokta asked about the company's Q3 performance and how it relates to capital allocation decisions, particularly regarding special dividends [30][32] - Gurnee stated that the company is pleased with its current leverage and would consider special dividends under the right conditions [33]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the three and six months ended June 30, 2023 Commission file number 001-36028 ARDMORE SHIPPING CORPORATION (Exact name of Registrant as specified in its charter) Belvedere Building, Ground Floor, 69 Pitts Bay Road, Pembroke, HM08, Bermuda (Address of principal executive office) Indicate by check mark whether the regi ...

Ardmore Shipping Corporation (NYSE:ASC) Q1 2023 Earnings Conference Call May 9, 2023 10:00 AM ET Company Participants Anthony Gurnee - CEO Bart Kelleher - CFO Conference Call Participants Jon Chappell - Evercore ISI Omar Nokta - Jefferies Ben Nolan - Stifel Operator Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's First Quarter 2023 Earnings Conference Call. Today's call is being recorded, and an audio webcast and presentation are available in the Investor Relations section of the compa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the three months ended March 31, 2023 Commission file number 001-36028 ARDMORE SHIPPING CORPORATION (Exact name of Registrant as specified in its charter) Belvedere Building, Ground Floor, 69 Pitts Bay Road, Pembroke, HM08, Bermuda (Address of principal executive office) Indicate by check mark whether the registrant fil ...

NONE (Title of class) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO ...

Ardmore Shipping Corporation (NYSE:ASC) 2023 Investor Day and Q4 2022 Earnings Conference Call February 14, 2023 12:00 PM ET Company Participants Bryan Degnan - Managing Director, The IGB Group Curtis McWilliams - Chairman Anthony Gurnee - President and Chief Executive Officer Bart Kelleher - Chief Financial Officer Gernot Ruppelt - Senior Vice President and Chief Commercial Officer Conference Call Participants Sean Morgan - Evercore ISI Christopher Robertson - Deutsche Bank Bryan Degnan Good morning, every ...