Ardmore Shipping Corporation announced results for the three and nine months ended September 30, 2025.
Highlights and Recent Activity
- Reported Adjusted earnings of $12.6 million and net income attributable to common stockholders of $12.1 million for the three months ended September 30, 2025, or $0.31 Adjusted earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $23.3 million, or $0.55 Adjusted earnings per basic and diluted share for the three months ended September 30, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)
- Reported Adjusted earnings of $27.2 million and net income attributable to common stockholders of $26.7 million for the nine months ended September 30, 2025, or $0.67 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $109.3 million and net income attributable to common stockholders of $123.5 million, or $2.62 Adjusted earnings per basic share and $2.60 Adjusted earnings per diluted share for the nine months ended September 30, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.) The major driver of the variance between Adjusted earnings and net income attributable to common stockholders for the nine months ended September 30, 2024, was a $12.3 million gain from the sale of the Ardmore Seafarer in April 2024.
- Consistent with the Company’s variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on November 5, 2025, of $0.10 per common share for the quarter ended September 30, 2025. The dividend will be paid on December 12, 2025, to all shareholders of record on November 28, 2025.
- MR tankers earned an average spot TCE rate of $24,697 per day for the three months ended September 30, 2025. Chemical tankers earned an average spot TCE rate of $22,611 per day for the three months ended September 30, 2025. Based on approximately 40% of total revenue days currently fixed for the fourth quarter of 2025, the average spot TCE rate is approximately $24,900 per day for MR tankers; based on approximately 35% of revenue days fixed for the fourth quarter of 2025, the average spot TCE rate for chemical tankers is approximately $22,200 per day.
- On October 31, 2025, the Company fully redeemed all outstanding shares of its Series A Preferred Stock, for $30.6 million.
- While primarily trading its fleet in the spot market, the Company recently committed one of its 2014-built MRs on a two-year time charter at $21,250 per day to a top-tier oil major.
- Deliveries of the previously announced acquisitions of three modern, high-quality, Korean-built MR tankers, totaling $103.9 million, were completed during the quarter ended September 30, 2025. The acquisitions were financed by cash on hand and bank debt, maintaining a modest leverage level and lowering average fleet age.
Gernot Ruppelt, the Company’s Chief Executive Officer, commented:
“ Earnings have increased throughout the third quarter and into the fourth, driven by record volumes of refined product on the water. During the quarter, Ardmore took delivery of three modern MR tankers, opportunistically acquired at attractive prices. Now fully integrated into our fleet, these vessels are capturing strong spot markets, increase the company’s long-term earnings power and provide compelling fuel savings. In addition, we are further enhancing the value of our trading book through high-quality multi-year charter contracts with top-tier counterparties. In line with our transparent capital allocation policy, we have also fully redeemed our outstanding preferred shares while declaring our twelfth consecutive dividend.
Freight markets have remained strong, driven by long-term sectoral trends and healthy refining margins. Sanctions enforcement, continued trade shifts and dislocation due to geopolitical events are adding additional momentum, against the backdrop of an already tight global supply and demand balance. Ardmore continues to dynamically navigate these markets, guided by strong governance, enabled by its high performing operating platform and a robust balance sheet.”