Ardmore Shipping Corp Stock Price, News & Analysis

Ardmore Shipping Corporation (ASC) reported a net loss of $6.0 million for the year ended December 31, 2020, equating to $0.18 per share, a notable improvement from a $22.9 million loss in 2019. Adjusted EBITDA rose to $57.0 million, up from $53.3 million. For Q4 2020, the company incurred a net loss of $19.5 million, down from a profit of $1.9 million the previous year. Average daily earnings for MR tankers decreased to $9,436 in Q4 2020. Ardmore anticipates improved market conditions in the latter half of 2021, contingent on economic recovery and appropriate tanker supply adjustments.

Ardmore Shipping Corporation (NYSE: ASC) will announce its fourth quarter and full year 2020 earnings on February 10, 2021, before market opening. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time, accessible via dial-in or online webcast. The company operates a fleet of mid-size tankers and focuses on developing high-quality vessels while maintaining cost advantages. Details for the audio replay of the call and archived webcast are also provided.

Ardmore Shipping Corporation (NYSE: ASC) announced that Chief Financial Officer Paul Tivnan will present at the Sidoti & Company Virtual Conference on November 19, 2020, at 8:30 a.m. Eastern Time. A live webcast of the presentation will be accessible in the Investor Relations section of Ardmore's website.

Ardmore operates a fleet of mid-size product and chemical tankers, emphasizing seaborne transportation of petroleum products and chemicals worldwide, with a focus on modernizing its fleet and enhancing operational efficiency.

Ardmore Shipping Corporation (NYSE: ASC) reported a net loss of $6.6 million for Q3 2020, translating to a $0.20 loss per share, compared to a net loss of $5.7 million in Q3 2019. EBITDA for the quarter was $7.2 million, down from $9.6 million year-over-year. However, for the nine-month period ending Sept 30, 2020, the company achieved a net income of $13.5 million, with EBITDA of $56.1 million, a notable improvement from a loss of $24.8 million in 2019. The company has initiated a share repurchase plan and secured a $10 million loan for vessel financing.

Ardmore Shipping Corporation (NYSE: ASC) will release its third quarter earnings on November 4, 2020, before the market opens. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time, accessible via dial-in and a live webcast. Participants are encouraged to join 10 minutes early for a prompt start. An audio replay will be available until November 11, 2020. Ardmore operates a fleet of MR product and chemical tankers, focusing on seaborne transportation to various oil and chemical companies.

Ardmore Shipping Corporation (NYSE: ASC) announced a new Share Repurchase Plan allowing the purchase of up to $30 million of its common shares until September 30, 2023. This plan expands and replaces an earlier one, enabling Ardmore to repurchase shares at its discretion in the open market or through private transactions. The company continues to focus on developing a modern fleet of MR product and chemical tankers, aiming for strategic growth and efficiency in its operations.

Ardmore Shipping Corporation (NYSE: ASC) filed its investor presentation on July 31, 2020, highlighting analysis of spot time charter equivalent (Spot TCE) rates for Q1 and Q2 2020. Ardmore reported MR TCE rates of $21,256 and $19,307 per day for Q2 and Q1 respectively, while Eco-design MR TCE rates were $21,539 and $19,564. The MR Spot TCE rates were $21,841 for Q2 and $19,354 for Q1, and Eco-design MR Spot TCE rates were $22,124 and $19,611. The presentation is available on their website.

Ardmore Shipping Corporation (ASC) reported a strong recovery in its financial results for Q2 2020, achieving a net income of $13.6 million or $0.41 per share, compared to a net loss of $9.9 million in Q2 2019. EBITDA for the quarter soared to $27.9 million, significantly up from $5.7 million year-over-year. The company also posted a total revenue of $68 million, an increase driven by higher spot rates despite reduced revenue days. Looking ahead, Ardmore has entered into favorable charters and acquisitions, maintaining a positive long-term outlook while navigating market volatility.

Ardmore Shipping Corporation (NYSE: ASC) announced it received an unsolicited acquisition proposal from Hafnia Limited on June 19, 2020. The offer proposed exchanging Ardmore shares for 2.4 shares of Hafnia stock, valuing Ardmore at approximately $3.87 per share. Ardmore's Board, after consulting advisors, deemed the proposal highly opportunistic and significantly undervalued the company, considering it represented an 18% discount to its share price on the proposal date. Ardmore emphasizes its strong operational performance and commitment to shareholder value.