ASC - Ardmore Shipping: Lackluster Shareholders Returns Better Value Elsewhere (Rating Downgrade)
2024-02-23 04:49:26 ET
Summary
- Ardmore Shipping has successfully closed the valuation gap and is now trading more in line with peers.
- The company's modest dividend policy and lack of improvement have led the author to downgrade to hold.
- Disruptions in the Suez Canal and Panama Canal have increased demand for product tankers, while the supply side remains appealing.
Ardmore Shipping (ASC) is a global shipping company specializing in the ownership and operation of product and chemical tankers. ASC owns a fleet of 22 midsize eco product tankers, complemented by an additional 4 vessels through charter agreements. In a recent development , ASC has successfully finalized the acquisition of a 2017-MR vessel for $42 million and divested its oldest MR vessel, constructed in 2010, for $27.1 million....
Ardmore Shipping: Lackluster Shareholders Returns, Better Value Elsewhere (Rating Downgrade)