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Ardmore Shipping Corp (N:ASC)

Business Focus: Sea-Borne Tankers

Sector:  Energy Industry:  Oil & Gas Transportation Services
Company Contact
Address: 69 Pitts Bay Road
Tel: 1-212-4778438
IR: See website
Key People
Anthony Gurnee
President, Chief Executive Officer, Director
Bart B. Kelleher
Chief Financial Officer, Secretary
Mark Cameron
Chief Operating Officer, Executive Vice President
Aideen O'Driscoll
Senior Vice President, Director of Corporate Services
Gernot Ruppelt
Senior Vice President, Chief Commercial Officer
Business Overview
Ardmore Shipping Corporation is engaged in the ownership and operation of product and chemical tankers in worldwide trade. The Company provides shipping services to customers through voyage charters, time charters, and commercial pools. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its fuel-efficient fleet of mid-size product and chemical tankers. Its vessels include Ardmore Seavaliant, Ardmore Seavantage, Ardmore Sealion, Ardmore Seawolf, Ardmore Seahawk, T Matterhorn, Ardmore Chippewa, Ardmore Cheyenne, Ardmore Cherokee, Ardmore Defender, Ardmore Dauntless, Ardmore Seafarer, Ardmore Sealancer, Ardmore Sealifter, Ardmore Sealeader, Ardmore Engineer, Ardmore Exporter and Ardmore Encounter. Its subsidiaries include Ardmore Shipping LLC, Ardmore Maritime Services LLC, Ardmore Energy Transition Ventures Ltd and Ardmore Element 1 Ventures LLC.
Financial Overview
For the three months ended 31 March 2023, Ardmore Shipping Corp revenues increased 87% to $118.2M. Net income applicable to common stockholders totaled $43.3M vs. loss of $7.9M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net Income reflects Loss on vessels sold decrease from $6.9M (expense) to $0K, Interest expense and finance costs decrease of 31% to $2.9M (expense).