Ardmore Shipping Corporation announced results for the three and nine months ended September 30, 2026.
Highlights and Recent Activity
- Reported net income attributable to common stockholders of $16.3 million for the three months ended September 30, 2026, or $0.40 earnings per basic and diluted share, compared to net income attributable to common stockholders of $12.1 million, or $0.30 earnings per basic and diluted share, for the three months ended September 30, 2025. We reported Adjusted earnings of $16.3 million for the three months ended September 30, 2026, or $0.40 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $12.6 million for the three months ended September 30, 2025, or $0.31 Adjusted earnings per basic and diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section).
- Reported net income attributable to common stockholders of $100.4 million for the nine months ended September 30, 2026, or $2.46 earnings per basic share and $2.45 earnings per diluted share, compared to net income attributable to common stockholders of $26.7 million, or $0.66 earnings per basic and diluted share, for the nine months ended September 30, 2025. We reported Adjusted earnings of $88.2 million for the nine months ended September 30, 2026, or $2.16 Adjusted earnings per basic share, and $2.15 per diluted share, compared to Adjusted earnings of $27.2 million, or $0.67 Adjusted earnings per basic and diluted share for the nine months ended September 30, 2025. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the $12.2 million gain on the sale of the Ardmore Engineer in June 2026).
- MR tankers earned an average spot TCE rate of $27,031 per day for the three months ended September 30, 2026. Chemical tankers earned an average spot TCE rate of $23,266 per day for the three months ended September 30, 2026. Based on approximately 45% of total revenue days currently fixed for the fourth quarter of 2026, the average spot TCE rate is approximately $57,600 per day for MR tankers; based on approximately 60% of total revenue days currently fixed for the fourth quarter of 2026, the average spot TCE rate for chemical tankers is approximately $30,100 per day.
- Consistent with the Company’s variable dividend policy of paying out dividends on its shares of common stock equal to two-thirds of Adjusted earnings, the Board of Directors declared a cash dividend on November 3, 2026, of $0.27 per common share for the quarter ended September 30, 2026. The dividend will be paid on December 15, 2026, to all shareholders of record on November 27, 2026.
- During the third quarter of 2026, the Company agreed to the opportunistic sale of the Ardmore Endeavour (2013-built, STX, no scrubber) for $34.3 million. The vessel was delivered to the buyer in October 2026.
- As previously announced, the Company exercised its options for a further two 40,500 dwt Handysize tankers to be built at Wuhu Shipyard. This expands the original order to six vessels in total on similar terms, and the Company has no further newbuilding options outstanding. The deliveries of these six vessels are scheduled from late 2028 and onwards.
Gernot Ruppelt, the Company’s Chief Executive Officer, commented:
“Already-strong market momentum has accelerated into the fourth quarter, with MR spot bookings at a large multiple of our cash breakeven. Against a backdrop of positive long-term demand fundamentals and an aging fleet, tankers continue to play a vital role in bridging global energy markets at a time when geopolitical disruption is driving scarcity premiums for key commodities.
We continue to execute our capital allocation policy in a disciplined manner; returning capital to shareholders equal to two-thirds of Adjusted earnings while simultaneously investing in value-driven fleet renewal and growth. Our decisions remain grounded in our long-term strategy and our strong governance.”