Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — Q1 2026 Earnings Presentation
28 slides from Ardmore Shipping's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026
First Quarter 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shippi
Slide 3: Contents
Contents I. Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 3
Slide 4: Earnings Highlights
Earnings Highlights Ardmore continuing to capitalize on strong market conditions Earnings Highlights 1Q 2026 TCE Rates Nearly 5x Cash Breakeven(2)(3) $52,100 Adjusted Earnings(1) $23.6m EPS(1) $0.58 $33,700 Dividend per Share $0.39 $24,700 $25,500 $23,100 $20,900 Strong 1Q, with rates continuing t
Slide 5: Capital Allocation Update
Capital Allocation Update Increasing shareholder distributions while continuing to invest in the business Newbuild Order Ordered two 40,500 dwt IMO2 product/chemical tankers at Wuhu Shipyard o $44.9m per vessel (inclusive of $3m IMO2 package) o Deliveries scheduled from late 2028 o Option to acqui
Slide 6: Newbuild Order
Newbuild Order IMO2 product/chemical tankers well suited for evolving market Signed contracts for construction of two option two 40,500 dwt handysize product/chemical tankers at Wuhu Shipyard Vessels will feature full IMO2 specification and MarineLine tank coatings, representing ~$3 million of v
Slide 7: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 7
Slide 8: Major Trade Flow Shifts
Major Trade Flow Shifts Trade flow disruption creating inefficiencies and increasing voyage lengths Jones Act waiver boosting MEG: 130 Product intra-U.S. flows April U.S. – tankers trapped Africa volumes 3x prior levels Increased long haul voyages from U.S. Gulf to Asia / Australia Increased long ha
Slide 9: Current Market Dynamics
Current Market Dynamics Shifting global fleet dynamics supporting market strength Effective closure of the Strait of Hormuz disrupting 15% of Long-Haul Volumes Boosting TCE(1)(2) oil product and 30% of crude flows 130 120 o Loss of Middle East capacity increasing refining 120 100 margins and creat
Slide 10: Demand Fundamentals
Demand Fundamentals Increased focus on energy security as structural realignment of global refining continues Energy security further prioritized with revised forecasts pointing to a slower energy transition and extended oil demand Refinery capacity shifting East with closures in the West being
Slide 11: Aging MR Fleet
Aging MR Fleet Oldest MR fleet in decades; half approaching scrapping age MR orderbook 15% of the fleet; in the next five years 50% of MRs will be 20+ years old Handysize orderbook only ~5% of fleet (average fleet age of 18 years) MR Fleet Age at Historical High (13.4 Years)(1) Global MR Tanker
Slide 12: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 12
Slide 13: Capital Allocation Policy
Capital Allocation Policy Dynamically investing in the business while distributing capital Priority Description Highlights Upgraded tank coatings on chemical fleet Investing in fleet to drive Maintain fleet over time performance and efficiency Completed 11 drydockings in 2025 Realizing high re
Slide 14: Continued Focus on Financial Strength
Continued Focus on Financial Strength Strong balance sheet, supporting low breakeven and newbuild capex coverage Ardmore continues to optimize TCE performance, Continuing to Build Financial Strength tightly manage costs, and maintain a strong balance sheet US$ millions, unless otherwise Mar 31, Ne
Slide 15: Financial Highlights
Financial Highlights Robust earnings driven by strong TCE Capturing volatility; every $10,000 / day additional TCE Key Financial Data increases annual EPS by ~$1.90 Three Months Ended Adjusted EBITDAR(1) of $37.3 million in 1Q 2026 (full bridge on slide 27) US$ millions, unless otherwise stated
Slide 16: Operational Highlights
Operational Highlights Optimizing operating performance and earnings Majority of Drydockings Completed Drydocking program broadly completed through 2027 o Existing fleet capex expected to decrease significantly in 2026 to approx. $8 million(1) (vs. $31m in 2025) Capturing benefits from AI and di
Slide 17: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 17
Slide 18: Summary
Summary Delivering on strategy to create long-term value Strong TCE Leading Performance(1) Governance 1Q: $33,700 Financially 2QTD: $52,100 Robust Low Cash Innovation Breakeven Mindset $11,700 1) Basis MR spot TCE for 1Q / 2Q 2026 18
Slide 19: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 19
Slide 20: Fleet List
Fleet List Vessel Name Ownership Type Dwt IMO Built Country Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Ardmore Gibraltar Owned Product/Chemical
Slide 21: Time-Charters Out
Time-Charters Out Enhancing the value of our trading book through opportunistic time charters o Active portfolio management—adjusting coverage as markets evolve to ensure high-quality earnings o Prioritizing counterparty quality and duration mix to support long-term performance 82% spot exposure;
Slide 22: Dividend Payment
Dividend Payment In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 1Q 2026 of $0.39 per share o Quarterly dividend calculated as two-thirds of adjusted earnings(1) o The dividend will be paid on June 12, 2026, to all shareholders of record on May 29, 2026
Slide 23: Oil and Chemical Value Chain
Oil and Chemical Value Chain Upstream Midstream Downstream 23
Slide 24: Ardmore Focus: MR & Chemical Tankers
Ardmore Focus: MR & Chemical Tankers World Tanker Fleet(1) 7,421 Vessels Crude Tankers Product Tankers Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 907 671 691 73 509 376 2,215 1,979 Ardmore owns and operates MR & Chemical Tankers Workhorses of the Global Tanker Fleet Growing Share of Wor
Slide 25: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1) Region Closures 2023 – 2028 Openings 2023 – 2028 Europe 0.6 - America 0.7 0.3 Australia - - Middle East - 0.5 Africa - 0.7 China 0.4 1.3 Asia (excl. China) 0.2 1.1 Total (mbd) 1.9 3.8 Seaborne Product Trade Balances(2) 2026F 2027
Slide 26: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton-Mile Demand(1) 1) Closures based on announcement periods 26
Slide 27: EBITDA + vessel lease expense component (i.e. EBITDAR)
EBITDA + vessel lease expense component (i.e. EBITDAR)(1) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) March 31, 2026 March 31, 2026 In thousands of U.S. Dollars Net income 23,583 58,344 Interest income (194) (1,041) Interest expense and finance costs 2,
Slide 28: Ardmore Indicative Guidance 2Q 2026
Ardmore Indicative Guidance 2Q 2026(1) MR Combined Spot TCE: $52,100 (55% fixed) Chemical Tanker Spot TCE: $32,500 (65% fixed) Revenue Days: 2,300 Operating Expenses: $17.5 million Charter-In Expenses: $1.5 million Depreciation and Amortization: $11.0 million Overhead (Commercial and Corporate): $6.