HAMILTON, Bermuda, Nov. 6, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and nine months ended September 30, 2024.

Highlights and Recent Activity

Reported net income and Adjusted earnings of $23.3 million for the three months ended September 30, 2024, or $0.55 earnings and Adjusted earnings per basic share and diluted share, compared to net income attributable to common stockholders and Adjusted earnings of $20.3 million, or $0.49 earnings and Adjusted earnings per basic share and diluted share for the three months ended September 30, 2023. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)Reported net income of $123.5 million for the nine months ended September 30, 2024, or $2.96 earnings per basic share and $2.93 earnings per diluted share, compared to net income attributable to common stockholders of $87.3 million, or $2.12 earnings per basic share and $2.09 earnings per diluted share, for the nine months ended September 30, 2023. We reported Adjusted earnings of $109.3 million for the nine months ended September 30, 2024, or $2.62 Adjusted earnings per basic share and $2.60 Adjusted earnings per diluted share, compared to Adjusted earnings of $87.3 million for the nine months ended September 30, 2023, or $2.12 Adjusted earnings per basic share and $2.09 Adjusted earnings per diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the gain on the sale of the Ardmore Seafarer of $12.3 million.)Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on November 6, 2024, of $0.18 per common share for the quarter ended September 30, 2024. The dividend will be paid on December 13, 2024, to all shareholders of record on November 29, 2024.MR Eco-Design tankers earned an average spot TCE rate of $28,481 per day for the three months ended September 30, 2024. Chemical tankers earned an average TCE rate of $21,604 per day for the three months ended September 30, 2024. Based on approximately 50% of total revenue days currently fixed for the fourth quarter of 2024, the average spot TCE rate is approximately $25,000 per day for MR Eco-Design tankers; based on approximately 55% of revenue days fixed for the fourth quarter of 2024, the average TCE rate for chemical tankers is approximately $25,150 per day.

HAMILTON, Bermuda, Oct. 23, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that the Company plans to announce its third quarter earnings before the market opens Wednesday, November 6, 2024 and will host a conference call later in the day at 10:00 a.m. Eastern Time. The conference call and slide presentation will also be broadcast live over the Internet.

Conference Call and Webcast Details:

Wednesday, November 6, 2024, at 10:00 a.m. Eastern TimeLive webcast and presentation available at www.ardmoreshipping.comAlternatively, connect by phone at 800-836-8184 (US toll free) or +1-646-357-8785 (international) and reference "Ardmore Shipping"

HAMILTON, Bermuda, July 31, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and six months ended June 30, 2024.

Highlights and Recent Activity

Reported net income of $61.8 million for the three months ended June 30, 2024, or $1.48 earnings per basic share and $1.47 earnings per diluted share, compared to net income of $23.7 million, or $0.57 earnings per basic and diluted share for the three months ended June 30, 2023. We reported Adjusted earnings of $47.6 million for the three months ended June 30, 2024, or $1.14 Adjusted earnings per basic share and $1.13 Adjusted earnings per diluted share, compared to Adjusted earnings of $23.7 million for the three months ended June 30, 2023, or $0.57 Adjusted earnings per basic and diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the gain on the sale of the Ardmore Seafarer of $12.3 million.)Reported net income of $100.2 million for the six months ended June 30, 2024, or $2.41 earnings per basic share and $2.39 earnings per diluted share, compared to net income of $66.9 million, or $1.63 earnings per basic and $1.60 earnings per diluted share, for the six months ended June 30, 2023. We reported Adjusted earnings of $86.0 million for the six months ended June 30, 2024, or $2.07 Adjusted earnings per basic share and $2.05 Adjusted earnings per diluted share, compared to Adjusted earnings of $66.9 million for the six months ended June 30, 2023, or $1.63 Adjusted earnings per basic share and $1.60 Adjusted earnings per diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the gain on the sale of the Ardmore Seafarer of $12.3 million.)Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on July 31, 2024, of $0.38 per common share for the quarter ended June 30, 2024. The dividend will be paid on September 13, 2024, to all shareholders of record on August 30, 2024.MR Eco-Design tankers earned an average spot TCE rate of $41,385 per day for the three months ended June 30, 2024. Chemical tankers earned an average TCE rate of $30,330 per day for the three months ended June 30, 2024. Based on approximately 45% total revenue days currently fixed for the third quarter of 2024, the average spot TCE rate is approximately $33,700 per day for MR Eco-Design tankers; based on approximately 50% of revenue days fixed for the third quarter of 2024, the average TCE rate for chemical tankers is approximately $26,400 per day.On July 8, 2024, the Company announced that Founder and CEO Anthony Gurnee has informed the Board of Directors (the "Board") of his intention to retire from his executive and board positions later this year. Following a comprehensive succession process, the Board appointed current executive and Chief Commercial Officer Gernot Ruppelt as the Company's new CEO, and expanded current CFO Bart Kelleher's position to take on the additional role of President, with the leadership transition to take effect from September 16, 2024 at the Company's upcoming quarterly Board meeting. This transition represents the culmination of leadership succession planning that has been long-established and extensively discussed at the board and management levels. Following his retirement from the Company, current CEO Anthony Gurnee will remain available to Ardmore as an advisor during the transition period. In connection with their promotions, both Ruppelt and Kelleher will be joining the Board of Directors of the Company.In June 2024, the Company exercised its purchase options for both the Ardmore Seawolf and Ardmore Seahawk, which were under sale-leaseback arrangements.

