Drewry Maritime Equity Research - Ardmore Shipping (ASC) Ardmore Shipping - Earnings remain in the red, but losses decline

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Nikesh Shukla

Ardmore Shipping - Earnings remain in the red, but losses decline

Earnings remain in the red, but losses decline
Ardmore Shipping Corporation (ASC) recently announced its 1Q21 results. The company’s operating revenue fell by 30.1% YoY to USD 45.6mn in 1Q21 from USD 65.2mn in 1Q20. ASC’s TCE revenue dropped by 39.4% to USD 25.2mn from USD 41.5mn in the same quarter a year ago as average TCE rates for the company’s fleet declined by 41% to USD 11,349pd during the quarter from USD
19,390pd in 1Q20. The operating expenses of the company remained stable at around USD 30mn as the average vessel operating expenses remained range bound between USD 6,400pd and USD 6,500pd. ASC’s EBITDA plunged by 78% YoY to USD 4.6mn in 1Q21 from USD 21mn in 1Q20. The company reported a net loss of USD 8.5mn during the quarter compared with a net profit of USD 6.5mn
in 1Q20 which translates to a loss of USD 0.26 per share compared with an EPS of USD 0.20 in 1Q20. Although the company’s earnings remained in the red in 1Q21, its losses reduced by 56.5% from USD 19.5mn in 4Q20 as the average spot TCE earnings of ASC’s fleet improved by 16.2% QoQ from USD 9,764pd in 4Q20 to USD 11,349pd in 1Q21.

11/05/2021 6 EN

Underlying

Ardmore Shipping

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MHY0207T1001 New York Stock Exchange United States

Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

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Analysts

Nikesh Shukla

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