Business
Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2025
Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2025.
About this update from Ardmore Shipping Corporation
[{"type":"text","content":"HAMILTON, Bermuda, May 7, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2025.","length":219,"tagName":"p"},{"type":"text","content":"Highlights and Recent Activity","length":30,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Reported Adjusted earnings and net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)","length":486,"tagName":"p"}]},{"val":[{"type":"text","content":"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 May 7, 2025, of $0.05 per common share for the quarter ended March 31, 2025. The dividend will be paid on June 13, 2025, to all shareholders of record on May 30, 2025.","length":372,"tagName":"p"}]},{"val":[{"type":"text","content":"MR tankers earned an average TCE rate of $20,942 per day for the three months ended March 31, 2025. Chemical tankers earned an average TCE rate of $14,975 per day for the three months ended March 31, 2025. Based on approximately 50% of total revenue days currently fixed for the second quarter of 2025, the average TCE rate is approximately $22,100 per day for MR tankers; based on approximately 60% of revenue days fixed for the second quarter of 2025, the average TCE rate for chemical tankers is approximately $19,500 per day.","length":529,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company is pleased to announce that, effective January 1, 2026, Mr. Robert Gaina (currently Senior Vice President, Commercial) will assume the role of Chief Operating Officer concurrent with Mr. Mark Cameron's long-planned retirement. Mr. Cameron has been a member of Ardmore's management since the Company was founded in 2010, and he has been instrumental in building...