Ardmore Shipping Corporation (NYSE:ASC) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET

Company Participants

Anthony Gurnee - Chief Executive Officer

Bart Kelleher - Chief Financial Officer

Conference Call Participants

Jon Chappell - Evercore ISI

Turner Holm - Clarkson Platou Securities

Macalla Rogers - Stifel

Omar Nokta - Jefferies

Operator

Good morning, ladies and gentlemen and welcome to the Ardmore Shipping Third Quarter 2022 Earnings Conference Call. Today's call is being recorded and an audio webcast and presentation are available in the Investor Relations section of the company's website at ardmoreshipping.com [Operator Instructions]. A replay of the conference call will be accessible [indiscernible] during the next two weeks by dialing 187-7344-7529 or 1-412-317-0088 and entering passcode 7977872.

At this time I will turn the call over to Anthony Gurnee, Chief Executive Officer of Ardmore Shipping. Please go ahead.

Anthony Gurnee

Thank you. Good morning and welcome to Ardmore Shipping's third quarter 2022 earnings call. First, let me welcome our new CFO Bart Kelleher to the Ardmore team and wish him all the best on his first earnings call, and of course ask him to describe the format for the call and discuss forward-looking statements.

Bart Kelleher

Thanks Tony and welcome everyone. It's great to be here. Before we begin our conference call, I'd like to direct all participants to our website ardmoreshipping.com, where you will find a link to this morning's third quarter 2022 earnings release and presentation. Tony and I will take about 15 minutes to go through the presentation and open up the call to questions.

Turning to Slide 2. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from those projected in forward looking statements. Additional information concerning factors that could cause the actual results to differ materially from those in the forward looking statements is contained in the third quarter 2022 earnings release, which is available on our website.

And now, I'd like to turn the call back over to Tony.

Anthony Gurnee

Thank you, Bart. So in terms of the format of today's call, I will discuss highlights for the quarter, market outlook and changes to our capital allocation policy, after which Bart will provide an update on fundamentals and financial performance. And then I'll conclude the presentation and open up the call for questions.

So turning first to Slide 4. Product and chemical tanker markets remain at elevated levels, driving Ardmore 's adjusted earnings to $61.9 million or $1.59 per share for the third quarter, which represents an annualized book ROE of 59%. Our MRs earned $47,000 per day for the third quarter, up from $31,000 last quarter and are running at $45,000 per day for the fourth quarter so far with 40% booked.