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8/1/23 , 8:07 AM 3932619-1-1 ( ID - 1F6E746A1ECA ) _Proof ( 002 ) .html Ardmore Shipping Corporation Announces Financial Results For The Three and Six Months Ended June 30 , 2023 HAMILTON , Bermuda , Aug. 1 , 2023 / PRNewswire / -- Ardmore Shipping Corporation ( NYSE : ASC ) ( " Ardmore " , the " Company " or " we " ) today announced results for the three and six months ended June 30 , 2023 . Highlights and Recent Activity • • • Reported net income and Adjusted earnings ( see Adjusted earnings in the Non - GAAP Measures section ) of $ 23.7 million for the three months ended June 30 , 2023 , or $ 0.57 earnings and Adjusted earnings per basic and diluted share , compared to net income of $ 28.8 million , or $ 0.82 earnings and Adjusted earnings per basic share and $ 0.81 earnings and Adjusted earnings per diluted share , for the three months ended June 30 , 2022 . Reported net income of $ 66.9 million for the six months ended June 30 , 2023 , or $ 1.63 earnings per basic share and $ 1.60 earnings per diluted share , compared to net income of $ 21.0 million , or $ 0.60 earnings per basic and diluted share , for the six months ended June 30 , 2022. Adjusted for certain costs ( see Adjusted earnings in the Non - GAAP Measures section ) , we reported Adjusted earnings of $ 66.9 million , or $ 1.63 Adjusted earnings per basic share and $ 1.60 Adjusted earnings per diluted share , for the six months ended June 30 , 2023 , compared to Adjusted earnings of $ 28.0 million , or $ 0.81 Adjusted earnings per basic share and $ 0.80 Adjusted earnings per diluted share , for the six months ended June 30 , 2022 . Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one - third of Adjusted earnings , the Board of Directors declared a cash dividend on August 1 , 2023 , of $ 0.19 per common share for the quarter ended June 30 , 2023. The dividend will be paid on September 15 , 2023 , to all shareholders of record on August 31 , 2023 . • MR Eco - Design tankers earned an average spot TCE rate of $ 27,460 per day for the three months ended June 30 , 2023 . Chemical tankers earned an average TCE rate of $ 24,555 per day for the three months ended June 30 , 2023. Based on approximately 45 % total revenue days currently fixed for the third quarter of 2023 , the average spot TCE rate is approximately $ 26,100 per day for MR Eco - Design tankers ; based on approximately 63 % of revenue days fixed for the third quarter of 2023 , the average TCE rate for chemical tankers is approximately $ 20,400 per day . • On June 15 , 2023 , the Company amended its term loan agreement with ABN AMRO Bank NV and Credit Agricole Investment Bank . The amendment converted 50 % of the outstanding balance under the facility into a revolving credit facility with the remaining 50 % of the outstanding balance continuing as a term loan facility . • On June 15 , 2023 , the Company published its 2022 Sustainability Report , highlighting its progress towards a more sustainable future . In 2022 , the Company reached new heights in both operating performance and sustainability . Ardmore continues to believe that consistent superior operating performance is a key driver of long - term value in its business , and Ardmore is committed to driving its sustainability agenda forward . The Sustainability Report is available on the Ardmore website at www.ardmoreshipping.com/about/progress/ Anthony Gurnee , the Company's Chief Executive Officer , commented : " While rates have moderated over the past quarter consistent with a well - established seasonal pattern and some incremental weakness in the global economy , we are very pleased with the resilience of the MR and chemical tanker markets , with overall rates holding in the mid- $ 20,000's per day , roughly $ 10,000 above our breakeven rate and supporting continued strong earnings . Even more encouraging is the fact that our key regional markets are experiencing short - duration spikes , which if these were to happen simultaneously , would result in a significant increase in the global average from already strong levels . We have remained disciplined and focused during this period of heightened charter rates , successfully executing on initiatives to benefit Ardmore over the long term : reducing our net leverage to 18 % , improving our breakeven levels , and deploying innovative technologies and processes to maximize fleet efficiency and minimize our emissions footprint . We will continue focusing on progress and performance in all of Ardmore's activities , paying our shareholders an attractive quarterly dividend , and assessing potential growth opportunities , to maximize shareholder value for the long term . " Summary of Recent and Second Quarter 2023 Events Fleet Fleet Operations and Employment As of June 30 , 2023 , the Company had 26 vessels in operation ( including four chartered - in vessels ) , consisting of 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 second 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 $ 27,180 per day in the second quarter of 2023. In the second quarter of 2023 , the Company's 15 MR Eco - Design tankers earned an average TCE rate of $ 27,460 and the Company's five MR Eco - Mod tankers earned an average TCE rate of $ 26,240 per day . In the third quarter of 2023 , the Company expects to have all revenue days for its MR tankers employed in the spot market . As of August 1 , 2023 , the Company had fixed approximately 45 % of its total MR revenue days for the third quarter of 2023 at an average TCE rate of approximately $ 26,800 per day , which includes MR Eco - Design tankers at $ 26,100 per day and MR Eco - Mod tankers at $ 28,400 per day . file : /// C : /Users/justin.whitt/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/IAIADX41/3932619-1-1 ( ID - 1F6E746A1ECA ) _Proof ( 002 ) .html 1/13