Ardmore Shipping (ASC) Q4 2024 and Investor Day 2025 earnings summary

Executive summary

• Adjusted earnings for FY 2024 were $120 million ($2.84/share), with Q4 at $10.3 million ($0.25/share), reflecting strong operational performance and a $12.3 million vessel sale gain.

• Maintained robust financial position with leverage at 10%, cash breakeven reduced to $11,500/day, and 99% on-hire availability.

• Returned capital to shareholders via a 9% dividend yield and repurchased 4% of shares in Q4 2024.

• Continued focus on product and chemical tankers, leveraging a globally integrated platform and performance-based culture.

• Ranked #1 tanker company for ESG and corporate governance by Webber Research.

Financial highlights

• FY 2024 TCE averaged $30,300/day; Q4 MR TCE was $22,700/day, chemical tankers $21,400/day; Q1 2025 guidance: MR $23,400/day (55% fixed), chemical $14,000/day (40% fixed).

• Adjusted EBITDAR for FY 2024 was $173.1 million; Q4 2024 EBITDAR was $23.0 million.

• Cash at year-end 2024 was $47.0 million; liquidity including undrawn credit was $243.4 million.

• Repurchased 4% of shares in Q4 at $11.49 average; declared $0.08/share quarterly dividend, consistent with payout policy.

• Vessel operating expenses for FY 2024 were $60.3 million; interest expense dropped to $3.9 million.

Outlook and guidance

• Market fundamentals remain strong, with global oil demand projected to grow by 1.1mbd in 2025 and robust US economic indicators.

• Geopolitical disruptions, sanctions, and regulatory changes are expected to sustain volatility and support freight rates.

• Guidance for Q1 2025: MR Eco-Design spot TCE $23,400 (55% fixed), Chemical Tanker TCE $14,000 (40% fixed), revenue days 2,075.