Ardmore Shipping's fourth quarter performance allowed it to pay its first dividend in 12 quarters, but that doesn't mean chief executive Anthony Gurnee is happy about it.
The product and chemical tanker owner's $2.5m adjusted profit for the last three months of 2019, triggering a $0.05 per share dividend, the company's first since the third quarter of 2016.
"Admittedly, we're not very happy about paying a cash dividend when our share price is trading at a substantial discount to NAV, but that's our current policy," Gurnee said on the company's earnings call this week.
