Quarterly ResultMay 7, 2026, 08:18 AM
Ardmore Shipping Q1 Net Income +277% to $23.6M; Dividend $0.39
AI Summary
Ardmore Shipping Corp reported a significant increase in its first-quarter 2026 financial results, with Net Income attributable to common stockholders surging 319% to $23.6 million. Net Revenue grew 19% to $87.9 million, and the average Time Charter Equivalent (TCE) rate increased to $28,686 per day. The company also announced a doubling of its dividend payout ratio and declared a cash dividend of $0.39 per common share for the quarter. Additionally, Ardmore signed contracts for two new highly-efficient tankers and agreed to sell one of its existing vessels.
Key Highlights
- Net Income attributable to common stockholders rose 319% to $23.6 million for Q1 2026.
- Net Revenue increased 19% to $87.9 million for the three months ended March 31, 2026.
- Average TCE rate for the fleet increased to $28,686 per day, up $8,144 per day.
- Dividend payout ratio doubled; declared a cash dividend of $0.39 per common share for Q1 2026.
- Signed contracts for two new 40,500 dwt Handysize tankers at $44.9 million per vessel.
- Agreed to sell the 2014-built Ardmore Engineer for $35.5 million.
- Total liquidity was $283.7 million as of March 31, 2026, including $47.2 million in cash.