Event Overview - The 19th Annual Capital Link International Shipping Forum will take place on March 31, 2025, at the Metropolitan Club in New York City, featuring senior executives from leading Gas & Tankers shipping companies [1] - The event is organized in cooperation with Nasdaq and NYSE, and includes panel discussions and 1x1 meetings between investors and shipping executives [1][13] Keynote Speakers - Mr. Evangelos Marinakis, Chairman & CEO of Capital Maritime & Trading Corp., will deliver the Luncheon Keynote Remarks [2] - Introductory remarks will be provided by Mr. Chris Taylor, Chief Development Officer of NYSE GROUP [2] Registration and Audience - Registration is complimentary for institutional investors and shipping companies [3][19] - The target audience includes senior executives from global shipping, energy, and commodity companies, as well as commercial and investment bankers, institutional investors, and various industry participants [20] Panel Discussions - The forum will feature panels discussing trends, developments, and outlooks in the shipping sector, focusing on demand and supply fundamentals, global energy markets, operational issues, freight rates, and asset values [4][12] - Specific panels will cover topics such as the value dislocation in shipping stocks, new listings, and the relevance of independent freight data [6][17] Networking Opportunities - The conference is known for its rich informational content and extensive marketing, networking, and business development opportunities [13][10] - 1x1 meetings will be arranged exclusively for institutional investors and shipping companies [3][19] Sponsorship and Support - The event is supported by various sponsors, including TEN Ltd. as the global lead sponsor, and other global gold and supporting sponsors [21][22] - Capital Link, the organizer, focuses on investor relations and financial communications in the maritime, commodities, and energy sectors [23][24]

Core Viewpoint - Ardmore Shipping Corporation has filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the SEC, in compliance with NYSE rules [1] Company Overview - Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes, providing seaborne transportation of petroleum products and chemicals worldwide [2] - The company serves oil majors, national oil companies, oil and chemical traders, and chemical companies through its modern, fuel-efficient fleet [2] Business Strategy - Ardmore's core strategy focuses on developing a modern, high-quality fleet of product and chemical tankers, building long-term commercial relationships, and maintaining cost advantages in assets, operations, and overhead [3] - The company aims to create synergies and economies of scale as it grows, providing services through voyage charters, commercial pools, and time charters [3] Energy Transition Plan - Ardmore's Energy Transition Plan (ETP) emphasizes three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos [4] - The ETP extends Ardmore's strategy by leveraging its strengths in tanker chartering, shipping operations, and technical management [4]

