Ardmore Shipping Corporation (NYSE: ASC) hits another New 52 week High

(24/7 Market News) Ardmore Shipping Corporation (NYSE: ASC) hit another 52 week high this morning, which it has constantly been doing for the past two months

Ardmore Shipping’s first quarter of 2022 highlights included; reporting a net loss of $7.9 million for the first quarter 2022, or $0.23 loss per basic and diluted share, as compared to a net loss of $8.5 million, or $0.26 loss per basic and diluted share, for the first quarter of 2021. Revenues grew from $45.6 million, for the first quarter 2021, to $63.4 million, for the first quarter 2021, an increase of $17.8 million. While first quarter 2022 spot revenue days hit 2,126 spot revenue days, compared to 2,096 for the same previous year quarter.

Other recent activity includes, on April 4, 2022, Ardmore announcing that it agreed to terms for the sale of three 2008-built MR product tankers to Leonhardt & Blumberg, for an aggregate price of $40 million, which, upon completion, is expected to generate approximately $15 million in net cash proceeds to Ardmore.

Ardmore Shipping has trended higher since bouncing off its 52 week low of $3.0699 in late January. It’s 20 day moving price average has been pretty solid support throughout this year’s move, with only a couple of brief breeches.

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