Ardmore Shipping reports 26% revenue growth in fourth quarter

  • Ardmore Shipping Corp. CSA reported fourth-quarter revenue growth of 25.7% year-over-year to $52.46 million.
  • Adjusted EPS loss improved to ($0.25) vs. $(0.39) in 4Q20, missing the consensus of ($0.24).
  • Ardmore Shipping’s cash used in operating activities was $2.88 million, compared to cash generated of $46.09 million a year ago.
  • Adjusted EBITDA was $5.45 million, compared to $0.9 million in 4Q20, and margin increased by 825 basis points to 10.4%.
  • The average TCE rate for the fleet was $11,390 per day in Q4, an increase of $1,626 per day from 4Q20.
  • As of Feb 15, 2022, Ardmore has pegged ~60% of its total MR revenue days for 1Q22 at an average TCE rate of ~$13,725 per day.
  • The company had 27 vessels in operation as of December 31, 2021. It had $67 million in liquidity, with cash and cash equivalents of $55.4 million and amounts available and undrawn under its revolving credit facilities. of $11.6 million.
  • Price action: Shares of ASC are trading up 2.13% at $3.83 when last checked on Tuesday.

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