Ardmore Shipping Corporation announces financial results for the three months ended June 30, 2022

Jul 27 2022

Ardmore Shipping has reported a net profit of $28.8 million

HAMILTON, Bermuda, July 27, 2022 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and six months ended June 30, 2022.

Anthony Gurnee, the Company's Chief Executive Officer, commented:

"We are pleased to report record earnings for the second quarter with net income of $29 million or $0.82 earnings per share, reflecting improved market conditions and MR TCE performance of $31,000 per day. The product tanker market has continued to strengthen so far into the third quarter, with our MR's earning $46,600 with 45% of days booked, setting the stage for an even better quarter and an anticipated strong finish for the year.

We believe the strong product tanker market is being driven primarily by two factors: firstly, a multi-faceted energy crisis likely to persist for some time, with extreme price swings and supply issues for virtually all energy classes, low global energy inventories, and physical supply-demand dislocation for oil products driving tonne-mile demand; and secondly, improving demand / supply fundamentals, most notably the ongoing recovery of oil demand - in particular jet fuel - and the combined effect of supply constraints at shipyards and ongoing scrapping.

In addition to achieving strong commercial performance, we have been working to convert this into durable financial strength by refinancing substantially all of our debt on improved terms including sustainability-linked pricing, prepaying 12 higher-cost capital leases so that we have just two still outstanding, extending our debt maturities to 2027, and providing Ardmore with improved financial flexibility through revolving credit facilities.

Also today, we are announcing that, after 12 great years at Ardmore, our CFO Paul Tivnan has decided to leave the Company to broaden his experience and pursue further ambitions.  Paul has been instrumental to what Ardmore has accomplished and has been a core part of the senior management team, and it has been a privilege to work with him over these many years. We wish him the very best as he passes the torch and moves on to the next chapter of his career.

At the same time, we are pleased to announce that Bart Kelleher has agreed to join Ardmore as CFO.  Bart brings to Ardmore a wealth of experience in shipping and related industries across many functions, including notable financial sector and CFO experience, as well as expertise in the chemical sector as CEO of Chembulk Tankers. We are confident that he will play a pivotal role in driving Ardmore strategically and financially toward even greater future success."

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