Ardmore Shipping reports Q3 adjusted EPS 49c, consensus 41c

Reports Q3 revenue $86.9M, consensus $59.11M. CEO Anthony Gurnee commented: “MR and chemical tanker charter markets have remained robust through the typically slow summer months, with strong momentum leading into the seasonally stronger winter season. In addition, the combination of low refined product inventories and increasing geopolitical risk has led to recurring stretches of pronounced market volatility. Meanwhile, tanker supply growth remains constrained, with limited newbuilding deliveries and tight shipyard capacity through at least 2026. In this operating environment, Ardmore’s strategic priorities have been very consistent, including executing on the company’s long-standing capital allocation policy. While we continue to assess potential growth opportunities on an ongoing basis, we have instead placed emphasis on the very high returns offered by the installation of performance optimization and decarbonization technologies onboard our existing fleet, all while paying our shareholders an attractive quarterly dividend and reducing our financial leverage. We believe Ardmore’s consistent focus on performance and progress places it in a strong position to continue building value, not just via spot exposure in these robust markets, but also via operational and financial efficiency over the long-term.”