Ardmore Shipping Corporation announced results for the three and twelve months ended December 31, 2025.
Highlights and Recent Activity
Reported Adjusted earnings of $11.6 million and net income attributable to common stockholders of $9.3 million for the three months ended December 31, 2025, or $0.28 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $10.3 million and net income attributable to common stockholders of $5.1 million, or $0.25 Adjusted earnings per basic and diluted share for the three months ended December 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)
Reported Adjusted earnings of $38.8 million and net income attributable to common stockholders of $36.1 million for the year ended December 31, 2025, or $0.95 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $119.5 million and net income attributable to common stockholders of $128.6 million, or $2.87 Adjusted earnings per basic share and $2.84 Adjusted earnings per diluted share for the year ended December 31, 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 twelve months ended December 31, 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 February 12, 2026, of $0.09 per common share for the quarter ended December 31, 2025. The dividend will be paid on March 13, 2026, to all shareholders of record on February 27, 2026.
MR tankers earned an average spot TCE rate of $25,257 per day for the three months ended December 31, 2025. Chemical tankers earned an average spot TCE rate of $19,948 per day for the three months ended December 31, 2025. Based on approximately 50% of total revenue days currently fixed for the first quarter of 2026, the average spot TCE rate is approximately $29,100 per day for MR tankers; based on approximately 30% of revenue days fixed for the first quarter of 2026, the average spot TCE rate for chemical tankers is approximately $20,800 per day.
While primarily trading its fleet in the spot market, the Company also enhanced its fixed-rate coverage during the period. One of its 2013-built MRs will commence a 12-month time charter at $26,000 per day in March 2026, and two of its 2014-built MRs commenced two-year time charters in December 2025 at $21,250 per day.
As previously announced, on October 31, 2025, the Company fully redeemed all remaining outstanding shares of its Series A Preferred Stock, for $30.6 million.
Gernot Ruppelt, the Company’s Chief Executive Officer, commented: “Ardmore delivered a strong finish to 2025 and is carrying that momentum into the start of 2026, with earnings benefiting from increased revenue days following the expansion of our owned fleet and the completion of our scheduled drydocking program including multiple vessel upgrades.
Freight markets have continued to rally due to long-term structural trends and near-term geopolitical dynamics. We are capturing these conditions through strong spot market exposure and Ardmore’s global operating platform, while locking in selective high-quality term charters to reinforce a robust earnings profile.
As ever, we remain nimble in positioning Ardmore optimally within a complex, fast-moving environment, while staying focused on our strategic priorities and delivering long-term value.”