HAMILTON, Bermuda, Feb. 12, 2026 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and twelve months ended December 31, 2025.
Highlights and Recent Activity
-- Reported Adjusted earnings of $11.6 million and net income attributable
to common stockholders of $9.3 million for the three months ended
December 31, 2025, or $0.28 Adjusted earnings per basic and diluted share,
compared to Adjusted earnings of $10.3 million and net income
attributable to common stockholders of $5.1 million, or $0.25 Adjusted
earnings per basic and diluted share for the three months ended December
31, 2024. (See reconciliation of net income to Adjusted earnings in the
Non-GAAP Measures section.)
-- Reported Adjusted earnings of $38.8 million and net income attributable
to common stockholders of $36.1 million for the year ended December 31,
2025, or $0.95 Adjusted earnings per basic and diluted share, compared to
Adjusted earnings of $119.5 million and net income attributable to common
stockholders of $128.6 million, or $2.87 Adjusted earnings per basic
share and $2.84 Adjusted earnings per diluted share for the year ended
December 31, 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 twelve months ended December 31, 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 February 12,
2026, of $0.09 per common share for the quarter ended December 31, 2025.
The dividend will be paid on March 13, 2026, to all shareholders of
record on February 27, 2026.
-- MR tankers earned an average spot TCE rate of $25,257 per day for the
three months ended December 31, 2025. Chemical tankers earned an average
spot TCE rate of $19,948 per day for the three months ended December 31,
2025. Based on approximately 50% of total revenue days currently fixed
for the first quarter of 2026, the average spot TCE rate is approximately
$29,100 per day for MR tankers; based on approximately 30% of revenue
days fixed for the first quarter of 2026, the average spot TCE rate for
chemical tankers is approximately $20,800 per day.
-- While primarily trading its fleet in the spot market, the Company also
enhanced its fixed-rate coverage during the period. One of its 2013-built
MRs will commence a 12-month time charter at $26,000 per day in March
2026, and two of its 2014-built MRs commenced two-year time charters in
December 2025 at $21,250 per day.
-- As previously announced, on October 31, 2025, the Company fully redeemed
all remaining outstanding shares of its Series A Preferred Stock, for
$30.6 million.
Gernot Ruppelt, the Company's Chief Executive Officer, commented:
"Ardmore delivered a strong finish to 2025 and is carrying that momentum into the start of 2026, with earnings benefiting from increased revenue days following the expansion of our owned fleet and the completion of our scheduled drydocking program including multiple vessel upgrades.
Freight markets have continued to rally due to long-term structural trends and near-term geopolitical dynamics. We are capturing these conditions through strong spot market exposure and Ardmore's global operating platform, while locking in selective high-quality term charters to reinforce a robust earnings profile.
As ever, we remain nimble in positioning Ardmore optimally within a complex, fast-moving environment, while staying focused on our strategic priorities and delivering long-term value."
Summary of Recent and Fourth Quarter 2025 Events
Fleet
Fleet Operations and Employment
As of December 31, 2025, the Company had 26 vessels in operation (including one chartered-in vessel), consisting of 20 MR tankers (19 owned Eco-Design and one chartered-in Eco-Mod) ranging in size from 45,000 deadweight tons ("dwt") to 50,200 dwt and six owned Eco-Design IMO 2 product/chemical tankers ranging in size from 25,000 dwt to 37,800 dwt.
MR Tankers (IMO 2/3: 45,000 dwt -- 50,200 dwt)
Below is a summary of the average daily MR Tanker spot TCE rates earned during the fourth quarter of 2025 and rates thus far in the first quarter of 2026, together with the corresponding percentage of currently fixed total revenue days for the first quarter:
1Q 2026
4Q 2025 As of
Average Daily TCE February 12, 2026
TCE % Fixed
MR Tankers $25,257 $29,100 50 %
----------- ------------------ --------- ---------
Product / Chemical Tankers (IMO 2: 25,000 dwt -- 37,800 dwt)
Below is a summary of the average daily Chemical Tanker spot TCE rates earned during the fourth quarter of 2025 and rates thus far in the first quarter of 2026, together with the corresponding percentage of currently fixed total revenue days for the first quarter:
1Q 2026
4Q 2025 As of
Average Daily TCE February 12, 2026
TCE % Fixed
Chemical Tankers $19,948 $20,800 30 %
----------------- ------------------ --------- ---------
Drydocking
The Company had 120 drydocking days in the fourth quarter of 2025. The Company does not currently have any scheduled statutory drydocking days in the first quarter of 2026.
Fleet
While primarily trading its fleet in the spot market, the Company also enhanced its fixed-rate coverage during the period. One of its 2013-built MRs will commence a 12-month time charter at $26,000 per day in March 2026, and two of its 2014-built MRs commenced two-year time charters in December 2025 at $21,250 per day. In total the Company currently has four MRs employed on time charter at an average rate of $22,650 per day, and one Chemical tanker on a three-year time charter at $19,250 per day.
Preferred Stock Redemption
On October 31, 2025, the Company fully redeemed all remaining 30,000 outstanding shares of its Series A Preferred Stock, for $30.6 million, which represents the stipulated redemption price of 102% of the liquidation preference per share.
Dividend on Common Shares
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, as calculated for dividends (see "Adjusted earnings (for purposes of dividend calculations)" in the Non-GAAP Measures section), the Board of Directors declared a cash dividend on February 12, 2026 of $0.09 per common share for the quarter ended December 31, 2025. The dividend will be paid on March 13, 2026, to all shareholders of record on February 27, 2026.
Geopolitical and Economic Uncertainty
Over the past year, governments have taken actions to implement new or increased tariffs on foreign imports and port fees. These actions have been disruptive to global markets, resulting in significant volatility in stock and commodity prices and an increase in general global economic uncertainty, including the risk of economic recessions. As a result of this rapidly changing and unpredictable geopolitical climate, the shipping industry is experiencing uncertainty as to future vessel demand, trade routes, rates and operating costs.
Geopolitical Conflicts
The ongoing Russia-Ukraine conflict has disrupted energy supply chains, caused instability and significant volatility in the global economy and resulted in economic sanctions by several nations. This conflict has contributed to increases in spot tanker rates.
Geopolitical tensions in the Middle East region have escalated since the commencement of the Israel-Hamas conflict in October 2023. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates, and expenses. Continuing instability or any further escalation or expansion of hostilities in the Middle East or elsewhere could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for the Company's services.
Results for the Three Months Ended December 31, 2025 and 2024
The Company reported net income attributable to common stockholders of $9.3 million for the three months ended December 31, 2025, or $0.23 earnings per basic and diluted share, as compared to net income attributable to common stockholders of $5.1 million, or $0.12 earnings per basic and diluted share for the three months ended December 31, 2024.
Results for the Year Ended December 31, 2025 and 2024
The Company reported net income attributable to common stockholders of $36.1 million for the year ended December 31, 2025, or $0.89 earnings per basic share and $0.88 earnings per diluted share, as compared to net income attributable to common stockholders of $128.6 million, or $3.09 earnings per basic share and $3.06 earnings per diluted share for the year ended December 31, 2024.
Management's Discussion and Analysis of Financial Results for the Three Months Ended December 31, 2025 and 2024
Revenue. Revenue for the three months ended December 31, 2025 was $82.9 million, an increase of $0.9 million from $82.0 million for the three months ended December 31, 2024.
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