Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2025.

Highlights and Recent Activity

Reported Adjusted earnings and net income attributable to common stockholders of $9.0 million for the three months ended June 30, 2025, or $0.22 earnings per basic and diluted share, compared to Adjusted earnings of $47.6 million and net income attributable to common stockholders of $61.8 million, or $1.14 Adjusted earnings per basic share and $1.13 Adjusted earnings per diluted share for the three months ended June 30, 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 three months ended June 30, 2024, was a $12.3 million gain from the sale of the Ardmore Seafarer in April 2024)

Reported Adjusted earnings and net income attributable to common stockholders of $14.6 million for the six months ended June 30, 2025, or $0.36 earnings per basic and diluted share, compared to Adjusted earnings of $86.0 million and net income attributable to common stockholders of $100.2 million, or $2.07 Adjusted earnings per basic share and $2.05 Adjusted earnings per diluted share for the six months ended June 30, 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 six months ended June 30, 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 July 30, 2025, of $0.07 per common share for the quarter ended June 30, 2025. The dividend will be paid on September 12, 2025, to all shareholders of record on August 29, 2025.

MR Eco-Design tankers earned an average spot TCE rate of $23,441 per day for the three months ended June 30, 2025. Chemical tankers earned an average spot TCE rate of $20,409 per day for the three months ended June 30, 2025. Based on approximately 50% of total revenue days currently fixed for the third quarter of 2025, the average spot TCE rate is approximately $25,450 per day for MR Eco-Design tankers; based on approximately 65% of revenue days fixed for the third quarter of 2025, the average spot TCE rate for chemical tankers is approximately $21,650 per day.

The Company agreed to acquire three modern, high-quality, Korean-built MR tankers in two separate transactions for an aggregate purchase price of $103.9 million; one 2020-built scrubber-installed vessel for $38.3 million and two 2017-built vessels for $32.8 million each. Deliveries of these vessels are expected to be completed during the quarter ending September 30, 2025 and will be financed by cash on hand and revolving credit facilities, maintaining a modest leverage level while lowering average fleet age.

The Company closed a $350 million revolving credit facility with top-tier banks and secured by 20 of Ardmore’s owned vessels. The facility has a margin of 1.8% and matures in 2031.

While predominately trading its tankers in the spot market, the Company committed one of its 25,000-ton chemical tankers to a three-year time-charter-out contract at $19,250 per day to a top-tier chemical producer. Furthermore, the Company executed two tactical MR charters out, thereby increasing MR fixed rate coverage to four vessels at an average rate of $22,500 per day with varying durations between six to 12 months.

Gernot Ruppelt, the Company’s Chief Executive Officer, commented:

“Earnings have continued to strengthen through the first half of 2025 and into the third quarter. Ardmore has executed a series of well-timed transactions and initiatives that further enhance our strong performance and earnings power. We agreed to acquire three modern, high-quality Korean-built MR tankers with near-term delivery, and we refinanced our bank debt at favorable terms with top-tier lenders. In addition, we selectively locked in quality time charter-out contracts for a portion of our existing fleet, thereby securing attractive near-term and multi-year returns. Furthermore, our previously announced tank coating upgrades have now been completed on the majority of our chemical tankers, delivering early wins by accessing an even wider cargo slate. This has resulted in premium returns for our chemical fleet, and it matches our focused strategy to interchangeably leverage product and chemical markets.

Guided by Ardmore’s strong governance and consistent approach to capital allocation, enabled by our high-performing organization and our robust balance sheet, Ardmore continues to decisively deliver on its strategy to create long-term value through market cycles.”
Source: Ardmore Shipping Corporation