Ardmore Shipping Corporation announced net income of $23.3 million, or $0.55 per basic and diluted share, for the three months ended September 30, 2024. This represents an increase from $20.3 million, or $0.49 per share, reported in the same period of 2023.
Revenue for the third quarter of 2024 rose to $96.1 million, up from $86.9 million in Q3 2023, driven by increased spot rates and revenue days. The average Time Charter Equivalent (TCE) rate for the fleet was $26,628 per day, a slight increase from $26,347 per day in the prior year's quarter.
The company declared a cash dividend of $0.18 per common share for Q3 2024, consistent with its variable dividend policy. Ardmore also reported a robust liquidity position of $268.5 million as of September 30, 2024, comprising $47.6 million in cash and $220.9 million undrawn under revolving credit facilities.
Looking ahead to Q4 2024, Ardmore expects 50% of its MR tanker spot revenue days to be fixed at an average TCE rate of approximately $23,100 per day. For its Eco-Design IMO 2 product/chemical tankers, approximately 55% of revenue days are fixed at an average TCE rate of $25,150 per day.
Interest expense and finance costs decreased by $1.9 million in Q3 2024 due to a reduction in average outstanding debt balance and the conversion of a term loan into a revolving facility. However, corporate general and administrative expenses increased by $1.2 million, primarily due to one-time expenses associated with the recent leadership transition.
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