Bermudian-headquartered Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported a first quarter turnaround year-over-year, recording net income of $43.3 million compared to a net loss of $7.9 million in the prior year period.

Medium-range eco-design tankers earned an average spot time charter equivalent rate of $37,506 per day for the quarter.

Chemical tankers earned an average TCE rate of $27,984 per day.

Anthony Gurnee, chief executive officer, said: “The very positive trends that drove product tanker strength in late 2022 have been sustained, with the charter market remaining very firm throughout the first quarter and up to the present.

“The combination of supportive underlying fundamentals and the substantial increase in tonne-mile demand resulting from the re-ordering of refined product trade flows has created pronounced market tightness and volatility that Ardmore continues to benefit from.”