Ardmore Q1 2024 results

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
    Events and Presentations | Ardmore Shipping

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).