Welcome to our dedicated page for Ardmore Shipping news (Ticker: ASC), a resource for investors and traders seeking the latest updates and insights on Ardmore Shipping stock.
Ardmore Shipping Corp (ASC) delivers essential maritime transportation services through its modern fleet of product and chemical tankers. This news hub provides investors and industry stakeholders with authoritative updates on ASC's operational milestones, financial performance, and strategic initiatives.
Access curated press releases, earnings reports, and analyses covering chartering agreements, fleet expansions, and safety innovations. Our repository tracks ASC's navigation of global trade dynamics, regulatory changes, and environmental compliance efforts within the specialized tanker sector.
Key updates include time charter rate developments, technical management partnerships, and sustainability initiatives. Bookmark this page for direct access to primary sources about ASC's cost-efficient operations and market resilience strategies.
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.
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