Ardmore ahead in Q1

Ardmore Shipping exceeded first quarter expectations in a period which saw the delivery of eco ships bolster its operating performance.

New York-listed Ardmore booked a loss of $400,000 in the three months to the end of March, an increase on the $40,692 red number at this stage 12 months ago.

Adjusted earnings per share hit the tape at $0.005, compared with the $0.03 per share Wall Street had charted.

Anthony Gurnee, chief executive of the owner, said in a statement the results reflected both an improvement in the market and fleet expansion.

Core operating profit came in at $4.3m for the quarter, up $1.7m on a year ago thanks in part to the delivery of two newbuildings and a single second hand vessel this year.

Ardmore says its eco MRs earned $15,522 per day in the first quarter, compared with the $14,447 daily its retrofitted “eco-mod” MRs commanded.

Ardmore now has 11 vessels in the water, with 10 eco ships under construction.

It raised $108.7m from an equity issue in March and has secured a $172m loan from ABN AMRO Bank, Nordea Bank Finland and Skandinaviska Enskilda Banken to cover eight of its newbuildings.