Ardmore Shipping
Corporation said on November 3 that it had booked approximately 45 per cent of
its fourth-quarter medium-range (MR) tanker spot revenue days at an average of
about $57,600 per day. The MR fleet earned
an average spot time charter equivalent (TCE) of $27,031 per day in the third
quarter. The company's chemical
tankers have fixed around 60 per cent of fourth-quarter spot days at roughly
$30,100 per day, up from $23,266 per day in the third quarter. Net income allocated to common stockholders
for the three months ended September 30 rose to $16.3 million, or $0.40 per
share, from $12.1 million a year earlier. Revenue increased to $87.7 million
from $81.2 million, as higher spot rates outweighed a fall in spot revenue
days. Chief executive Gernot Ruppelt
said MR spot bookings stood "at a large multiple of our cash
breakeven." During the quarter,
Ardmore agreed to sell the 2013-built Ardmore Endeavour for $34.3
million. The vessel was delivered to its buyer in October. In August, the company exercised its last
two options for 40,500 DWT Handysize tankers at Wuhu Shipyard. The exercise
brought the order to six vessels, following an expansion to four in June. Remaining
instalments total an estimated $257.8 million, and deliveries are due to begin
in late 2028.
Available liquidity
stood at $301.1 million at September 30.