Ardmore Shipping Corporation (NYSE:ASC) Q3 2023 Earnings Call Transcript

Benjamin Nolan: Right. All right. And then the last one, just going back to the embargo slide that you talked about. I’m curious — I understand that a rising tide is going to lift to all boats. But it seems like a lot of those trades, whether it’s from the Middle East or maybe even from the Gulf Coast to Europe, would lend themselves a little bit more easily to LRs versus MRs. Is it — am I off on that? Or how do you think about sort of your positioning on that restocking of European diesel?

Anthony Gurnee: No. I mean it’s — look, I think depending on where the cargo — the stock is coming from, it — I think there’s this misnomer or this misconception that LRs do all the long-haul trade. That’s not even what LR stands for, but that’s another matter. So — but the fact is that MRs do very long haulages and a lot of the liftings, for example, out of the U.S. Gulf, most of that is MR. If you’re coming in from the Far East or from the Middle East with an LR2, for example, there are only a very small number of ports you can get into. So then you’re talking about lightering, the cost structure changes. So I think they’ll benefit equally.

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