After going years without buying back its own stock, Ardmore Shipping employed that mode of capital allocation last quarter.
The Ireland-based product tanker owner disclosed in its quarterly earnings report that it had repurchased 1.56m shares at an average price of $11.49 for a total outlay of $17.9m. The buybacks represent 4% of its outstanding shares.
“It’s been missing from the Ardmore story forever,” said one investor in congratulating management at the shipowner’s annual investor day in New York on Thursday.
