Ardmore Shipping Corporation Earnings Presentation | Fourth Quarter and Full Year 2022 Investor Day 2023 2 To Submit Questions for the Q&A Session Ardmore@IGBIR.com 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. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, ...

Financial Performance - The Company reported a net income of $135.1 million for the year ended December 31, 2022, compared to a net loss of $38.1 million for the year ended December 31, 2021[17]. - Total revenue for the year ended December 31, 2022, was $445.741 million, a significant increase from $192.484 million in 2021, representing a growth of 132%[37]. - Net income for the year ended December 31, 2022, was $138.454 million, compared to a net loss of $36.834 million in 2021, indicating a turnaround in profitability[38]. - Earnings per share (EPS) for the year ended December 31, 2022, was $3.63, a substantial improvement from a loss of $1.12 per share in 2021[38]. - For the three months ended December 31, 2022, net income attributable to common stockholders was $53.08 million, compared to a loss of $8.55 million for the same period in 2021[57]. - Adjusted earnings for the quarter ended December 31, 2022, were $53.968 million, with an adjusted earnings per share of $1.33[57]. Revenue and Expenses - Revenue for the three months ended December 31, 2022, was $132.8 million, an increase of $80.3 million from $52.5 million for the same period in 2021[17]. - Voyage expenses increased to $39.5 million for the three months ended December 31, 2022, up by $14.9 million from $24.6 million for the same period in 2021[19]. - Total charter hire expense was $6.0 million for the three months ended December 31, 2022, an increase of $3.9 million from $2.1 million for the same period in 2021[22]. - Corporate-related general and administrative expenses increased to $5.3 million for the three months ended December 31, 2022, up by $2.0 million from $3.3 million for the same period in 2021[24]. Liquidity and Assets - As of December 31, 2022, the Company had $220.6 million in liquidity available, with cash and cash equivalents of $50.6 million[29]. - Total current assets decreased to $157.738 million from $94.217 million year-over-year, while total non-current assets decreased to $566.121 million from $630.315 million[36]. - Total liabilities decreased significantly to $217.417 million from $395.535 million, reflecting a reduction in both current and non-current liabilities[36]. - The cash and cash equivalents at the end of the period were $50.569 million, down from $55.449 million at the beginning of the year[40]. Fleet and Operations - The Company had 27 vessels employed directly in the spot market as of December 31, 2022, compared to 23 vessels as of December 31, 2021[18]. - The average daily TCE for MR Eco-Design Tankers was reported at $43,174, a substantial rise from $11,024 in the previous year, indicating an increase of about 291%[41]. - The fleet operating expenses per day were $6,499, which is an increase from $6,141 in 2021, representing a rise of approximately 5.9%[41]. - The number of vessels in operation at the end of December 31, 2022, was 27, an increase from 26 vessels in the previous year[46]. - The fleet average age increased to 9.6 years as of December 31, 2022, compared to 8.6 years in 2021[46]. - The percentage of idle time for the fleet decreased to 3.32% in Q4 2022 from 3.69% in Q4 2021[46]. Environmental and Regulatory Compliance - Ardmore Shipping Corporation is committed to reducing CO2 emissions in line with the International Maritime Organization's strategy, emphasizing transparency in emissions reporting[44]. - The BIMCO CII Operations Clause for Time Charter Parties came into effect on January 1, 2023, shifting emissions responsibility to charterers, which may impact future operational strategies[45]. - The company has made advances for ballast water treatment and scrubber systems totaling $5.530 million, indicating ongoing investment in environmental compliance[36]. - Ardmore's carbon emissions for the full year 2022 increased by 0.2% to 404,068 metric tonnes of CO2 compared to 403,321 metric tonnes in 2021[47]. - The Fleet Energy Efficiency Operational Indicator (EEOI) for the period increased by 4.6% to 12.59 g/ctm from 12.04 g/ctm[47]. Future Outlook and Strategic Considerations - The Company anticipates future operating results to be influenced by global economic conditions and shipping market trends, including tanker demand and supply[60]. - The impact of the COVID-19 pandemic and geopolitical events, such as Russia's invasion of Ukraine, is expected to affect the Company's business and financial condition[60]. - The Company estimates a significant number of drydocking and repositioning days in Q1 2023, which may impact operational efficiency[60]. - Management's estimates of the Depreciated Replacement Value (DRV) of its vessels will be crucial for assessing asset value and capital allocation[60]. - The Company is focused on refining performance measures for emissions and efficiency, aligning with energy transition trends[60]. - The strength of the Company's balance sheet is expected to support strategic objectives and enhance shareholder value[60]. - The Company faces uncertainties related to fluctuations in spot and charter rates, which could materially affect revenue[61]. - Changes in operating expenses, including bunker prices and drydocking costs, are anticipated to impact overall profitability[61]. - The Company is monitoring the market for its vessels and competition within the tanker industry, which may influence future chartering opportunities[61]. - The declaration of future dividends will depend on the Company's operating results and capital requirements[61].

