Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2026.
Highlights and Recent Activity
- Reported net income attributable to common stockholders of $60.5 million for the three months ended June 30, 2026, or $1.48 earnings per basic and diluted share, compared to net income attributable to common stockholders of $9.0 million, or $0.22 earnings per basic and diluted share for the three months ended June 30, 2025. We reported Adjusted earnings of $48.3 million for the three months ended June 30, 2026, or $1.18 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $9.0 million for the three months ended June 30, 2025, or $0.22 Adjusted earnings per basic and diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the gain on the sale of the Ardmore Engineer of $12.2 million).
- Reported net income attributable to common stockholders of $84.1 million for the six months ended June 30, 2026, or $2.06 earnings per basic share and $2.05 earnings per diluted share, compared to net income attributable to common stockholders of $14.6 million, or $0.36 earnings per basic and diluted share for the six months ended June 30, 2025. We reported Adjusted earnings of $71.9 million for the six months ended June 30, 2026 or $1.76 Adjusted earnings per basic and diluted share, compared to Adjusted earnings of $14.6 million, or $0.36 Adjusted earnings per basic and diluted share for the six months ended June 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 gain on the sale of the Ardmore Engineer of $12.2 million).
- MR tankers earned an average spot TCE rate of $51,870 per day for the three months ended June 30, 2026. Chemical tankers earned an average spot TCE rate of $26,887 per day for the three months ended June 30, 2026. Based on approximately 45% of total revenue days currently fixed for the third quarter of 2026, the average spot TCE rate is approximately $29,600 per day for MR tankers; based on approximately 50% of revenue days fixed for the third quarter of 2026, the average spot TCE rate for chemical tankers is approximately $25,000 per day.
- As previously announced, the Company exercised its options for two additional 40,500 dwt Handysize product/chemical tankers to be built at Wuhu Shipyard, thereby expanding the original order placed in April 2026 to four vessels in total on the same terms. The deliveries of these four vessels are scheduled from late 2028 and onwards. In addition, the Company has also secured two additional options at similar terms.
- 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 July 29, 2026, of $0.79 per common share for the quarter ended June 30, 2026. The dividend will be paid on September 15, 2026, to all shareholders of record on August 28, 2026.
- The Company completed the previously announced sale of the 2014-built Ardmore Engineer for $35.5 million. The vessel was delivered to the buyer in June 2026.
Gernot Ruppelt, the Company’s Chief Executive Officer, commented:
“Ardmore delivered strong second quarter performance, and current TCE bookings remain well above seasonal norms. Market conditions remain positive, driven by long-term fundamentals and amplified by more immediate market forces. Strong refining margins, trade displacement, and a heightened emphasis on energy security have continued to provide a favorable backdrop for tanker freight.
Ardmore continues to return capital to shareholders while executing on targeted and measured growth. Accordingly, we are declaring a dividend of $0.79 per share, and have exercised our option for two additional Handysize product/chemical tankers, bringing our total newbuilding order to four vessels.
With our global platform, strong balance sheet and low cash breakeven, Ardmore is well-positioned to continue capitalizing on market opportunities while delivering on our long-term strategy.”