Industry Dynamics - The tanker industry is cyclical and volatile, affecting charter rates and profitability, which may impact the company's operational results [28]. - The conflict in Ukraine has increased tanker demand and rates due to changes in global oil trading patterns, but resolution of the conflict could reverse these trends [30]. - Since mid-December 2023, Houthi rebels have attacked vessels in the Red Sea, affecting trading patterns and expenses for shipping companies [34]. - Political instability and international hostilities, including the Russia-Ukraine war and the Hamas-Israel conflict, may adversely affect demand for the company's services [36]. - The tanker market has been affected by fluctuations in oil prices, which can lead to reduced demand for the company's services [28]. - A significant decrease in oil prices may reduce exploration and development of new oil fields, adversely affecting growth opportunities and demand for tankers [49]. - An oversupply of tanker capacity may lead to reductions in charter rates and vessel values, adversely affecting the company's financial condition [62]. - The company expects continued product tanker demand growth in the upcoming year, driven by global economic growth and refinery activity [209]. Financial Position - As of December 31, 2024, the company had $243.4 million in liquidity available, including $47.0 million in cash and cash equivalents, and $196.4 million available under revolving credit facilities [52]. - The required minimum cash balance as of December 31, 2024, was $18.75 million, and failure to meet this financial covenant could lead to lenders declaring obligations immediately due [54]. - The company had $38.8 million in aggregate principal amount of outstanding indebtedness that bears interest based on variable, floating rates as of December 31, 2024 [56]. - The company may need to reduce dividends or seek bankruptcy protection if unable to meet debt obligations [124]. - The company relies on its subsidiaries to generate profits for financial obligations and dividend payments [126]. - Credit facilities impose operating and financial restrictions, potentially limiting corporate activities and growth [127]. - A breach of financial covenants could lead to immediate repayment obligations and increased rates or fees [128]. - As of December 31, 2024, the company had $38.8 million in outstanding indebtedness, significantly lower than previous years, but future debt arrangements may increase financial obligations [118]. Operational Risks - The company relies on information systems for operations, and failures or cyberattacks on these systems could harm business and results [38]. - Increased insurance premiums and reduced coverage due to political instability may impact the company's financial condition [36]. - The company may incur significant capital expenditures to expand and maintain its fleet, which depends on obtaining additional financing [36]. - The company is exposed to international risks, including piracy and geopolitical tensions, which may adversely affect revenue and increase expenses [72][73]. - Public health threats, such as pandemics, could lead to significant declines in global demand for refined oil products, impacting the company's operations [87]. - The company may face increased costs and operational disruptions due to changes in customs inspection procedures [74][75]. - The company may incur impairment charges if declines in charter rates and other market deterioration occur, affecting the carrying amounts of its vessels [55]. - The company is subject to counterparty risks, which could lead to significant losses if counterparties fail to meet their obligations [42]. Environmental and Regulatory Compliance - The tanker industry is subject to environmental regulations that could adversely affect operational results and financial condition [36]. - Compliance with environmental regulations may require significant capital expenditures and affect operational costs [135]. - Climate change regulations may lead to increased compliance costs and affect demand for petroleum products [140]. - The company is subject to complex laws and regulations that may significantly affect vessel ownership and operations [135]. - The company faces risks from potential non-compliance with data privacy laws, which could lead to legal liabilities [150]. Strategic Initiatives - The company plans to invest in new technologies to maximize fleet performance, but delays in equipment delivery and installation could adversely impact operations [100]. - The company has established Ardmore Ventures to manage investments related to the energy transition, with the first projects completed in June 2021 [202]. - The company’s growth strategy includes identifying suitable assets for acquisition and entering new markets, but successful execution is uncertain [96]. - The company views the global energy transition as an opportunity rather than a compliance challenge, aiming to capitalize on regulatory developments [201]. - The company maintains a disciplined capital allocation strategy, emphasizing selective growth and quality in fleet expansion [215]. Fleet and Operations - The company operates a fleet of 22 vessels, with 9 vessels equipped with exhaust gas scrubbers, representing approximately 40.9% of the fleet [85]. - The estimated cost to drydock a vessel ranges from $1.3 million to $1.8 million, depending on size and condition [90]. - As of March 7, 2025, 22.2% of the worldwide fleet of tankers over 10,000 dwt have fitted or planned to fit scrubbers, potentially impacting the company's competitive position [85]. - The company has retrofitted nine vessels with scrubbers as of December 31, 2024, with plans to install additional scrubbers in 2025, at an estimated cost of approximately $2.0 million per vessel [101]. - The company operates a fleet of 26 vessels, including 22 owned Eco-design vessels and four chartered-in vessels, with an average age of 10.5 years [213]. Market Position and Competition - The company believes it is well positioned to benefit from a strong charter market due to its modern fleet and emphasis on service excellence [210]. - The company has a resolute focus on high-quality service and efficient operations, with corporate overhead and operating expenses among the lowest in the industry [203]. - The company’s ability to grow may be hindered by its competitive position in the international tanker market, which is capital intensive and fragmented [110]. - The company may experience significant revenue loss if it loses key customers or if customers default on charters [113]. Dividend Policy and Shareholder Considerations - The company’s dividend policy is to pay a variable quarterly dividend equal to one-third of the prior quarter's Adjusted Earnings, which may limit growth compared to businesses that reinvest cash [95]. - The current dividend policy allows for a variable quarterly cash dividend equal to one-third of the prior quarter's Adjusted Earnings, which is a non-GAAP measure [162]. - There is no guarantee of future dividends, as the board of directors has discretion over dividend declarations [163]. - The amount of adjusted earnings may fluctuate significantly due to various factors, including operating cash flows and market conditions [164]. - The Series A Preferred Stock has an aggregate liquidation preference of $30.0 million as of December 31, 2024, with potential increased dividend rates up to 15.0% per annum under certain conditions [171][174]. - The company may be treated as a "passive foreign investment company" (PFIC), which could have adverse U.S. federal income tax consequences for U.S. shareholders [175]. - The company expects to qualify for a statutory exemption from U.S. federal income tax on shipping income, but there are risks that could jeopardize this status [183]. - Changes in tax laws and unanticipated tax liabilities could materially affect the company's financial results and operations [185]. Management and Governance - The company’s management team is crucial for executing business strategies and growth, with significant experience in the shipping industry [188].

