Ardmore Shipping Corporation Announces Financial Results For The Three and Six Months Ended June 30, 2024

Core Viewpoint - Ardmore Shipping Corporation reported significant increases in net income and adjusted earnings for the second quarter and first half of 2024, driven by robust market conditions and effective fleet management [2][17][18]. Financial Performance - The company reported net income of $61.8 million for Q2 2024, up from$23.7 million in Q2 2023, translating to earnings per share of $1.48 compared to$0.57 [2][17]. - For the first half of 2024, net income reached $100.2 million, an increase from$66.9 million in the same period of 2023, with earnings per share of $2.41 versus$1.63 [2][18]. - Adjusted earnings for Q2 2024 were $47.6 million, compared to$23.7 million in Q2 2023, with adjusted earnings per share of $1.14 versus$0.57 [2][18]. Fleet Operations - As of June 30, 2024, the company operated 26 vessels, including 20 MR tankers and 6 Eco-Design IMO 2 product/chemical tankers [5][6]. - The average TCE rate for MR Eco-Design tankers was $41,385 per day in Q2 2024, while chemical tankers earned an average TCE rate of$30,330 per day [2][6][7]. - The company expects 95% of its MR tankers' revenue days to be employed in the spot market for Q3 2024, with an average spot TCE rate of approximately $34,300 per day [6][7]. Dividend Declaration - The Board of Directors declared a cash dividend of$0.38 per common share for Q2 2024, consistent with the company's policy of paying out one-third of adjusted earnings [2][9]. Leadership Transition - The company announced the retirement of Founder and CEO Anthony Gurnee, with Gernot Ruppelt appointed as the new CEO and Bart Kelleher expanding his role to President, effective September 16, 2024 [10][11]. Market Conditions - Market conditions remain strong due to limited newbuildings, an aging fleet, and steady oil demand growth, further supported by geopolitical factors such as the Russia-Ukraine conflict [2][16].