Business
Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2026
Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2026.
About this update from Ardmore Shipping Corporation
[{"type":"text","content":"HAMILTON, Bermuda, May 7, 2026 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2026.","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 $23.6 million for the three months ended March 31, 2026, or $0.58 Adjusted earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $5.6 million, or $0.14 Adjusted earnings per basic and diluted share for the three months ended March 31, 2025. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)","length":479,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company has signed contracts for the construction of two highly-efficient and versatile 40,500 dwt Handysize product/chemical tankers at Wuhu Shipyard, at a price of $44.9 million per vessel, inclusive of approximately $3 million for full IMO2 specification and MarineLine tank coatings. In addition, the Company is commissioning various performance and safety upgrades. The agreement also includes options to acquire two additional vessels on the same terms. Deliveries are scheduled from late 2028.","length":504,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company is doubling its dividend payout ratio on its shares of common stock to two-thirds (increased from one-third) of Adjusted earnings. The Board of Directors declared a cash dividend on May 7, 2026, of $0.39 per common share for the quarter ended March 31, 2026. The dividend will be paid on June 12, 2026, to all shareholders of record on May 29, 2026.","length":361,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company has agreed to the sale of the 2014-built Ardmore Engineer for $35.5 million. The vessel is expected to be delivered to the buyer in June 2026.","length":154,"tagName":"p"}]},{"val":[{"type":"text","content":"MR tankers earned an average spot TCE rate of $33,705 per day for the three months ended March 31, 2026. Chemical tankers earned an average spot TCE rate of $22,284 per day for the three months ended Mar...