Ardmore Shipping Corporation (NYSE:ASC) Q3 2024 Earnings Conference Call November 6, 2024 10:00 AM ET

Company Participants

Gernot Ruppelt - Chief Executive Officer
Bart Kelleher - President and Chief Financial Officer

Conference Call Participants

Omar Nokta - Jefferies
Ben Nolan - Stifel

Operator

Good morning ladies and gentlemen and welcome to Ardmore Shipping's Third 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. We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. A replay of the conference call will be accessible anytime during the next two weeks by dialing 1-888-660-6345 or 1-646-517-4150 and entering the passcode 17491.

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

Gernot Ruppelt

Good morning and welcome to Ardmore Shipping's third quarter 2024 earnings call. First, let me ask our President and CFO, Bart Kelleher to discuss forward-looking statements.

Bart Kelleher

Thanks Gernot. 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 2024 earnings release, which is available on our website.

And now I'll turn the call back over to Gernot.

Gernot Ruppelt

Thank you, Bart.

Let me first outline the format of today's call. to begin with, I will discuss our third quarter earnings highlights. Following this, I will discuss the near term market outlook and our capital allocation policy. After that, Bart will provide an update on product and chemical tanker fundamentals and our financial performance. And then, I will conclude the presentation before opening up the call for questions.

So, turning first to Slide 4, to discuss our third quarter earnings highlights. We're pleased to announce strong third quarter results with adjusted earnings of $23.3 million or $0.55 per share, reflecting elevated TCE rates versus historical norms. Our MRs earned $28,500 per day for the third quarter and 25,000 per day so far in the fourth quarter with 50% booked. Our chemical tankers earned $21,600 per day for the third quarter and $25,150 per day for the fourth quarter with 55% booked so far.