Quarterly ResultMay 7, 2026, 08:18 AM
Ardmore Shipping Q1 Adjusted EPS $0.58; Doubles Dividend; Orders 2 Newbuilds
AI Summary
Ardmore Shipping Corporation announced strong financial results for the first quarter of 2026, with adjusted earnings and net income significantly increasing to $23.6 million, or $0.58 per share. Reflecting this performance, the company doubled its dividend payout ratio and declared a cash dividend of $0.39 per common share. Additionally, Ardmore is expanding its fleet with two new highly-efficient Handysize product/chemical tankers and opportunistically selling an older MR tanker, while also reporting robust spot TCE rates for both MR and chemical tankers, with strong projections for the second quarter of 2026.
Key Highlights
- Ardmore Shipping reported Q1 2026 Adjusted earnings and net income of $23.6 million, up from $5.6 million in Q1 2025.
- Adjusted earnings per basic and diluted share for Q1 2026 were $0.58, compared to $0.14 in Q1 2025.
- The company doubled its dividend payout ratio to two-thirds of Adjusted earnings and declared a $0.39 per common share dividend for Q1 2026.
- Signed contracts for two 40,500 dwt Handysize product/chemical tankers at $44.9 million per vessel, with options for two more.
- Agreed to sell the 2014-built Ardmore Engineer for $35.5 million, with delivery expected in June 2026.
- MR tankers earned an average spot TCE rate of $33,705 per day in Q1 2026, with Q2 2026 rates projected at $52,100 per day (55% fixed).
- Chemical tankers earned an average spot TCE rate of $22,284 per day in Q1 2026, with Q2 2026 rates projected at $32,500 per day (65% fixed).
- Revenue for Q1 2026 increased to $87.9 million from $74.0 million in Q1 2025.