Strong Earnings and TCE Performance
Ardmore Shipping reported adjusted earnings of $12.6 million or $0.31 per share, with TCE performance for MRs at $24,700 per day for Q3 and $24,900 so far in Q4, and chemical tankers at $22,600 per day for Q3.
Strategic Vessel Acquisitions
Acquired 3 modern MR tankers during a period of market uncertainty, capturing strong spot markets and notable fuel savings. Secondhand prices have been firming considerably since the acquisition.
Preferred Shares Redemption
Fully redeemed 30 million preferred shares, further reducing cash breakeven levels and reinforcing the capital structure.
Continued Dividend Payments
Declared the 12th consecutive dividend, consistent with the policy of paying out 1/3 of adjusted earnings.
Favorable Market Conditions
Record volumes of refined product on the water and strong demand for product tankers driven by geopolitical factors and tight supply-demand balances.