Bermudian-based Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported a record net profit of $61 million for the three months ended September 30.

That compares to a net loss of $12.8 million for the third quarter of 2021.

Ardmore’s net profit for the first nine months of the year is $82 million. That compares to a net loss of $29.5 million for the nine months ended September 30, 2021.

Anthony Gurnee, the company's chief executive officer, said: "We are pleased to report record earnings for the third quarter of 2022, with adjusted earnings of $61.6 million or $1.59 earnings per share, driven primarily by MR (medium range) spot TCE (time charter equivalent) performance for our eco-design tankers of approximately $47,000 per day.

“This performance has continued into the fourth quarter, with 40 per cent of Ardmore's MR eco-design ship-days for the fourth quarter already booked at $45,000 per day, establishing a solid foundation in advance of what we expect will be a strengthening winter period.”

He added: “The product tanker market overall is being underpinned by very supportive supply/demand fundamentals, on top of which is the reordering of global refined product trades resulting from the Russia-Ukraine conflict, and exacerbated by very low refined product inventories.

“The next phase of this global reordering is expected to take place with the EU ban on Russian refined products from February 5, 2023, which should begin to have an impact in the fourth quarter.

“As a consequence of the ban, industry analysts are estimating a potential rise in tonne-mile demand of up to seven per cent to eight per cent, which would have a profound impact on our markets.”

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Valaris Limited, the Bermudian-based offshore drilling services company, has reported net income of $78 million in the third quarter compared to $113 million in the second quarter of the year.

Adjusted Ebitda increased to $76 million from $29 million in the second quarter.

Revenues increased to $437 million from $413 million in the second quarter. Excluding reimbursable items, revenues increased to $416 million from $385 million.

The company said quarterly operating income increased by $77 million primarily due to the reactivation of four floaters earlier in the year;

The company delivered revenue efficiency of 96 per cent in the third quarter and 97 per cent year to date.

Anton Dibowitz, president and chief executive officer, said: “During the third quarter, we continued to deliver strong operational performance while remaining focused on providing safe, reliable, and efficient operations.

“We are pleased to once again be recognised by our customers as the No. 1 offshore driller in total satisfaction in the leading independent survey covering offshore drillers.

“We remain disciplined in our approach to fleet management and recently executed an agreement on a value-accretive rig sale, which will position us to redeploy capital on opportunities with more attractive return profiles.”

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Bermudian-based Triton International Limited, the world’s largest lessor of intermodal freight containers, has reported net income attributable to common shareholders of $176.8 million in the third quarter of the year.

That compares with net income of $184.6 million in the second quarter of the year, and net income of $123 million in the third quarter of 2021.

Utilisation averaged 99.1 per cent in the third quarter.

Brian M Sondey, chief executive officer of Triton, said: "Triton continued to achieve outstanding financial performance in the third quarter of 2022.

"Triton generated $2.88 of adjusted net income per share, an increase of 18.5 per cent from the third quarter of 2021 and just slightly below our record results from the second quarter of 2022. In addition, Triton achieved an annualised adjusted return on equity of 27.5 per cent."

Mr Sondey added: "Overall, we expect our performance will remain very strong through the end of the year and into the longer term."