New York-listed Ardmore Shipping has emerged stronger from the third quarter, with the winter period looking promising.
The Ireland-based product tanker owner said net profit to 30 September was $24.1m, up from $21.2m a year ago.
Revenue increased to $96m from $87m in the same period of 2023.
The company’s eco MR tankers earned an average spot time-charter equivalent rate of $28,481 per day between July and September.
The chemical tankers managed $21,604 daily.
Based on about 50% of total revenue days currently fixed for the fourth quarter of 2024, the average spot TCE rate is approximately $25,000 per day for MRs.
The figure for chemical carriers has increased to $25,150, with 55% of days booked.
Chief executive Gernot Ruppelt said: “Strong fundamentals combined with geopolitical factors have continued to raise product and chemical tanker charter rates, up on a year-over-year basis, against the backdrop of typical third quarter seasonality.”
“Ardmore is well-positioned to capture further market upside as conditions are beginning to accelerate in the early stages of the winter season,” he added.
Ruppelt replaced long-serving CEO Anthony Gurnee in September.
He is focused on tightly managing costs and lowering the breakeven level.
Ardmore has 26 ships, including four chartered-in vessels.
The company expects to be operating 95% spot in tankers in the fourth quarter.
All revenue days should be spot for the chemical ships in the period.
Ardmore had $268.5m in liquidity available at the end of September, with cash and cash equivalents of $47.6m.
The dividend for the quarter is $0.18 per share