HAMILTON, Bermuda, July 17, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that the Company plans to announce its second quarter earnings before the market opens Wednesday, July 31, 2024 and will host a conference call later in the day at 10:00 a.m. Eastern Time. The conference call and slide presentation will also be broadcast live over the Internet.

Conference Call and Webcast Details:

Wednesday, July 31, 2024, at 10:00 a.m. Eastern TimeLive webcast and presentation available at www.ardmoreshipping.comAlternatively, connect by phone at 800-836-8184 (US toll free) or +1-646-357-8785 (international) and reference "Ardmore Shipping"

Gernot Ruppelt to succeed Anthony Gurnee as CEO; Bart Kelleher to be appointed President

HAMILTON, Bermuda, July 8, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that Founder and CEO Anthony Gurnee has informed the Board of Directors (the "Board") of his intention to retire from his executive and board positions later this year. Following a comprehensive selection process, the Board of Directors has appointed current executive and Chief Commercial Officer Gernot Ruppelt as the Company's new CEO, and expanded current CFO Bart Kelleher's position to take on the additional role of President, with the leadership transition to take effect from September 16, 2024 at the Company's upcoming quarterly board meeting. This transition represents the culmination of leadership succession planning that has been long-established and extensively discussed at the board and management levels. Following his retirement from the Company, current CEO Anthony Gurnee will remain available to Ardmore as an advisor during the transition period.

HAMILTON, Bermuda, May 8, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2024.

Highlights and Recent Activity

Reported net income and Adjusted earnings of $38.4 million for the three months ended March 31, 2024, or $0.93 earnings per basic share and $0.92 earnings per diluted share, compared to net income and Adjusted earnings of $43.3 million, or $1.06 earnings per basic share and $1.04 earnings per diluted share for the three months ended March 31, 2023. See Adjusted earnings in the Non-GAAP Measures section.Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on May 8, 2024, of $0.31 per common share for the quarter ended March 31, 2024. The dividend will be paid on June 14, 2024, to all shareholders of record on May 31, 2024.MR Eco-Design tankers earned an average spot TCE rate of $38,430 per day for the three months ended March 31, 2024. Chemical tankers earned an average TCE rate of $24,831 per day for the three months ended March 31, 2024. Based on approximately 60% total revenue days currently fixed for the second quarter of 2024, the average spot TCE rate is approximately $40,500 per day for MR Eco-Design tankers; based on approximately 60% of revenue days fixed for the second quarter of 2024, the average TCE rate for chemical tankers is approximately $32,500 per day.In February 2024, the Company provided notice to exercise its purchase options for both the Ardmore Seawolf and Ardmore Seahawk, which are currently under sale-leaseback arrangements. These vessel purchases are expected to close in June 2024.In March 2024, the Company amended its term loan agreement with ABN AMRO and Credit Agricole by converting it entirely to an $88.4 million revolving credit facility.During March and April 2024, the Company extended the charter-in period of three vessels at favorable rates until mid-2025.In April 2024, the Company delivered the 2010-built Ardmore Seafarer to its buyer, and in a separate transaction, took delivery of the previously announced acquisition of a 2017 Korean-built MR product tanker, the Ardmore Gibraltar.

