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Omar Nokda

Managing Director and Senior Equity Research Analyst at Jefferies

Omar Nokta is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in the marine shipping and transportation sectors with a specific focus on covering companies such as ZIM Integrated Shipping Services, Frontline, Scorpio Tankers, Global Ship Lease, Teekay Tankers, and Tsakos Energy Navigation. He is recognized for his strong track record, maintaining a success rate between 62% and 69% and generating average returns of up to 13.6% per rating, with standout calls like a 293.5% return on ZIM. Nokta began his career in equity research in 2009, previously holding leadership roles, including CEO and Head of US at Clarkson Capital Markets, before joining Jefferies in 2022. He holds professional credentials including FINRA registrations and relevant securities licenses, underlining his expertise and regulatory standing in the industry.

Omar Nokda's questions to Ardmore Shipping (ASC) leadership

Question · Q3 2025

Omar Nokda with Jefferies asked why the product tanker market, despite improving sequentially, lacks the "sizzle" seen in crude tankers. He questioned if this is an expected outcome given OPEC shifts, or if it's simply a matter of time until crude deliveries into refineries translate into more product flow. He also inquired about Ardmore Shipping's capital deployment strategy, particularly after redeeming preferred shares and with a strong balance sheet, asking if this changes the approach to shareholder returns or future sale and purchase transactions.

Answer

CEO Gernot Ruppelt and President Bart Kelleher explained that abundant oil supply creates strong incentives for refineries, leading to strong refining margins and firm product on the water. They noted that the market flirting with contango could create interesting commodity plays, increase economic incentives for long-haul trading, and potentially lead to storage activity, all adding layers of trading demand. Mr. Kelleher also mentioned typical seasonality and refineries returning from maintenance. Mr. Ruppelt elaborated on capital deployment, stating it's guided by the market, strong governance, and a balanced approach. He highlighted value-enhancing transactions like recent vessel acquisitions (showing 15% appreciation in four months), reinvestment in vessel upgrades for efficiency and versatility, and shareholder returns through dividends and buybacks, all while focusing on reducing the cash break-even.

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