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Ardmore Shipping Corporation
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Q3 2023 Earnings Presentation
| Anthony Gurnee | Page 4 of 11 |
May 07, 2024
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"Q3 2023 Earnings Presentation"
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4 $22,100 $28,500 $25,800 $30,100 Chemical Tankers MRs 3Q 2023 4Q 2023 TD 4 Highlights ? Ardmore is reporting adjusted earnings (1) of $20.3 million or $0.49 per share for 3Q23, with continued strength into the fourth quarter o MRs earned $28,500 / day for 3Q23, with 50% of the fourth quarter booked at $30,100 / day (2) o Chemical tankers, on a capital adjusted basis (3) , earned $22,100 / day for 3Q23, with 60% of the fourth quarter booked at $25,800 / day ? TCE rates have remained elevated during characteristically weaker summer months with momentum approaching the seasonally strong winter market o Typically mid-November point of inflection for market acceleration ? Ardmore continues to execute on its longstanding Capital Allocation Policy o Declaring a quarterly cash dividend of $0.16 per share, in accordance with our policy of paying out one-third of earnings o Continued investment in energy savings devices in accordance with our Energy Transition Plan, reducing carbon emissions and boosting cash flow ? Company remains focused on spot trading performance and tight cost management, including maintaining a low breakeven level of $14,000 / day 1. Adjusted earnings and adjusted diluted EPS are non-GAAP measures. A def inition of these measures and a reconciliation to the nearest GAAP comparable measures are included within Ardmore’s earnings release f or September 30, 2023 2. Basis MR combined TCE rates 3. Chemical tanker TCE capital adjusted is the adjustment made to actual TCE f or capital inv ested relativ e to an MR. The objecti v e is to show present rates comparable to MR rates to assess relativ e perf ormance. Capital inv ested is based on analy st consensus market v alue of 2015 -built v essels as f ollows: $37.2 million f or an MR, $35.3 million f or a 37k dwt coated IMO2 v essel. $27.9 million f or a 25k dwt coated IMO2 v essel Strong MR TCE Rates Well Above Cash Breakeven (2) Cash breakeven of $14,000 / day