Ardmore Shipping Corporation (NYSE:ASC) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET Company Participants Anthony Gurnee - Chief Executive Officer Bart Kelleher - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore ISI Turner Holm - Clarkson Platou Securities Macalla Rogers - Stifel Omar Nokta - Jefferies Operator Good morning, ladies and gentlemen and welcome to the Ardmore Shipping Third Quarter 2022 Earnings Conference Call. Today's call is being recorded and an ...

Ardmore Shipping Corporation (NYSE:ASC) Q2 2022 Earnings Conference Call July 27, 2022 10:00 AM ET CompanyParticipants Anthony Gurnee - Chief Executive Officer Paul Tivnan - Senior Vice President & Chief Financial Officer Conference Call Participants Sean Morgan - Evercore Ben Nolan - Stifel Omar Nokta - Jefferies Chris Tsung - Webber Research Operator Good morning, ladies and gentlemen and welcome to the Ardmore Shipping Second Quarter 2022 Earnings Conference Call. Today's call is being recorded and an au ...

Financial Data and Key Metrics Changes - Ardmore Shipping reported a net income of $22 million or $0.63 per share for the second quarter, with an annualized return on book equity of 30% [8][27] - The average daily TCE (Time Charter Equivalent) for the first quarter was $15,600, which increased to $25,500 for the second quarter, and further rose to $34,400 in the last two weeks [7][8] - Asset values for five-year-old MRs are now valued at $32.5 million, reflecting an 18% year-on-year increase [8] Business Line Data and Key Metrics Changes - The product tanker market has seen a significant uptick in demand due to changes in oil market dynamics, with product tanker ton-mile demand expected to grow 3% to 4% annually until 2026 [16] - The chemical tanker market is also experiencing high spot rates driven by urgent demand for liquid fertilizers and vegetable oils, with trade expected to grow by 3% in 2022 and 5% in 2023 and 2024 [17] Market Data and Key Metrics Changes - Global refinery throughput is expected to be 5% higher year-on-year in the third quarter, with significant increases in throughput in the U.S. Gulf and the Middle East [15] - The ongoing trend of refinery dislocation is positively impacting product tanker demand, with a projected increase in seaborne volumes of refined products due to refinery closures in various regions [15][16] Company Strategy and Development Direction - The company has shifted to full spot exposure as of February, positioning itself to benefit from a strong market [7] - Ardmore Shipping is focused on maintaining financial strength while exploring growth opportunities and potential returns of capital to shareholders [27][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has changed significantly due to the war and its impact on oil markets, with no clear end in sight [27] - There is a renewed appreciation for the role of oil products in energy security, suggesting a turning point for the product and chemical tanker sectors [27] Other Important Information - Ardmore Shipping has not undertaken any voyages from Russia since the outbreak of the conflict and is focused on optimizing commercial performance elsewhere [8] - The company has sold three 2008-built MRs with a time charter back for two years, maintaining its commercial scale and earnings power [8][26] Q&A Session Summary Question: Impact of the war on market fundamentals - Management discussed the tightening of market fundamentals due to the war and the potential long-lasting effects on trade flows and commodity trading houses [30][32] Question: Capital allocation and balance sheet strength - Management emphasized the importance of balance sheet repair and the potential for capital returns as market conditions improve [36][40] Question: Leverage targets - The company aims to reduce its debt-to-capital ratio below 40%, currently around 50%, with the potential to achieve this quickly given the current rate environment [40] Question: Chartering strategy - Management indicated a focus on maintaining flexibility in chartering strategies, balancing between spot and time charters based on market conditions [48][50] Question: Chemical tanker market resilience - The chemical tanker market is currently experiencing disruptions, but management believes it will recover as the market stabilizes [52][54] Question: Scrapping dynamics - Rising rates may negatively impact scrapping, but management does not expect a complete disappearance of scrapping activity [60][61] Question: Lockdowns in China - Current lockdowns in China have led to lower consumption levels, resulting in increased exports, which may provide a tailwind once restrictions are lifted [62]