Ardmore Shipping Corporation provided the following update on capital allocation, vessel sale, and latest TCE guidance.
Fleet Investment
The Company signed contracts for the construction of two highly-efficient and versatile 40,500 dwt Handysize product/chemical tankers at Wuhu Shipyard, at a price of $44.9 million per vessel, inclusive of approximately $3 million for full IMO2 specification and MarineLine tank coatings. In addition, the Company is commissioning various performance and safety upgrades. The agreement also includes options to acquire two additional vessels on the same terms. Deliveries are scheduled from late 2028.
Dividend Policy Increase
Effective 1Q 2026, Ardmore is doubling its dividend payout ratio to common shareholders to two-thirds of adjusted earnings.(1)
Opportunistic Vessel Sale
The Company agreed to sell a 2014-built MR tanker for $35.5 million, with delivery scheduled for June 2026.
TCE Performance: 1Q 2026 and 2Q 2026 To-Date
The Company provided the following preliminary update on its estimated Time Charter Equivalent (“TCE”) market performance:
| First Quarter 2026 | |
| Spot MR Tankers | $33,700 / day for 1,310 revenue days |
| Spot Chemical Tankers | $22,300 / day for 319 revenue days |
| Second Quarter 2026 To-Date | |
| Spot MR Tankers | $50,000 / day with 50% fixed |
| Spot Chemical Tankers | $32,100 / day with 65% fixed |
Gernot Ruppelt, CEO of Ardmore Shipping, commented:
“Ardmore continues to execute on a clear, long-term strategy with targeted fleet investment while simultaneously increasing capital returns.
Providing enhanced trading options across a wide range of liquid cargos, from mainstream oil products to specialized high‑spec chemicals, these advanced IMO2 assets are well matched to our strategy and proven organizational capabilities. At the same time, we have updated our dividend policy, doubling the proportional return of capital to shareholders, a core element of our capital allocation framework.
We continue to act on attractive commercial opportunities, as our aforementioned vessel sale demonstrates, following multi-ship acquisitions we concluded less than a year ago at significant discounts to today’s levels. Meanwhile, as reflected in robust first quarter bookings and further TCE acceleration into the second quarter, Ardmore’s global trading platform remains well positioned to capture market strength.”