Ardmore Shipping Corporation announced results for the three months ended March 31, 2025.
Highlights and Recent Activity
- Reported Adjusted earnings and net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)
- 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 May 7, 2025, of $0.05 per common share for the quarter ended March 31, 2025. The dividend will be paid on June 13, 2025, to all shareholders of record on May 30, 2025.
- MR tankers earned an average TCE rate of $20,942 per day for the three months ended March 31, 2025. Chemical tankers earned an average TCE rate of $14,975 per day for the three months ended March 31, 2025. Based on approximately 50% of total revenue days currently fixed for the second quarter of 2025, the average TCE rate is approximately $22,100 per day for MR tankers; based on approximately 60% of revenue days fixed for the second quarter of 2025, the average TCE rate for chemical tankers is approximately $19,500 per day.
- The Company is pleased to announce that, effective January 1, 2026, Mr. Robert Gaina (currently Senior Vice President, Commercial) will assume the role of Chief Operating Officer concurrent with Mr. Mark Cameron’s long-planned retirement. Mr. Cameron has been a member of Ardmore’s management since the Company was founded in 2010, and he has been instrumental in building the Company’s technical management foundations and strategic operating activities. Mr. Gaina has served Ardmore for ten years in multiple commercial and operational leadership roles following a seagoing career, including sailing as Master Mariner on product and chemical tankers. He holds a Global Executive MBA from Erasmus University, Rotterdam School of Management, and a B.S. from the Maritime Academy in Constanza. As Chief Operating Officer, Mr. Gaina will be responsible for the Company’s fully integrated chartering, commercial operations, and technical management activities.
As anticipated during last year’s appointment of Mr. Bart Kelleher as the Company’s President, the Company has conducted a process for a replacement to Mr. Kelleher in his role as the Company’s Chief Financial Officer and announces that Mr. John Russell will be appointed as Chief Financial Officer effective July 1, 2025, and will continue to report to Mr. Kelleher. Mr. Russell has served as the Company’s Finance Director since joining Ardmore in 2018 and has been responsible for key financial functions, including treasury, financing, and financial analysis. Mr. Russell is a Chartered Accountant and holds an M.S. in Financial Services from University of Limerick and a B.S. in Finance from University College Cork.
Gernot Ruppelt, Chief Executive Officer, commented, “We are extremely grateful for Mark’s many years of service and his countless valuable contributions in developing our technical and operating platform. And, as a colleague, he certainly will be missed. At the same time, we are pleased to see two highly talented team members, Robert and John, step into their expanded leadership roles and take on added responsibility as Ardmore’s new COO and CFO, respectively. Once again, Ardmore has been able to promote from within, building on the individuals’ long standing performance records and the Company’s strong and dynamic culture.”
Mr. Ruppelt further commented on current market conditions and Ardmore’s positioning: “Ardmore’s deliberate strategic choices in past and present have ensured the Company is well prepared for an increasingly complex global environment. And our consistent focus on low breakeven levels, tight cost management and maximizing TCE results have put Ardmore in a unique position to perform under a wide range of market scenarios.
Broader freight levels have remained resilient, and OPEC production increases should continue to boost already strong refining margins. At the same time, the industry is facing the oldest global fleet in decades. With Ardmore’s modern, highly efficient fleet of Korean and Japanese-built tankers, we continue to capture a broad range of oil product flows and interchangeably chemical cargos. In addition, our nimble operating philosophy enables us to capture value through opportunistic chartering activity. Meanwhile, we continue to address all our capital allocation priorities in a dynamic manner.
In an ever-evolving macro environment, our strong balance sheet, our quality fleet and operating performance as well as deliberate strategic choices focused on generating long-term shareholder value will remain at the very core of our business philosophy.”