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Ardmore CEO Bullish for the Products Market

first_imgzoom Owner and operator of mid-size product and chemical tankers Ardmore Shipping Corporation reported a net profit of USD 13.6 million for the three months ended September 30, 2015, as compared to USD 0.1 million for the corresponding period in 2014.The company reported EBITDA of USD 24.5 million for the quarter, an increase of USD 18.7 million from USD 5.8 million recorded in the same period last year.“We are very pleased to achieve strong financial performance for the third quarter, reporting earnings of USD 13.6 million or USD 0.52 per share. Our results this quarter are attributable to well-timed fleet growth, a highly efficient operating platform, and successful execution of our chartering strategy,” Anthony Gurnee, the Company’s Chief Executive Officer commented.Ardmore delivered strong chartering performance with its spot and pool MR tankers, earning approximately USD 24,269 per day for the three months ended September 30, 2015.“We are also pleased to declare a dividend of USD 0.31 per share for the quarter, representing a 210% increase. We believe that our newly adopted constant payout ratio of 60% provides clarity on future dividends and ensures that investors are able to fully participate in and benefit from Ardmore’s earnings growth,” Gurnee added.During the quarter the company took delivery of two vessels, the Ardmore Chinook, a 25,200 Dwt Eco-design IMO 2 product and chemical tanker, and the Ardmore Seawolf, a 49,999 Dwt Eco-design IMO 2/3 product and chemical tanker.According to Gurnee, the product tanker charter market has exhibited sustained strength throughout the year to-date, driven by underlying secular demand growth resulting from Middle East refinery expansion, a growing dislocation of production vs. consumption, and continuing regional product imbalances.“In addition, the new oil market, characterized by extreme oil price volatility and supply-chain congestion, has added a further layer of demand for product tankers and is expected to persist for the foreseeable future,” he said.“Meanwhile, we believe that product tanker supply growth has peaked, with deliveries to date being fully absorbed, and with the MR orderbook now the lowest of all the tanker sectors. Given these market dynamics and the typical seasonal demand uplift, we are very bullish for the coming winter months and are already seeing signs of further strengthening in the spot market. With our final two newbuilds scheduled to deliver in the coming weeks and our 2016 revenue days set to increase by a further 23% from their 2015 level, Ardmore is well positioned to continue generating strong returns and creating substantial value for shareholders,” Gurnee concluded.last_img read more

BCE profit slips but Manitoba Telecom deal boosts revenue

MONTREAL — BCE Inc. saw its second-quarter profit slip compared with a year ago while revenue was boosted by its acquisition of Manitoba Telecom Services Inc. earlier this year.The company says it earned a profit attributable to common shareholders of $762 million or 84 cents per share.That compared with a profit attributable to shareholders of $778 million or 89 cents per share a year ago.Operating revenue increased to nearly $5.7 billion for the three months ended June 30 compared with $5.34 billion in the same quarter last year.BCE attributed the decrease in its earnings to higher depreciation and amortization costs, higher interest expenses and lower other income.On an adjusted basis, the company said it earned $792 million or 88 cents per share, down from $824 million or 94 cents per share a year ago. read more