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Despite revenue decline, Ardmore (NYSE: ASC) reports 15% jump in FY23 net income as margins improve - Kalkine Australian Subscription

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Despite revenue decline, Ardmore (NYSE: ASC) reports 15% jump in FY23 net income as margins improve - Kalkine

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Highlights
  • Ardmore secured a time charter-out agreement, generating a premium of USD 2.7 million over the charter-in rate.
  • Despite a decline in Q4 2023 net income, Ardmore’s fleet operations remained robust amid geopolitical tensions.
  • Ardmore demonstrated firm profitability metrics, surpassing industry benchmarks in operating margins and ROE, indicating efficient resource management.

Ardmore Shipping Corporation (NYSE: ASC) offers marine transportation services for petroleum products and chemicals worldwide to various clients, including oil majors, national oil companies, traders, and chemical firms, utilizing its fleet of medium-sized product and chemical tankers.

Business update

In February 2024, Ardmore announced strategic fleet adjustments. It included the acquisition of a 2017 Japanese-built MR product tanker and selling the 2010-built Ardmore Seafarer for USD 42.0 million and USD 27.1 million, respectively.  

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