Core Insights - The company reported an increase in rental income and EPRA earnings, indicating positive operational performance [3] - The fair value of the property portfolio slightly decreased, while the debt ratio improved, reflecting a stronger balance sheet [3] Operating Results - Rental income reached €13.4 million, a 2.9% increase from €13.1 million at the end of 2023 [3] - EPRA earnings were €9.4 million, up by 2.2% compared to €9.2 million at the end of 2023 [3] - EPRA earnings per share increased to €1.43 from €1.40 at the end of 2023 [3] - The net result improved to €9.0 million, a significant recovery from a loss of €6.0 million at the end of 2023 [3] Balance Sheet Information - The fair value of the property portfolio was €747.0 million, slightly down from €748.6 million at the end of September 2024 [3] - The debt ratio (EPRA LTV) decreased to 40.8%, down from 42.1% at the end of September 2024 [3] - Net asset value (EPRA NTA) per share increased to €67.24 from €65.80 at the end of September 2024 [3] Additional Developments - The first charging stations in the French portfolio have commenced operations, indicating expansion into new services [2]

Group 1 - Ardmore Shipping Corporation operates 26 vessels globally, focusing on product and chemical tanker operations [1] - The company recently released its Q4-2024 and FY-2024 earnings reports, indicating significant financial performance [1]

Ardmore Shipping Corporation Fourth Quarter and Full Year 2024 & Investor Day 2025 Factors that might cause or contribute to such a discrepancy include but are not limited to: failure of applicable assumptions to be met relating to potential increases in EPS and cashflow from any rate increases and other related matters; economic strength and market conditions; fluctuations in spot and charter rates; changes in demand for and the supply of tanker vessel capacity; the levels of demand for the Company's vesse ...

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $120 million or $2.84 per share, and for the fourth quarter, they were $10.3 million or $0.25 per share [5][9] - The company achieved a low cash breakeven level of $11,500 per day, positioning it to benefit from various market scenarios [6][8] - The TCE performance for MRs was $22,700 per day for the fourth quarter and $23,400 per day for the first quarter, with 55% booked [7] Business Line Data and Key Metrics Changes - The six chemical tankers earned $21,400 per day for the fourth quarter and $14,000 per day for the first quarter, with 40% booked so far [7] - The company reported strong EBITDAR, framing it as an important comparable valuation metric against IFRS reporting peers [9] Market Data and Key Metrics Changes - Global oil demand accelerated in the fourth quarter, with robust growth projected for 2025 [11] - The U.S. economy showed resilience with solid GDP and job growth, while the IEA projected oil supply growth of 1.1 million barrels per day in 2025 [12] - The market experienced a general risk-off approach in the fourth quarter, but trading activity has begun to pick up due to improved refining margins and seasonal factors normalizing [13][14] Company Strategy and Development Direction - Ardmore's strategy focuses on being a global owner and operator of product and chemical tankers, leveraging opportunities where products and chemicals overlap [23] - The company emphasizes a performance-based culture and innovation to drive results, with a commitment to capital allocation and governance [4][30] - Ardmore aims to optimize performance and manage costs while preserving a strong balance sheet, with a focus on long-term shareholder value [28][31] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is experiencing significant changes, with strong long-term fundamentals in products and chemicals, influenced by geopolitical disruptions [11] - The company is well-positioned to harness market volatility and translate it into earnings upside, with a potential $10,000 per day increase in rates equating to an annual increase of about $2.3 in earnings per share [21][22] - The aging fleet and sanctions on a portion of the tanker fleet are expected to create a supply-demand gap, benefiting top-tier operators like Ardmore [18][19] Other Important Information - Ardmore repurchased 4% of its shares during the fourth quarter at an average price of $11.49 and declared a quarterly cash dividend of $0.08 per share [6][31] - The company has implemented over 20 initiatives related to AI and digitalization, achieving strong returns [41][42] - Ardmore's governance practices have been recognized, ranking as the top tanker company on the Weber governance scorecard [29] Q&A Session Summary Question: What triggered the recent improvement in trading activity? - Management indicated that the shift from uncertainty to a willingness to commit to time charters has driven the increase in trading activity, alongside strong oil demand growth forecasts [54] Question: Are there specific effects from tariffs on trade patterns? - Management noted that shifts in trade patterns due to tariffs create upward volatility in rates, particularly for asset classes that provide optionality [57] Question: How does the company view the impact of sanctions on the market? - Management believes that the shift of tonnage into sanctioned trades is likely a one-way ticket, as these ships are often poorly maintained and owned by entities not acceptable to customers [61] Question: What is the company's strategy regarding AI and technology? - Management emphasized the importance of AI in improving performance and decision-making, with a commitment to adopting new technologies to drive financial results [72][84] Question: How does the company plan to manage its fleet and capital allocation? - Management highlighted a dynamic approach to capital allocation, focusing on reinvesting in the business, returning shareholder value, and evaluating all options for future growth [66][68]

