Ardmore Shipping Corporation (NYSE:ASC) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET

Company Participants

Anthony Gurnee - Founder, President, CEO & Director

Bart Kelleher - Secretary & CFO

Conference Call Participants

Omar Nokta - Jefferies

Benjamin Nolan - Stifel, Nicolaus & Company

Operator

Good morning, ladies and gentlemen, and welcome to the Ardmore Shipping's Third Quarter 2023 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, ardmoreshipping.com. [Operator Instructions]. A replay of the conference call will be accessible anytime during the next two weeks by dialing 1-877-344-7529 or 1-412-317-0088, and entering passcode 8126419.

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

Anthony Gurnee

Good morning, and welcome to Ardmore Shipping's Third Quarter 2023 Earnings Call. First, let me ask our CFO, Bart Kelleher, to discuss forward-looking statements.

Bart Kelleher

Thanks, Tony. 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 the 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 2023 earnings release, which is available on our website.

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

Anthony Gurnee

Thank you, Bart. Let me first outline the format for today's call. To begin with, I'll discuss highlights, current market conditions and capital allocation. After which, Bart will provide an update on tanker fundamentals and on our financial performance. And then I'll conclude and open up the call for questions.

So turning first to Slide 4 for highlights. We're pleased to announce strong third quarter results with adjusted earnings of $20.3 million or $0.49 per share, reflecting robust product and chemical tanker markets, which are continuing to strengthen into the fourth quarter, as you can see in the chart on the upper right.

Our MRs earned $28,500 per day for the third quarter and $30,100 per day so far in the fourth quarter, with 50% booked. And our chemical tankers on a capital adjusted basis earned $22,100 per day for the third quarter and $25,800 per day for the fourth quarter, with 60% booked so far.

We believe we are now at a market inflection point with rates building into the winter period. In particular, we're seeing broad strength across all tanker sectors, including crude and chemicals, which is a very good sign.