Ardmore Shipping announced Q1 2024 results today. Don’t follow the company too closely, so my perspective will be limited.
- Revenue (will have to dig deeper)
Avg by category
MR2s: $38.4K daily
Chem tankers: $29.1K daily (cap adjusted) - Adj earnings $38.4M
- Dividend declared of 31c/sh (from 21c/sh)
- Vessel swap: acquired 2017 vessel, sold 2010 vessel
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Avg rate per each vessel type is very, very good. In particular, for the MR2s. Owned fleet is 2013 - 2017 builds. The charter-in vessels (a few years older). The newest vessel was a former charter in vessel. Debt load (per vessel) is very nice - low (maybe $6M/vessel). The MR stat is scary –
47% of MR fleet will be over 20 years within the next 5 years.
But, suggests a positive to any owner who has MR vessels (or deployed) within the last 5 years (Oddly, only shipping entity I can think off who has MR newbuild orders is NMM).