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5/9/23 , 7:10 AM Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31 , 2023.html Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31 , 2023 HAMILTON , Bermuda , May 9 , 2023 / PRNewswire / -- Ardmore Shipping Corporation ( NYSE : ASC ) ( " Ardmore " , the " Company " or " we " ) today announced results for the three months ended March 31 , 2023 . Highlights and Recent Activity • Reported net income of $ 43.3 million for the three months ended March 31 , 2023 , or $ 1.06 earnings per basic share and $ 1.04 earnings per diluted share , compared to a net loss of $ 7.9 million , or $ 0.23 loss per basic and diluted share , for the three months ended March 31 , 2022. Adjusted for certain costs ( see Adjusted earnings / ( loss ) in the Non - GAAP Measures section ) , we reported Adjusted earnings of $ 43.3 million , or $ 1.06 Adjusted earnings per basic share and $ 1.04 Adjusted earnings per diluted share , for the three months ended March 31 , 2023 , compared to an Adjusted loss of $ 0.9 million , or $ 0.03 Adjusted loss per basic and diluted share , for the three months ended March 31 , 2022 . • MR Eco - Design tankers earned an average spot TCE rate of $ 37,506 per day for the three months ended March 31 , 2023 . Chemical tankers earned an average TCE rate of $ 27,984 per day for the three months ended March 31 , 2023. Based on approximately 50 % total revenue days currently fixed for the second quarter of 2023 , the average spot TCE rate is approximately $ 34,000 per day for MR Eco - Design tankers ; based on approximately 50 % of revenue days fixed for the second quarter of 2023 , the average TCE rate for chemical tankers is approximately $ 33,600 per day . Consistent with the Company's capital allocation policy , the Board of Directors declared a cash dividend on May 9 , 2023 , of $ 0.35 per common share for the quarter ended March 31 , 2023 , based on Ardmore's current policy of paying out dividends on its shares of common stock equal to a third of Adjusted Earnings . The dividend will be paid on June 15 , 2023 , to all shareholders of record on May 31 , 2023 . • On March 3 , 2023 , the Company announced that its Board of Directors has formed a Sustainability Committee to oversee and advise on matters related to corporate sustainability , including environmental , social and energy transition matters . The Sustainability Committee is chaired by Dr. Kirsi Tikka , and also includes Mats Berglund and Helen Tveitan de Jong . Anthony Gurnee , the Company's Chief Executive Officer , commented : " The very positive trends that drove product tanker strength in late 2022 have been sustained , with the charter market remaining very firm throughout the first quarter and up to the present . The combination of supportive underlying fundamentals and the substantial increase in tonne - mile demand resulting from the re - ordering of refined product trade flows has created pronounced market tightness and volatility that Ardmore continues to benefit from . With our robust balance sheet , low breakeven levels , and high operating leverage to this strong charter market , we are generating a materially heightened level of free cash flow , enabling us to simultaneously pursue all of our capital allocation priorities : continued investment in performance - enhancing technology across our fleet ; ongoing debt reduction ; maintaining our capacity for well - timed , accretive growth ; and the payment of an attractive quarterly dividend with an annualized yield of approximately 10 % . Additionally , in keeping with our long - term focus on progress and performance , our Board of Directors has recently formed a Sustainability Committee to oversee and advise on environmental , social , and energy transition matters , thus ensuring that the Company benefits from our Board's expertise in this critical area with regard to our long - term strategy . " Summary of Recent and First Quarter 2023 Events Fleet Fleet Operations and Employment As of March 31 , 2023 , the Company had 26 vessels in operation ( including four chartered - in vessels ) , including 20 MR tankers ranging from 45,000 deadweight tonnes ( Dwt ) to 49,999 Dwt ( 15 Eco - Design and five Eco - Mod ) and six Eco - Design IMO 2 product / chemical tankers ranging from 25,000 Dwt to 37,800 Dwt . The Company also commercially manages one of Carl Büttner's 24,000 Dwt chemical tankers . MR Tankers ( 45,000 Dwt - 49,999 Dwt ) At the end of the first quarter of 2023 , the Company had 20 MR tankers in operation , all of which were trading in the spot market . The MR tankers earned an average TCE rate of $ 35,685 per day in the first quarter of 2023. In the first quarter of 2023 , the Company's 15 MR Eco - Design tankers earned an average TCE rate of $ 37,506 and the Company's six MR Eco - Mod tankers earned an average TCE rate of $ 30,932 per day . In the second quarter of 2023 , the Company expects to have all revenue days for its MR tankers employed in the spot market . As of May 9 , 2023 , the Company had fixed approximately 50 % of its total MR revenue days for the second quarter of 2023 at an average TCE rate of approximately $ 32,700 per day which includes MR Eco - Design tankers at $ 34,000 per day and MR Eco - Mod tankers at $ 30,000 per day . Product / Chemical Tankers ( IMO 2 : 25,000 Dwt - 37,800 Dwt ) At the end of the first quarter of 2023 , the Company had six Eco - Design IMO 2 product / chemical tankers in operation , all of which were trading in the spot market . During the first quarter of 2023 , the Company's six Eco - Design product / chemical vessels earned an average TCE rate of $ 27,984 per day . file : /// C : /Users/justin.whitt/Downloads/Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31 , 2023.html 1/13