Page 100 - Demo

At the foundation lies structural demand growth: demand for refined oil products continues to rise, grade complexity is increasing, and refinery dislocation %u2014 with large, export-oriented refineries in the East serving Western consumer markets %u2014 is a long-term, durable feature of our trade. These are not event-driven phenomena; they represent a fundamental reshaping of how energy products move around the world.The second layer is arbitrage and trade flexibility. While geopolitical disruption is one catalyst, factors such as weather, seasonal demand shifts, and supply imbalances all create opportunities for well-positioned operators with a truly global commercial platform. At Ardmore, we actively trade through our in-house platform across multiple geographies, combining successive cargoes in the most profitable way.Change is a constant in freight and commodity markets. Even if specific geopolitical tensions were to ease tomorrow, the underlying structural dynamics (i.e., refinery dislocation, trade complexity, and an ageing global fleet) remain firmly in place. The normalisation of any single trade route would reshape some flows, but it would not reverse the fundamental supply-demand picture we see today. Our diversified spot trading model, complemented by selective high-quality time charters with top-tier counterparties, is designed precisely to perform across a wide range of scenarios. You recently completed an extensive drydocking programme covering nearly half of your fleet. This appears to be a clear move to maximise revenue days at a time when MR2 spot rates are approaching the $30,000 mark. Is this %u201call-in%u201d strategy on the spot market your response to the prevailing geopolitical uncertainty?Maintaining the highest quality fleet and maximising operational readiness are always priorities, regardless of market conditions. The timing has, of course, been fortuitous. Currently, 82% of our fleet operates in the spot market, reflecting our conviction in the underlying fundamentals and our ability to capture upside through active trading. At the same time, we have been deliberate about layering in a portfolio of high-quality time charters at attractive fixed rates, for multi-year periods with first-class counterparties. Our robust balance sheet, low breakeven levels, and commercial platform, which has the agility to move quickly when opportunities arise, provide us both resilience and optionality in all market environments.Artificial Intelligence is now firmly embedded in daily operations. How do you envision this technology enhancing operational efficiency across the sector, and conversely, what are the primary challenges emerging from its integration?Our approach to AI, as with all innovation, is purposeful and pervasive: it spans everything from onboard fuel management and voyage optimisation to shoreside business processes and commercial decision-making. These are not pilots or experiments confined to a lab; they are live, deployed tools generating real financial returns. In some cases, we have documented returns exceeding 100% on individual technology projects.When considering how companies position themselves within the AI landscape, there are broadly three options: you can be a developer of technology, an investor in it, or an adopter. At Ardmore, we are the latter: a decisive, cost-effective, and agile adopter. We move quickly, integrate intelligently, and measure outcomes rigorously. The strongest results consistently Shipping markets98 NX