Ardmore Shipping Corp ( (ASC) ) has released its Q4 earnings. Here is a breakdown of the information Ardmore Shipping Corp presented to its investors.
Ardmore Shipping Corporation is a company that operates a fleet of mid-size MR product and chemical tankers, providing seaborne transportation of petroleum products and chemicals worldwide. The company focuses on maintaining a modern, fuel-efficient fleet and building long-term commercial relationships.
In its latest earnings report, Ardmore Shipping Corporation announced adjusted earnings of $10.3 million for the fourth quarter of 2024, a decrease from $26.1 million in the same period of 2023. However, for the full year 2024, adjusted earnings increased to $119.5 million from $113.4 million in 2023, driven by a gain from the sale of a vessel.
Key financial highlights include a declared cash dividend of $0.08 per share for the quarter and a share repurchase of 1.56 million shares, representing approximately 4% of its outstanding common stock. The company reported net income of $5.1 million for the fourth quarter, down from $26.1 million in the previous year, while annual net income rose to $128.6 million from $113.4 million in 2023.
Ardmore’s fleet operations saw average spot TCE rates of $22,663 per day for MR Eco-Design tankers and $21,406 per day for chemical tankers in the fourth quarter. The company anticipates an increase in demand for refined oil products and biofuel trades, which is expected to support product tanker demand.
Looking ahead, Ardmore Shipping Corporation remains focused on optimizing performance and strengthening its financial position. The company is committed to long-term value creation through strategic investments in its fleet and returning capital to shareholders, while navigating the challenges posed by geopolitical instability and regulatory changes.