Ardmore Shipping Corp Stock Price, News & Analysis

Ardmore Shipping (NYSE: ASC) has announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC). The company has made the report accessible to shareholders and investors through their website's Investor Relations section at www.ardmoreshipping.com under SEC Filings, in accordance with New York Stock Exchange requirements.

Ardmore Shipping (NYSE: ASC) reported financial results for Q4 and full-year 2024. The company achieved Adjusted earnings of $10.3 million ($0.25 per share) for Q4 2024, down from $26.1 million ($0.63 per share) in Q4 2023. Full-year 2024 Adjusted earnings were $119.5 million ($2.87 per share), up from $113.4 million in 2023.

The company declared a quarterly dividend of $0.08 per share and repurchased 1.56 million shares (4% of outstanding stock) at $11.49 per share. MR Eco-Design tankers earned average spot TCE rates of $22,663 per day in Q4 2024, while Chemical tankers earned $21,406 per day. For Q1 2025, with 55% of revenue days fixed, MR Eco-Design tankers are earning approximately $23,400 per day.

The company maintains a strong liquidity position with $243.4 million available, including $47.0 million in cash and $196.4 million in undrawn credit facilities as of December 31, 2024.

Ardmore Shipping (NYSE: ASC) has announced its 2025 Investor Day, scheduled for February 13, 2025, at 12:00 P.M. Eastern Time in New York City. The event will coincide with the presentation of the company's Q4 2024 financial results.

During the event, Ardmore's senior management will provide comprehensive updates on product and chemical tanker markets, supply/demand fundamentals, and the impact of geopolitical volatility on trade routes and vessel demand. The presentation will also cover the company's strategy and capital allocation framework.

Ardmore operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes, focusing on seaborne transportation of petroleum products and chemicals worldwide. The company's core strategy includes fleet modernization, building commercial relationships, and maintaining cost advantages while pursuing its Energy Transition Plan focused on transition technologies, projects, and sustainable cargos.

Ardmore Shipping (NYSE: ASC) reported strong financial results for Q3 2024, with net income of $23.3 million ($0.55 per share), up from $20.3 million ($0.49 per share) in Q3 2023. The company's MR Eco-Design tankers earned an average spot TCE rate of $28,481 per day, while chemical tankers earned $21,604 per day. For Q4 2024, approximately 50% of revenue days are fixed at $25,000 per day for MR Eco-Design tankers and $25,150 per day for chemical tankers. The Board declared a quarterly dividend of $0.18 per share. The company maintains strong liquidity with $268.5 million available, including $47.6 million in cash.

Ardmore Shipping (NYSE: ASC) announced its financial results for Q2 and H1 of 2024.

For Q2 2024, the company reported a net income of $61.8 million, or $1.48 per basic share, compared to $23.7 million or $0.57 per basic share in Q2 2023. Adjusted earnings were $47.6 million or $1.14 per basic share, up from $23.7 million or $0.57 in Q2 2023.

H1 2024 net income was $100.2 million, or $2.41 per basic share, compared to $66.9 million or $1.63 in H1 2023. Adjusted earnings were $86.0 million or $2.07 per basic share, up from $66.9 million or $1.63 in H1 2023.

The Board declared a dividend of $0.38 per share for Q2 2024, payable on September 13, 2024.

MR Eco-Design tankers earned an average spot TCE of $41,385 per day, and chemical tankers earned $30,330 per day in Q2 2024.

Notably, CEO Anthony Gurnee announced his retirement, with Gernot Ruppelt taking over as CEO and Bart Kelleher expanding his role to President, effective September 16, 2024.

The company exercised purchase options for Ardmore Seawolf and Ardmore Seahawk and sold its stake in e1 Marine for $1.65 million.

Ardmore Shipping (NYSE: ASC) has announced its plans to release second quarter 2024 earnings before the market opens on Wednesday, July 31, 2024. The company will host a conference call and webcast at 10:00 a.m. Eastern Time on the same day to discuss the results.

Investors can access the live webcast and presentation at www.ardmoreshipping.com. Alternatively, they can join the call by phone at 800-836-8184 (US toll-free) or +1-646-357-8785 (international), referencing 'Ardmore Shipping'. An audio replay will be available until August 7, accessible via 888-660-6345 or 646-517-4150 with passcode 88347.

Ardmore Shipping has announced a leadership transition as CEO Anthony Gurnee plans to retire. Gernot Ruppelt, the current Chief Commercial Officer, will take over as CEO, while CFO Bart Kelleher will become President. This transition will occur on September 16, 2024. Gurnee will stay on as an advisor during the transition. Both Ruppelt and Kelleher will join the Board of Directors. Ruppelt, with a decade of service at Ardmore, has built its commercial platform, while Kelleher, with two years at the company, has strengthened its financial operations. The Board appreciates Gurnee's 14-year leadership, which leaves Ardmore more profitable and better positioned than ever. The new leadership aims to build on this success and steer Ardmore through its next growth phase.

Ardmore Shipping reported net income and Adjusted earnings of $38.4 million for the three months ended March 31, 2024, with $0.93 earnings per basic share and $0.92 earnings per diluted share, slightly lower than the same period in 2023. The Company declared a cash dividend of $0.31 per common share for the quarter, paid on June 14, 2024. MR Eco-Design tankers earned an average spot TCE rate of $38,430 per day, while chemical tankers earned $24,831 per day. Recent activities include vessel purchases, charter extensions, and fleet modernization. The ongoing Russia-Ukraine war and other geopolitical conflicts have impacted spot tanker rates. The Company remains optimistic about market conditions and revenue growth for the remainder of the year.