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Ardmore Shipping Corporation - ASC STOCK NEWS

Welcome to our dedicated page for Ardmore Shipping Corporation news (Ticker: ASC), a resource for investors and traders seeking the latest updates and insights on Ardmore Shipping Corporation stock.

Ardmore Shipping Corporation (NYSE: ASC) is a global leader in the ownership and operation of product and chemical tankers. Established in 2010, Ardmore provides seaborne transportation of petroleum products and chemicals to a diverse range of clients including oil majors, national oil companies, and chemical traders.

The Company operates a modern, fuel-efficient fleet of mid-size tankers ranging from 25,000 to 50,000 deadweight tonnes (dwt), including 20 Medium Range (MR) tankers and six Eco-Design IMO 2 product/chemical tankers. Ardmore's vessels are equipped to handle various voyages and charters, ensuring flexibility and reliability in its operations.

Ardmore continues to expand and modernize its fleet, most recently acquiring a 2017-built MR product tanker and selling an older vessel for strategic modernization. The company's fleet management is supported by technical and commercial management partners, ensuring the highest standards in operational efficiency and customer service.

In addition to its core business of transportation, Ardmore is committed to sustainability through its Energy Transition Plan (ETP), focusing on technologies and projects that promote fuel efficiency and sustainable cargoes. The company has installed modular, carbon capture-ready scrubbers on several vessels and plans to continue these upgrades.

Financially, Ardmore demonstrates robust performance with strong earnings and disciplined capital allocation, including regular dividend payouts to shareholders. For the quarter ended December 31, 2023, the company reported net income of $26.1 million and maintained a strong liquidity position with $268.0 million available.

Ardmore Shipping Corporation remains vigilant in addressing geopolitical risks and market volatility, ensuring the safety of its seafarers and optimizing fleet performance. Through a combination of technological advancements and operational excellence, Ardmore is well-positioned for long-term growth and shareholder value maximization.

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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.

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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.

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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.

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Ardmore Shipping (NYSE: ASC) has scheduled its first-quarter earnings announcement for May 8, 2024. The company will host a conference call and webcast at 10:00 a.m. Eastern Time on the same day. Investors can access the live webcast or join by phone. An audio replay will be available for those unable to participate. Details for accessing the call and webcast are provided.
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Ardmore Shipping (ASC) has filed its Annual Report on Form 20-F for the year 2023 with the SEC, available on their website. The report complies with NYSE rules.
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Ardmore Shipping Corporation (ASC) reported net income of $26.1 million for Q4 2023, a decrease from $53.1 million in Q4 2022. For the full year 2023, net income was $113.4 million compared to $135.1 million in 2022. The company declared a cash dividend of $0.21 per share for Q4 2023. Fleet modernization plans include acquiring a new tanker and selling an existing one. Scrubber installations were completed on two vessels in Q4 2023.
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Ardmore Shipping Corporation (NYSE: ASC) will host its 2024 Investor Day on February 15, 2024, providing a comprehensive update on the product and chemical tanker markets. The event will include the presentation of 4Q 2023 financial results and an overview of the Company's strategy and capital allocation framework for maximizing shareholder value. Institutional investors and analysts can attend the event by contacting The IGB Group. A live webcast of the presentation and slides will be available to the public on Ardmore's website.
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Ardmore Shipping Corporation (NYSE: ASC) reported a decrease in net income for the three months ended September 30, 2023, compared to the same period in 2022. The company also announced a cash dividend of $0.16 per common share for the quarter ended September 30, 2023. MR tankers earned an average spot TCE rate of $28,493 per day, while chemical tankers earned an average TCE rate of $20,023 per day for the three months ended September 30, 2023.
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Ardmore Shipping Corporation plans to announce its third quarter earnings on November 7, 2023, before the market opens. A conference call and webcast will be held later that day at 10:00 a.m. Eastern Time.
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Ardmore Shipping Corporation announces Q2 2023 financial results, reporting net income of $23.7 million compared to $28.8 million in Q2 2022. The company also declared a cash dividend of $0.19 per common share. MR Eco-Design tankers earned an average spot TCE rate of $27,460 per day, while chemical tankers earned $24,555 per day. The company amended its term loan agreement and published its 2022 Sustainability Report.
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FAQ

What does Ardmore Shipping Corporation do?

Ardmore Shipping Corporation owns and operates a fleet of mid-size product and chemical tankers, providing seaborne transportation of petroleum products and chemicals worldwide.

When was Ardmore Shipping Corporation established?

Ardmore Shipping Corporation was established in 2010.

What is the size of Ardmore's fleet?

Ardmore's fleet consists of 26 vessels, including 20 MR tankers and six Eco-Design IMO 2 product/chemical tankers.

What are Ardmore's core business services?

Ardmore provides transportation of petroleum products and chemicals through voyage charters, commercial pools, and time charters.

How does Ardmore contribute to sustainability?

Ardmore's Energy Transition Plan focuses on transition technologies, projects, and sustainable cargoes. The company has installed carbon capture-ready scrubbers on several vessels.

What were Ardmore's financial results for the fourth quarter of 2023?

Ardmore reported a net income of $26.1 million for the fourth quarter of 2023.

How does Ardmore handle market volatility and geopolitical risks?

Ardmore remains vigilant in addressing geopolitical risks and market volatility by optimizing fleet performance and ensuring the safety of its seafarers.

What recent upgrades has Ardmore made to its fleet?

Ardmore recently acquired a 2017-built MR product tanker and sold an older vessel as part of its fleet modernization strategy.

What is Ardmore's dividend policy?

Ardmore follows a variable dividend policy, paying out dividends on its shares of common stock equal to one-third of Adjusted earnings.

Where is Ardmore Shipping Corporation headquartered?

Ardmore Shipping Corporation is headquartered in Hamilton, Bermuda.

Ardmore Shipping Corporation

NYSE:ASC

ASC Rankings

ASC Stock Data

842.93M
41.53M
10.4%
66.56%
7.05%
Deep Sea Freight Transportation
Transportation and Warehousing
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United States of America
69 Pitts Bay Road