HAMILTON, Bermuda, April 24, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that the Company plans to announce its first quarter earnings before the market opens Wednesday, May 8, 2024 and will host a conference call later in the day at 10:00 a.m. Eastern Time. The conference call and slide presentation will also be broadcast live over the Internet.

Conference Call and Webcast Details:

Wednesday, May 8, 2024, at 10:00 a.m. Eastern TimeLive webcast and presentation available at www.ardmoreshipping.comAlternatively, connect by phone at 800-836-8184 (US toll free) or +1-646-357-8785 (international) and reference "Ardmore Shipping"

HAMILTON, Bermuda, March 15, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") announced today that it has filed its Annual Report on Form 20-F for the year ended December 31, 2023 (the "Form 20-F") with the U.S. Securities and Exchange Commission (the "SEC").

In compliance with the New York Stock Exchange rules, a copy of the Form 20-F can be found in the Investor Relations section of the Company's website, www.ardmoreshipping.com, under SEC Filings.

About Ardmore Shipping Corporation

HAMILTON, Bermuda, Feb. 15, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and twelve months ended December 31, 2023.

Highlights and Recent Activity

Reported net income of $26.1 million for the three months ended December 31, 2023, or $0.63 earnings per basic and diluted share, compared to net income of $53.1 million, or $1.31 earnings per basic share and $1.28 earnings per diluted share for the three months ended December 31, 2022. We reported Adjusted earnings of $26.1 million for the three months ended December 31, 2023, or $0.63 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $54.0 million for the three months ended December 31, 2022, or $1.33 Adjusted earnings per basic share and $1.30 Adjusted earnings per diluted share (see Adjusted earnings in the Non-GAAP Measures section).Reported net income of $113.4 million for the year ended December 31, 2023, or $2.76 earnings per basic share and $2.71 earnings per diluted share, compared to net income of $135.1 million, or $3.63 earnings per basic and $3.52 earnings per diluted share, for the year ended December 31, 2022. We reported Adjusted earnings of $113.4 million for the year ended December 31, 2023, or $2.76 Adjusted earnings per basic share and $2.71 Adjusted earnings per diluted share, compared to Adjusted earnings of $143.5 million for the year ended December 31, 2022, or $3.86 Adjusted earnings per basic share and $3.74 Adjusted earnings per diluted share (see Adjusted earnings in the Non-GAAP Measures section).Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on February 15, 2024, of $0.21 per common share for the quarter ended December 31, 2023. The dividend will be paid on March 15, 2024, to all shareholders of record on February 29, 2024.MR Eco-Design tankers earned an average spot TCE rate of $32,542 per day for the three months ended December 31, 2023. Chemical tankers earned an average TCE rate of $26,107 per day for the three months ended December 31, 2023. Based on approximately 60% total revenue days currently fixed for the first quarter of 2024, the average spot TCE rate is approximately $35,400 per day for MR Eco-Design tankers; based on approximately 70% of revenue days fixed for the first quarter of 2024, the average TCE rate for chemical tankers is approximately $26,700 per day.In February 2024, as part of a gradual fleet modernization, the Company has agreed to acquire a 2017 Japanese-built MR product tanker for $42.0 million, and in a separate transaction has agreed to sell the 2010-built Ardmore Seafarer for $27.1 million. Both transactions are expected to conclude in the quarter ending March 31, 2024.In February 2024, the Company time chartered-out one of its chartered-in MR tankers for the remainder of its charter-in period at a rate representing a $2.7 million premium over the charter-in rate.In the fourth quarter of 2023, we completed the installation of modular, carbon capture-ready scrubbers on two additional vessels during scheduled drydockings.

The Company will provide a comprehensive update, focusing on the forces and trends influencing the global product and chemical tanker markets.

The February 15, 2024 event will also include the Company's presentation of 4Q 2023 financial results.

HAMILTON, Bermuda, Feb. 1, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that it will host its 2024 Investor Day on Thursday, February 15 at 12:00 P.M. Eastern Time in New York City.

At the event, the extended Ardmore management team will provide the investment community with a comprehensive update on the product and chemical tanker markets, examining the impact of tight supply / demand fundamentals as well as the large-scale geopolitical and weather-related trading restrictions. Additionally, Ardmore leadership will provide an overview of the Company's strategy and capital allocation framework for maximizing shareholder value in both the current market and the years ahead.