Ardmore Shipping reports Q2 adjusted EPS $1.13, consensus $1.02

Reports Q2 revenue $121.3M, consensus $94.07M. CEO Anthony Gurnee commented: “Market conditions and charter rates continue to be exceptionally robust during an otherwise seasonally slow point in the year, a result of limited newbuildings delivering, an aging fleet, and steady oil demand growth providing a robust baseline. In addition, a number of geopolitical factors, most notably the re-routing related to the Russia-Ukraine conflict, is further supporting these strong market conditions. Ardmore’s high-quality, recently upgraded, and spot-exposed fleet is enabling the company to fully exploit these conditions. Following our significant drydocking and upgrade program last year and early this year, our fleet is now enjoying increased revenue days and enhanced earnings potential. In addition to which, our proactive balance sheet management and comprehensive cost controls have reduced our breakevens, thus further enhancing cash flow, earnings and our dividend payout…I believe that Ardmore has never been better positioned to succeed than it is now.”