Company Quick10K Filing
Ardmore Shipping
20-F 2019-12-31 Filed 2020-04-03
20-F 2018-12-31 Filed 2019-02-15
20-F 2017-12-31 Filed 2018-03-29
20-F 2016-12-31 Filed 2017-03-13
20-F 2015-12-31 Filed 2016-04-06
20-F 2014-12-31 Filed 2015-03-27
20-F 2013-12-31 Filed 2014-04-24

Ardmore Shipping Financials

ASC Metrics, Comps, Filings

Quarterly | Annual

Business

We are Ardmore Shipping. We provide seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. As at January 31, 2019, our current fleet consists of 27 vessels, all of which are in operation.

Ardmore Shipping Corporation was incorporated under the laws of the Republic of the Marshall Islands on May 14, 2013. We commenced business operations through our predecessor company, Ardmore Shipping LLC, on April 15, 2010. On August 6, 2013, we completed our initial public offering ("IPO") of 10,000,000 shares of our common stock. Prior to our IPO, GA Holdings LLC, who was our sole shareholder, exchanged its 100% interest in Ardmore Shipping LLC for 8,049,500 shares of Ardmore Shipping Corporation, and Ardmore Shipping LLC became a wholly owned subsidiary of Ardmore Shipping Corporation. In March 2014, we completed a follow-on public offering of 8,050,000 common shares. In November 2015, GA Holdings LLC sold 4,000,000 of its shares of our common stock in an underwritten public offering. In June 2016, we completed a public offering of 7,500,000 common shares, of which GA Holdings LLC purchased 1,277,250 shares. In November 2017, GA Holdings LLC disposed the balance of its remaining 5,787,942 common shares. As of January 31, 2019, 33,097,831 shares of our common stock were outstanding.

We have 50 wholly owned subsidiaries, the substantial majority of which represent single ship-owning companies for our fleet, and a 50%-owned joint venture entity, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to the majority of our fleet. A list of our subsidiaries is included as Exhibit 8.1 to this Annual Report.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Equity

Income Statement ($MM Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($MM Quarterly)

Ops, Inv, Fin

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Nordic American Tankers (NAT) 288,198 0% 1,071,111 469,080 0 0 0 0 675,399
MCBC Holdings (MCFT) 275,426 24% 8.3 8% 257,234 176,125 482,529 115,457 21,512 46,077 382,870
Teekay Tankers (TNK) 252,383 0% 2,161,086 1,214,153 0 0 0 0 933,868
Tsakos Energy Navigation (TNP) 230,400 0% 3,205,058 1,710,322 0 0 0 0 1,616,996
Safe Bulkers (SB) 181,290 0% 1,076,199 593,367 0 0 0 0 698,279
Ardmore Shipping (ASC) 160,855 0% 844,760 498,176 0 0 0 0 336,215
Overseas Shipholding Group (OSG) 157,301 0% 7.9 -1% 1,136,959 807,374 346,352 0 -7,480 61,051 483,160
Danaos (DAC) 149,327 0% 2,679,842 1,988,989 0 0 0 0 1,693,937
Pangaea Logistics Solutions (PANL) 144,024 0% 5.5 4% 484,552 308,679 281,720 0 20,059 40,388 221,416
StealthGas (GASS) 112,752 0% 1,036,722 475,470 0 0 0 0 479,292
Navios Maritime Containers (NMCI) 100,349 0% 413,527 231,054 0 0 0 0 265,127
Scorpio Tankers (STNG) 95,085 0% 4,784,164 2,945,152 0 0 0 0 82,800
Navios Maritime Acquisition (NNA) 43,827 0% 1,627,384 1,247,032 0 0 0 0 1,213,618
Capital Product Partners (CPLP) 37,106 0% 1,385,245 503,931 0 0 0 0 434,797
Odyssey Marine Exploration (OMEX) 36,775 26% -6.8 -202% 4,779 54,538 3,136 804 -9,649 -5,341 36,471
Hornbeck Offshore Services (HOS) 34,194 0% -51.7 -5% 2,691,806 1,493,912 217,628 0 -134,162 -21,396 1,105,561
Pyxis Tankers (PXS) 22,324 0% 116,617 76,674 0 0 0 0 81,542
Top Ships (TOPS) 19,565 0% 258,488 154,207 0 0 0 0 164,251
Globus Maritime (GLBS) 9,692 0% 86,674 45,624 0 0 0 0 8,296
Diana Containerships (DCIX) 9,401 0% 100,086 4,510 0 0 0 0 -1,092

Balance Sheet ($'000)2013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash56,86159,88040,10955,95339,45756,903
Accounts Receivable7434,98626,18923,14927,26527,460
Inventory1,1312,4863,9697,3399,63212,812
PP&E201,700371,618658,629785,461751,817721,492
Assets357,966570,841778,198883,643845,540844,760
Accounts Payable3,9997,03912,48314,44816,10424,608
Long-Term Debt88,860204,728396,465464,266412,667232,263
Liabilities125,608243,641430,586479,373464,566498,176
Stockholders' Equity232,358327,200347,611404,270380,974346,584
Income Statement ($'000)2013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Revenue
Cost of Revenue
Gross Profit
R&D
SG&A
Tax
Net Income
Cash Flow ($'000)2013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash Operating
Cash Investing
Cash Financing