The Value Investor's Edge Live #29: Navigating Product Tanker Markets With Ardmore Shipping (ASC)


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על ידי Joseph Sancio and Seeking Alpha התגלה על ידי Player FM והקהילה שלנו - זכויות היוצרים שמורות למפרסם, לא ל-Player FM, והשמע מוזרם ישירות מהשרתים שלכם. הירשמו כדי לעקוב אחר עדכונים ב-Player FM, או הדביקו את כתובת העדכונים באפליקציות פודקאסט אחרות.

Paul Tivnan, CFO of Ardmore Shipping (ASC), a leading product tanker shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 17, 2020, to discuss the product tanker markets and forward capital allocation priorities. Ardmore trades at a nearly 50% discount to net asset value, so their repurchase program is of particular interest. This interview and discussion of the underlying product markets is relevant for anyone with tanker investments or interests, including Diamond S (DSSI), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), International Seaways (INSW), Navios Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm (TRMD), and Tsakos Energy Navigation (TNP).

Topics Covered

  • (<1:20) Intro/Disclosures
  • (1:30) Update on product tanker market? Any near-term optimism?
  • (6:00) What is the expected impact of new refineries on ton mileage?
  • (8:30) How much is lower jet fuel demand impacting trade?
  • (10:30) Updated capital allocation policy? Repurchases?
  • (13:45) Levers to build liquidity? Timeframe for repurchase program?
  • (17:30) Commentary on repurchase program. Interest in selling ships?
  • (22:30) Focus on per share returns for capital allocation?
  • (24:50) What is your current estimate of ‘excess liquidity?’
  • (28:00) Justification for rejecting HAFNIA offer? Trading below that range?
  • (32:50) How do your ‘Eco-Mod’ ships compare to Eco-Design ships?
  • (35:15) Differentiating factors of ASC's chemical tankers?
  • (37:00) Reasonable timeline for product tanker markets to normalize?

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