Ardmore Shipping (NYSE: ASC) reported Q3 EPS of ($0.37), $0.03 worse than the analyst estimate of ($0.34). Revenue for the quarter came in at $48.9 million versus the consensus estimate of $26.08 million.

Anthony Gurnee, the Company\'s Chief Executive Officer, commented:

"During the third quarter, we focused on optimizing our operational and commercial performance under weak charter market conditions. MR charter rates bottomed out early in the third quarter as the market experienced significant downward pressure from Atlantic Basin local market issues that initially presented themselves in the latter part of the second quarter. Nevertheless, MR rates are now trending upwards, driven by increased cargo volumes and a significantly improved crude tanker market that is reducing the encroachment of larger tankers on MR trades.

"Despite the challenging market environment, we believe the MR tonne-mile demand outlook remains very positive, supported by continued strong underlying oil consumption growth of 1.4mbd for 2018 and 2019 and ongoing refinery expansion in export-oriented locations. Meanwhile, a record low orderbook, combined with scrapping that has accelerated during the recent market downturn, should result in net fleet growth of close to zero in 2018 and around 1% in 2019. In addition, we believe that the fundamental reshaping of the global petroleum supply chain related to the IMO 2020 marine fuel switch should significantly heighten MR demand from mid-2019 onward.

"We also continue to prioritize balance sheet strength and are pleased to have completed the refinancing of four vessels on favorable terms in October, thereby boosting our cash reserves and further enhancing our financial flexibility. By maintaining a high-quality fleet of modern, fuel-efficient product and chemical tankers and continually optimizing our balance sheet on attractive terms with diversified, top-quality counterparties, we believe Ardmore is well positioned to create substantial shareholder value in the coming cyclical recovery."

For earnings history and earnings-related data on Ardmore Shipping (ASC) click here.