[Management View]
Ardmore Shipping reported an adjusted net income of $12.6 million, or $0.31 per share, for Q3 2025. The company highlighted strategic fleet expansion with the acquisition of three modern MR tankers, contributing to fuel savings and increased earnings power. The management emphasized a disciplined capital allocation strategy, including the full redemption of $30 million in preferred shares, reducing cash breakeven to $11,700 per day.

[Outlook]
The company anticipates continued strong performance into Q4 2025, driven by robust product tanker demand and favorable market conditions. Future plans include ongoing investments in vessel upgrades and digital infrastructure to enhance operational efficiency and meet emerging market and regulatory requirements.

[Financial Performance]
Ardmore Shipping's TCE rates for MR tankers were $24,700 per day in Q3 2025, with chemical tankers earning $22,600 per day. EBITDAR for the quarter was $27.6 million. The company declared its twelfth consecutive dividend, consistent with its policy of distributing one-third of adjusted earnings.

[Q&A Highlights]
Question 1: Jonathan Chappell asked about the potential for stronger MR spot rates given the favorable market conditions and the correlation with crude tanker rates.
Answer: Gernot Ruppelt acknowledged the correlation and expressed optimism about long-term demand drivers and the evolving market dynamics. He noted the positive impact of geopolitical tensions on trading demand and highlighted the oldest fleet on record, which supports a positive market outlook.

Question 2: Jonathan Chappell inquired about the rationale behind a two-year charter contract at rates lower than current spot rates.
Answer: Ruppelt explained that the contract was part of a portfolio strategy to lock in strong returns with a high-quality counterparty, enhancing earnings quality. He emphasized the importance of balancing spot market exposure with long-term charters.

Question 3: Omar Nokta asked about the expected market dynamics for product tankers and the impact of OPEC's actions.
Answer: Ruppelt discussed the abundance of oil supply and strong refining margins, which incentivize refinery throughput and long-haul trading. He highlighted the potential for storage activity and increased trading demand due to market volatility.

Question 4: Omar Nokta inquired about Ardmore's capital deployment strategy given its strengthened balance sheet and market conditions.
Answer: Ruppelt outlined a balanced approach to capital allocation, including potential vessel acquisitions, vessel upgrades, and shareholder returns. He emphasized the importance of market-driven decisions and maintaining strong governance.

[Sentiment Analysis]
The tone of the analysts was inquisitive and focused on understanding the company's strategic decisions in light of market conditions. Management's responses were optimistic, highlighting confidence in the company's strategic direction and market outlook.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 |
|-------------------------|-----------------|-----------------|
| Adjusted Net Income | $12.6 million | $11.8 million |
| Earnings Per Share | $0.31 | $0.29 |
| MR TCE Rates | $24,700/day | $23,500/day |
| Chemical TCE Rates | $22,600/day | $21,800/day |
| EBITDAR | $27.6 million | $26.4 million |

[Risks and Concerns]
Key risks include geopolitical tensions affecting trade routes, potential fluctuations in oil supply and demand, and the impact of regulatory changes on operational costs. The aging fleet and limited newbuilds could also influence supply dynamics.

[Final Takeaway]
Ardmore Shipping is well-positioned to capitalize on favorable market conditions with strategic fleet expansion and disciplined capital allocation. The company's focus on operational efficiency and long-term charters supports a positive outlook. Management's confidence in navigating market volatility and delivering shareholder returns is evident, with ongoing investments in digitalization and compliance initiatives further strengthening its competitive position.