Ardmore Shipping Corporation (NYSE:ASC) Q2 2022 Earnings Conference Call July 27, 2022 10:00 AM ET

CompanyParticipants

Anthony Gurnee - Chief Executive Officer

Paul Tivnan - Senior Vice President & Chief Financial Officer

Conference Call Participants

Sean Morgan - Evercore

Ben Nolan - Stifel

Omar Nokta - Jefferies

Chris Tsung - Webber Research

Operator

Good morning, ladies and gentlemen and welcome to the Ardmore Shipping Second 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]

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

Anthony Gurnee

Thank you. Good morning and welcome to Ardmore Shipping's second quarter 2022 earnings call. First let me ask Paul to describe the format for the call and discuss forward-looking statements.

Paul Tivnan

Thanks, Tony and welcome, everyone. Before we begin our conference call, I would like to direct all the participants to our website at ardmoreshipping.com, where you will find a link to this morning's second quarter 2022 earnings release and presentation. Tony and I will take about 15 minutes to go through the presentation and then 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 the results projected from those forward-looking statements. And additional information concerning factors that could cause the actual results to differ materially from those in the forward-looking statements is contained in the second quarter 2022 earnings release which is available on our website.

And now I will turn the call back over to Tony.

Anthony Gurnee

Thanks, Paul. [indiscernible] the format of today's call. To begin with, I'll discuss highlights, recent market developments and overall Ardmore performance, after which, Paul will provide an update on product and chemical tanker fundamentals and financials. And then I'll conclude the presentation and open up the call for questions.

So turning to Slide 4. The product and chemical tanker markets are continuing along at historically high levels, with many factors now contributing to ongoing momentum which we will discuss later on. Our MRs earned $30,500 per day for the second quarter, up from $15,900 last quarter. They're earning $46,600 so far in the third quarter with 45% fixed and are averaging $55,300 for fixtures concluded over the last two weeks. Additionally, our chemical tankers are now approaching similar levels on a capital adjusted basis.