Ardmore Shipping Corporation Announces Financial Results For The Three and Six Months Ended June 30, 2025
Ardmore Shipping (NYSE:ASC) reported Q2 2025 financial results with Adjusted earnings of $9.0 million ($0.22 per share), down from $47.6 million ($1.14 per share) in Q2 2024. The company's MR Eco-Design tankers earned an average spot TCE rate of $23,441 per day in Q2 2025.
Key developments include the acquisition of three modern Korean-built MR tankers for $103.9 million, securing a new $350 million revolving credit facility, and declaring a $0.07 dividend per share. The company also committed one chemical tanker to a three-year charter at $19,250 per day and increased MR fixed rate coverage to four vessels at an average rate of $22,500 per day.
For Q3 2025, approximately 50% of revenue days are fixed at $25,450 per day for MR Eco-Design tankers and 65% at $21,650 per day for chemical tankers.
[ "Acquisition of three modern MR tankers worth $103.9 million to enhance fleet quality", "Secured new $350 million revolving credit facility with favorable 1.8% margin until 2031", "Strategic time charter contracts securing stable income with average rate of $22,500/day for MR vessels", "Q3 2025 rates showing improvement with MR Eco-Design tankers at $25,450/day", "Completed tank coating upgrades enabling wider cargo slate and premium returns" ]Ardmore Shipping (NYSE:ASC) ha riportato i risultati finanziari del secondo trimestre 2025 con un utile rettificato di 9,0 milioni di dollari (0,22 dollari per azione), in calo rispetto ai 47,6 milioni di dollari (1,14 dollari per azione) del secondo trimestre 2024. Le sue petroliere MR Eco-Design hanno registrato un tasso TCE spot medio di 23.441 dollari al giorno nel secondo trimestre 2025.
Tra gli sviluppi principali, l'acquisizione di tre moderne petroliere MR costruite in Corea per 103,9 milioni di dollari, la stipula di una nuova linea di credito revolving da 350 milioni di dollari e la dichiarazione di un dividendo di 0,07 dollari per azione. La società ha inoltre impegnato una petroliera chimica in un charter triennale a 19.250 dollari al giorno e ha incrementato la copertura a tasso fisso per le petroliere MR a quattro unità, con un tasso medio di 22.500 dollari al giorno.
Per il terzo trimestre 2025, circa il 50% dei giorni di ricavo è fissato a 25.450 dollari al giorno per le petroliere MR Eco-Design e il 65% a 21.650 dollari al giorno per le petroliere chimiche.
- Acquisizione di tre moderne petroliere MR per 103,9 milioni di dollari per migliorare la qualità della flotta
- Ottenuta nuova linea di credito revolving da 350 milioni di dollari con margine favorevole dell'1,8% fino al 2031
- Contratti di time charter strategici che garantiscono un reddito stabile con un tasso medio di 22.500 dollari/giorno per le petroliere MR
- I tassi del terzo trimestre 2025 mostrano un miglioramento con le petroliere MR Eco-Design a 25.450 dollari/giorno
- Completati gli aggiornamenti del rivestimento delle cisterne che consentono una gamma più ampia di carichi e rendimenti premium
Ardmore Shipping (NYSE:ASC) informó resultados financieros del segundo trimestre de 2025 con ganancias ajustadas de 9,0 millones de dólares (0,22 dólares por acción), una disminución respecto a los 47,6 millones de dólares (1,14 dólares por acción) del segundo trimestre de 2024. Los petroleros MR Eco-Design de la compañía lograron una tarifa TCE spot promedio de 23.441 dólares por día en el segundo trimestre de 2025.
Entre los desarrollos clave, la adquisición de tres modernos petroleros MR construidos en Corea por 103,9 millones de dólares, la obtención de una nueva línea de crédito revolvente de 350 millones de dólares y la declaración de un dividendo de 0,07 dólares por acción. La compañía también comprometió un petrolero químico a un fletamento de tres años a 19.250 dólares por día y aumentó la cobertura de tasa fija para MR a cuatro embarcaciones con una tarifa promedio de 22.500 dólares por día.
Para el tercer trimestre de 2025, aproximadamente el 50% de los días de ingresos están fijados en 25.450 dólares por día para los petroleros MR Eco-Design y el 65% en 21.650 dólares por día para los petroleros químicos.
- Adquisición de tres modernos petroleros MR por 103,9 millones de dólares para mejorar la calidad de la flota
- Obtención de nueva línea de crédito revolvente de 350 millones de dólares con margen favorable del 1,8% hasta 2031
- Contratos estratégicos de fletamento a tiempo que aseguran ingresos estables con tarifa promedio de 22.500 dólares/día para los petroleros MR
- Las tarifas del tercer trimestre de 2025 muestran mejora con los petroleros MR Eco-Design en 25.450 dólares/día
- Finalizadas las mejoras en el recubrimiento de tanques que permiten una gama más amplia de cargas y retornos premium
Ardmore Shipping (NYSE:ASC)는 2025년 2분기 재무 결과를 발표하며 조정 순이익 900만 달러(주당 0.22달러)를 기록했으며, 이는 2024년 2분기의 4,760만 달러(주당 1.14달러)에서 감소한 수치입니다. 회사의 MR 에코 디자인 탱커는 2025년 2분기에 평균 현물 TCE 요금으로 일일 23,441달러를 달성했습니다.
