ASC · Ardmore Shipping Corporation

Ardmore Shipping Corporation reported a strong first quarter for 2026, with net income attributable to common stockholders of $23.6 million, a significant increase from $5.6 million in the same period last year. Revenue rose to $87.9 million from $74.0 million, driven by higher spot charter rates and increased time charter revenue, despite fewer spot revenue days. The average TCE rate for the fleet improved to $28,686 per day from $20,542 per day. The company also announced a doubling of its dividend payout ratio to two-thirds of Adjusted earnings, resulting in a quarterly dividend of $0.39 per share. On the strategic front, Ardmore signed contracts for two new 40,500 dwt Handysize product/chemical tankers at Wuhu Shipyard for $44.9 million each, with options for two additional vessels, scheduled for delivery from late 2028. Additionally, the company agreed to sell the 2014-built Ardmore Engineer for $35.5 million, expected to close in June 2026. Management highlighted continued strong freight rates, with Q2 2026 spot TCE for MR tankers fixed at $52,100 per day for 55% of revenue days, and for chemical tankers at $32,500 per day for 65% of days. The company maintains a robust liquidity position with $283.7 million available, including $47.2 million in cash and $236.5 million undrawn under revolving credit facilities.