Ardmore sneaks a profit

Ardmore Shipping has crept into the black in the second quarter of 2014.

New York-listed Ardmore saw its bottom line reach $100,000 for the period, overturning a loss of $1.2m recorded 12 months ago.

Earnings per share of $0.02 trumped Wall Street expectations for a $0.01 per share loss, says Doug Mavrinac of Jefferies.

Anthony Gurnee, chief executive of Ardmore, said: “We are pleased with the company’s profitable second quarter results.

"The vessels delivered year-to-date have contributed meaningfully to earnings growth, and the company’s employment strategy has ensured stability in cashflow and earnings."

Gurnee suggests a loan for the 45,700-dwt Ardmore Seamariner (built 2006) will be secured soon.

A credit facility for the tanker would see the company fully funded for both its newbuildings and second-hand buys.

“Our conservative balance sheet and proven ability to finance accretive acquisitions position us well to capitalize on attractive opportunities in order to benefit from the strong, long-term fundamentals of the product and chemical tanker sectors,” he said.

Ardmore saw its eco products tankers earn an average of $15,859 per day during the quarter while its eco-mod MRs collected $14,710 daily.

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