Ardmore Shipping Corporation announces financial results for Q3 2014
Ardmore Shipping Corporation has announced results for the three and nine months ended September 30, 2014, the company said in its press release.
Reported a net profit of $117,000 for the three months ended September 30, 2014, or 0.4 cents basic and diluted earnings per share, as compared to a net loss of $920,000, or 6.3 cents basic and diluted net loss per share, for the three months ended September 30, 2013.
Results for the three months ended September 30, 2014 reflect strong relative chartering performance combined with efficient operations in an otherwise challenging market environment. Average daily time charter rates for the third quarter were $15,237 for Eco-design MR product tankers and $13,919 day for Eco-mod MR product tankers.
The charter market has improved significantly going into the fourth quarter, with daily MR spot rates for the TC2-14 Atlantic triangulation estimated to be $20,504 and for the TC4-11 Pacific triangulation estimated to be $17,889 as of November 3, 2014. Reflecting this improvement, Ardmore’s three spot-trading vessels are earning average daily rates of approximately $18,500 for voyages in progress.