Core Insights - Ardmore Shipping Corporation reported a net income of 23.3millionforQ32024,anincreasefrom20.3 million in Q3 2023, with earnings per share rising to 0.55from0.49 [2][17] - For the nine months ended September 30, 2024, net income reached 123.5million,comparedto87.3 million for the same period in 2023, with earnings per share increasing to 2.96from2.12 [2][17] - The company declared a cash dividend of 0.18percommonshareforQ32024,consistentwithitsvariabledividendpolicy[2][12]FinancialPerformance−RevenueforQ32024was96.1 million, up from 86.9millioninQ32023,drivenbyincreasedspotratesandrevenuedays[18][19]−TheaverageTimeCharterEquivalent(TCE)rateforthefleetwas26,628 per day, an increase from 26,347perdayinQ32023[22][45]−Voyageexpensesincreasedto34.6 million in Q3 2024 from 30.6millioninQ32023,primarilyduetohigherportandbunkercosts[21][22]FleetOperations−AsofSeptember30,2024,Ardmoreoperated26vessels,including20MRtankersandsixEco−DesignIMO2product/chemicaltankers[6][49]−TheaverageTCErateforMREco−Designtankerswas28,481 per day in Q3 2024, while chemical tankers earned an average TCE rate of 21,604perday[3][9]−Thecompanyexpects9523,100 per day [8][10] Leadership and Strategy - Gernot Ruppelt was appointed as the new CEO following the retirement of founder Anthony Gurnee [14] - The company focuses on maximizing TCE performance, managing costs, and reducing its breakeven level to enhance earnings capacity [5][6] - Ardmore's Energy Transition Plan aims to improve operational efficiency and reduce emissions through technological advancements [36][50] Market Conditions - Geopolitical factors, including the Russia-Ukraine conflict and tensions in the Middle East, have contributed to rising tanker charter rates [15][16] - The company is well-positioned to capture market upside as conditions improve with the onset of the winter season [4][6]
Ardmore Shipping(ASC) Prnewswire·2024-11-06 13:00