Heightened geopolitical tensions worldwide continue to affect energy supply chains, a Bermudian-based shipping company said as it released earnings results for the third quarter of the year.

Ardmore Shipping Corporation, which has been registered in Bermuda since 2014, owns and operates product and chemical tankers. As of September 30, the company had 26 vessels in operation.

The company said: “The ongoing Russia-Ukraine war has disrupted energy supply chains, caused instability and significant volatility in the global economy and resulted in economic sanctions by several nations. The ongoing conflict has contributed significantly to related increases in spot tanker rates.

“Geopolitical tensions have increased since commencement of the Israel-Hamas war in October 2023.

“Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses.

“Further escalation or expansion of hostilities in the Middle East or elsewhere could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for the company's services.”

Ardmore reported net income and adjusted earnings of $23.3 million for the quarter, which compares with $20.3 million in the prior year quarter.

The company reported net income of $123.5 million for the nine months ended September 30, which compares with $87.3 million for the nine months ended September 30, 2023.

Revenue for the quarter was $96.1 million, an increase of $9.2 million from $86.9 million in the prior year’s quarter.

Chief executive Gernot Ruppelt said: “Strong fundamentals combined with geopolitical factors have continued to raise product and chemical tanker charter rates, up on a year-over-year basis, against the backdrop of typical third quarter seasonality.

“Ardmore is well-positioned to capture further market upside as conditions are beginning to accelerate in the early stages of the winter season market cycles.”