Core Viewpoint - Ardmore Shipping (ASC) reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, but down from $0.63 per share a year ago, indicating a 19.05% earnings surprise [1][2] Financial Performance - The company achieved revenues of $49.27 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.94%, but down from $65.71 million year-over-year [2] - Over the last four quarters, Ardmore Shipping has consistently surpassed consensus EPS estimates [2] Stock Performance and Outlook - Ardmore Shipping shares have declined approximately 5% since the beginning of the year, contrasting with the S&P 500's gain of 2.9% [3] - The company's earnings outlook is currently unfavorable, leading to a Zacks Rank 5 (Strong Sell), suggesting expected underperformance in the near future [6] Future Earnings Expectations - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $43.04 million, and for the current fiscal year, it is $1.05 on revenues of $200.1 million [7] Industry Context - The Transportation - Shipping industry is currently ranked in the bottom 8% of over 250 Zacks industries, indicating potential challenges for stocks within this sector [8]

● Reported Adjusted earnings of $10.3 million for the three months ended December 31, 2024, or $0.25 Adjusted earnings per basic share and diluted share, compared to Adjusted earnings of $26.1 million, or $0.63 Adjusted earnings per basic share and diluted share for the three months ended December 31, 2023. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.) ● Reported Adjusted earnings of $119.5 million for the year ended December 31, 2024, or $2.87 Adjusted earnings p ...

Core Insights - Ardmore Shipping Corporation reported its financial results for the three and twelve months ended December 31, 2024, highlighting a focus on performance optimization and financial strength [1][3][4] Financial Performance - The company reported adjusted earnings of $10.3 million for Q4 2024, down from $26.1 million in Q4 2023, resulting in adjusted earnings per share of $0.25 compared to $0.63 [8][17] - For the full year 2024, adjusted earnings were $119.5 million, an increase from $113.4 million in 2023, with adjusted earnings per share of $2.87 compared to $2.76 [8][18] - Revenue for Q4 2024 was $82.0 million, a decrease of $16.9 million from $98.9 million in Q4 2023 [19] Fleet and Operations - As of December 31, 2024, Ardmore operated a fleet of 26 vessels, including 20 MR tankers and six Eco-Design IMO 2 product/chemical tankers [6][10] - The average daily TCE rate for MR Eco-Design tankers was $22,663 in Q4 2024, with an expected increase to $23,400 in Q1 2025 [7][9] - The company had no drydocking days in Q4 2024 but is scheduled for 174 drydocking days in Q1 2025 [11] Capital Allocation and Shareholder Returns - Ardmore continues to prioritize capital allocation for long-term value creation, including investments in vessels and returning capital to shareholders through dividends and share repurchases [4][12][13] - A cash dividend of $0.08 per common share was declared for Q4 2024, to be paid on March 14, 2025 [12] - In December 2024, the company repurchased 1.56 million shares, approximately 4% of its outstanding common stock, at a total cost of $17.9 million [13] Market Outlook - The company anticipates steady growth in demand for refined oil products and biofuels, supporting product tanker demand as the MR fleet ages [5] - Geopolitical instability, including the Russia-Ukraine conflict and tensions in the Middle East, has increased spot tanker rates and highlighted the importance of cargo flexibility [15][16] Environmental and Efficiency Metrics - Ardmore is committed to reducing CO2 emissions, reporting a slight increase in emissions to 422,083 metric tons for the year ended December 31, 2024, compared to 418,022 metric tons in 2023 [55] - The fleet's Annual Efficiency Ratio (AER) increased from 6.05g/tm to 6.13g/tm, indicating a need for continued improvements in operational efficiency [55]