Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2023.

HAMILTON, Bermuda: 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...