Ardmore Shipping runs a fleet of 25 modern tankers that haul refined oil products and chemicals across global seas—think of it as a specialized trucking company for liquid cargo, but on water.
Revenue comes from chartering these vessels to oil majors, traders, and chemical firms. The business is cyclical and spot-rate driven, with net margins swinging from 13% to 33% annually—no recurring contracts, just per-voyage or time-charter fees.
The moat is weak: tanker shipping is a commodity business where customers like ExxonMobil, Shell, and Trafigura can easily switch to any of dozens of competitors (e.g., Scorpio Tankers, Frontline, Hafnia) based on price and availability. No proprietary technol
Key events, in time order
Q2 adj net income $48.3M; MR spot rates hit $51,870/day, up sharply YoY
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