zoom 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.
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The Prince of Wales and the Duchess of Cornwall attended the Prince’s Countryside Fund Raceday at Ascot on Friday.The royal couple met supporters of the fund and handed out trophies to the winners. The race featured 12 riders, including British model Rosie Tapner.Prince Charles founded the charity fund in 2010 to support British farmers and the countryside. The Prince of Wales also unveiled a 12ft-high bronze horse head statue, which he was presented as a belated 70th birthday gift from Ascot racecourse.