ASC up 9% on the earnings report
8:37 am Ardmore Shipping beats by $0.04, beats on revs (ASC) :
•Reports Q2 (Jun) GAAP earnings from continuing operations of $0.18 per share, $0.04 better than the Capital IQ Consensus of $0.14; revenues rose 1.0% year/year to $39.72 mln vs the $32.55 mln Capital IQ Consensus.
•Co says it delivered a solid chartering performance for the quarter, with spot and pool MR tankers earning an average of $16,302 per day for Q2, with an average of 22.7 ships in operation.
•"Charter performance across the Ardmore fleet was solid, given overall market conditions, with a particularly strong performance from our chemical tankers. The spot market for MRs showed strength in the early part of the quarter, before softening in late May and June as a result of reduced refinery output and thus lower cargo volumes and trading activity. We anticipate a recovery of refinery output late in [Q3], supporting MR tanker charter rates going into the historically stronger winter market."
•"We are very positive on MR spot rates beyond the current short-term softness, and we believe that fundamental product tanker demand growth continues to be strong in the 4-6% range. We expect this continuing growth to result in an increasing supply-demand tension as the pace of new vessel deliveries falls off significantly during [Q3] and the orderbook for MR product tankers declines to approximately 5% of the fleet by year-end, the lowest level in at least 20 years."
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