Presentation

Ardmore Shipping commenced operations in 2010 and today owns and operates a fleet of MRs and chemical tankers. The company is listed on the New York Stock Exchange and has a market capitalization of USD 120m with net debt of USD 350m as of Q2’20. The largest shareholder is Aristotle Capital Boston LLC with 11.8% of the shares outstanding.

The owned fleet consists of 20 MRs (including one recently acquired with expected delivery shortly) and six chemical tankers, for an average age of 7 years in line with peer average. In addition, the company has chartered in one MR on a 1y contract with expected delivery in September. This is in line with Ardmore’s strategy of growing the fleet.

Tanker spot rates have held up better than feared and Ardmore has fixed 50% of MR-days in Q3 at USD 13,800/day. The company delivered a solid Q2 marginally above expectations and have spent 2020 building its cash position. This is now being put to use to grow the fleet further, while it appears capital distributions to shareholders are off the table for now.