Ardmore Shipping Corp (FRA:A61)

Q3 2024 Ardmore Shipping Corp Earnings Call Transcript

Nov 06, 2024 / 03:00PM GMT

Release Date Price: €12.77 (+0.95%)

Transcript

Key Points

Positve

Ardmore Shipping Corp (ASC) reported strong Third Quarter results with Adjusted Earnings of $23.3 million or $0.55 per share, reflecting elevated TCE rates.
The company declared its 8th consecutive quarterly cash dividend of $0.18 per share, consistent with its policy of paying out 1/3 of Adjusted Earnings.
ASC has reduced its breakeven level to $11,500 per day, the lowest in its history, providing flexibility and resilience.
The company continues to make high-return investments in its fleet, enhancing performance and reducing emissions.
ASC's strategic focus on optimizing trading performance and tightly managing costs has resulted in a robust balance sheet and strong earnings.

Negative

TCE rates in the Third Quarter were impacted by an unusual spike in the number of VLCCs and Suezmaxes carrying refined products due to temporarily weaker crude markets.
The aging MR Fleet presents a challenge, with 50% of the global MR Fleet expected to be over 20 years old and entering the scrapping window within the next five years.
There is a lack of Aframax crude tanker new buildings, which could impact the product tanker order book.
Ongoing geopolitical disruptions continue to drive higher ton miles and dislocation of core trades, adding volatility to freight rates.
Short-term volatility in the market remains a concern, despite supportive long-term fundamentals.

Operator

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's Third Quarter 2024 Earnings Conference Call. Today's call is being recorded and an audio webcast and presentation are available in the investor relations section of the company's website, ardmoreshipping.com. We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. A replay of the conference call will be accessible anytime during the next two weeks by dialling 18886606345 or 16465174150 and entering the passcode 17491. At this time, I will turn the call over to Gernot Ruppelt, Chief Executive Officer of Ardmore Shipping.

Gernot Ruppelt

Ardmore Shipping Corp - Senior Vice President, Chief Commercial Officer

Good morning and welcome to Ardmore Shipping's Third Quarter 2024 Earnings Call. First, let me ask our President and CFO Bart Kelleher to discuss forward-looking statements.

Bart Kelleher

Ardmore Shipping Corp - President, Chief Financial Officer, Director

Thanks, Gernot. Turning to slide 2

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