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Jim Cirenza

Managing Director and Head of International Securities Sales at DNB Carnegie

Jim Cirenza is a Managing Director and Head of International Securities Sales at DNB Markets Inc., specializing in institutional sales and trading with a focus on maritime and shipping sectors. He moderates key industry panels on chemical tankers and ship finance, contributing to discussions at major forums like Marine Money and Capital Link events, though specific performance metrics such as success rates or rankings are not publicly detailed. With over 38 years of experience, his career includes 12 years at Goldman Sachs, 3 years at JP Morgan, presidency of Carnegie’s U.S. activities from 2001-2006, global head of Carnegie’s securities business from 2006-2009, CEO and CCO of Olivetree Securities, and joining DNB Markets in 2012. He holds a business degree from Cornell University’s S.C. Johnson Graduate School of Management and an undergraduate degree from Tufts University.

Jim Cirenza's questions to Ardmore Shipping (ASC) leadership

Question · Q4 2025

Jim Cirenza from DNB Carnegie asked about Ardmore Shipping's capital structure strategy in light of increasing competition for capital, including significant government and corporate debt issuance, and large CapEx budgets in other sectors.

Answer

President Bart Kelleher emphasized maintaining an opportunistic capital structure with a diverse network of funding sources, adapting to market shifts (e.g., from leasing to revolving credit). He cited the redemption of preferred shares as an example of simplifying the structure and reducing cash break-even. Independent Non-Executive Director James Fok added that discipline in capital management is crucial in the current environment.

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Question · Q4 2025

Jim Cirenza inquired about Ardmore Shipping's capital structure strategy in light of the increasing competition for capital, specifically referencing the significant U.S. Treasury issuance, corporate debt maturities, and large CapEx budgets from mega-spenders.

Answer

President Bart Kelleher emphasized maintaining a flexible capital structure to seize opportunistic value, leveraging a diverse network of capital sources, and simplifying when appropriate, such as the recent redemption of preferred shares. Independent Non-Executive Director James Fok added that fortune favors disciplined companies in such an environment.

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