Ardmore Shipping Corporation said on November 3 that it had booked approximately 45 per cent of its fourth-quarter medium-range (MR) tanker spot revenue days at an average of about $57,600 per day.
The MR fleet earned an average spot time charter equivalent (TCE) of $27,031 per day in the third quarter.
The company's chemical tankers have fixed around 60 per cent of fourth-quarter spot days at roughly $30,100 per day, up from $23,266 per day in the third quarter.
Net income allocated to common stockholders for the three months ended September 30 rose to $16.3 million, or $0.40 per share, from $12.1 million a year earlier. Revenue increased to $87.7 million from $81.2 million, as higher spot rates outweighed a fall in spot revenue days.
Chief executive Gernot Ruppelt said MR spot bookings stood "at a large multiple of our cash breakeven."
During the quarter, Ardmore agreed to sell the 2013-built Ardmore Endeavour for $34.3 million. The vessel was delivered to its buyer in October.
In August, the company exercised its last two options for 40,500 DWT Handysize tankers at Wuhu Shipyard. The exercise brought the order to six vessels, following an expansion to four in June. Remaining instalments total an estimated $257.8 million, and deliveries are due to begin in late 2028.
Available liquidity stood at $301.1 million at September 30.
