Ardmore Shipping Corporation (NYSE:ASC) Q1 2024 Earnings Conference Call May 8, 2024 10:00 AM ET

Company Participants

Anthony Gurnee - Chief Executive Officer
Bart Kelleher - Chief Financial Officer

Conference Call Participants

Omar Nokta - Jefferies
Jon Chappell - Evercore
Climent Molins - Value Investor’s Edge

Operator

Good morning, ladies and gentlemen and welcome to Ardmore Shipping’s First Quarter 2024 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 will be available any time during the next 2 weeks by dialing 1-888-660-6345 or 1-646-517-4150 and entering the passcode 95017.

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 first quarter 2024 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 first quarter 2024 earnings release, which is available on our website.

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

Anthony Gurnee

Thanks, Bart. So first, let me outline the format for today’s call. To begin with, I’ll discuss highlights, the near-term market outlook and our capital allocation policy. After which, Bart will provide an update on product and chemical tanker fundamentals and our financial performance, and then I’ll conclude the presentation and open up the call for questions.

So, turning first to Slide 4 for highlights. We are seeing strong momentum continuing well into 2024, reflecting positive fundamentals, along with ongoing geopolitical impacts. Our first quarter performance reflects robust market conditions, with adjusted earnings of $38 million or $0.92 per share and with further strength building into the second quarter. Our MRs earned $38,400 per day for the first quarter and $40,500 per day so far in the second quarter with 60% booked. And our chemical tankers on a capital-adjusted basis, earned $29,100 per day for the first quarter and are now up to $39,000 per day for the second quarter with 60% booked so far.