주요 발전 사항으로는 세 척의 최신 한국산 MR 탱커 인수 (1억 390만 달러), 3억 5천만 달러 규모의 리볼빙 신용 한도 확보, 그리고 주당 0.07달러 배당금 선언이 포함됩니다. 또한 회사는 한 척의 화학 탱커를 연간 19,250달러의 3년 용선 계약에 투입했으며, MR 고정 요율 커버리지를 4척으로 확대하여 평균 일일 22,500달러의 요금을 확보했습니다.
2025년 3분기에는 MR 에코 디자인 탱커의 약 50% 수익 일수가 일일 25,450달러로 고정되어 있으며, 화학 탱커는 65%가 일일 21,650달러로 고정되어 있습니다.
- 함대 품질 향상을 위한 1억 390만 달러 규모의 최신 MR 탱커 3척 인수
- 2031년까지 1.8%의 유리한 마진으로 3억 5천만 달러 규모의 리볼빙 신용 한도 확보
- MR 선박에 대해 일일 평균 22,500달러의 안정적인 수익을 보장하는 전략적 시간 용선 계약
- 2025년 3분기 요금 개선, MR 에코 디자인 탱커는 일일 25,450달러
- 광범위한 화물 운송과 프리미엄 수익을 가능하게 하는 탱크 코팅 업그레이드 완료
Ardmore Shipping (NYSE:ASC) a publié ses résultats financiers du deuxième trimestre 2025 avec un bénéfice ajusté de 9,0 millions de dollars (0,22 dollar par action), en baisse par rapport à 47,6 millions de dollars (1,14 dollar par action) au deuxième trimestre 2024. Les pétroliers MR Eco-Design de la société ont enregistré un taux TCE spot moyen de 23 441 dollars par jour au deuxième trimestre 2025.
Les développements clés incluent l'acquisition de trois pétroliers MR modernes construits en Corée pour 103,9 millions de dollars, l'obtention d'une nouvelle ligne de crédit renouvelable de 350 millions de dollars et la déclaration d'un dividende de 0,07 dollar par action. La société a également affrété un pétrolier chimique pour une durée de trois ans à 19 250 dollars par jour et a augmenté la couverture à taux fixe pour les navires MR à quatre unités à un taux moyen de 22 500 dollars par jour.
Pour le troisième trimestre 2025, environ 50 % des jours de revenus sont fixés à 25 450 dollars par jour pour les pétroliers MR Eco-Design et 65 % à 21 650 dollars par jour pour les pétroliers chimiques.
- Acquisition de trois pétroliers MR modernes d'une valeur de 103,9 millions de dollars pour améliorer la qualité de la flotte
- Obtention d'une nouvelle ligne de crédit renouvelable de 350 millions de dollars avec une marge favorable de 1,8 % jusqu'en 2031
- Contrats de time charter stratégiques assurant des revenus stables avec un taux moyen de 22 500 dollars/jour pour les navires MR
- Les taux du troisième trimestre 2025 montrent une amélioration avec les pétroliers MR Eco-Design à 25 450 dollars/jour
- Mises à niveau des revêtements de réservoirs terminées permettant une gamme plus large de cargaisons et des rendements premium
Ardmore Shipping (NYSE:ASC) meldete die Finanzergebnisse für das zweite Quartal 2025 mit bereinigten Gewinnen von 9,0 Millionen US-Dollar (0,22 US-Dollar pro Aktie), gegenüber 47,6 Millionen US-Dollar (1,14 US-Dollar pro Aktie) im zweiten Quartal 2024. Die MR Eco-Design-Tanker des Unternehmens erzielten im zweiten Quartal 2025 einen durchschnittlichen Spot-TCE-Satz von 23.441 US-Dollar pro Tag.
Wichtige Entwicklungen umfassen den Erwerb von drei modernen, in Korea gebauten MR-Tankern für 103,9 Millionen US-Dollar, die Sicherung einer neuen Revolvierenden Kreditlinie über 350 Millionen US-Dollar sowie die Ausschüttung einer Dividende von 0,07 US-Dollar pro Aktie. Das Unternehmen verpflichtete außerdem einen Chemietanker zu einem Dreijahres-Chartervertrag zu 19.250 US-Dollar pro Tag und erhöhte die Festpreisbdeckung für MR-Tanker auf vier Schiffe mit einem durchschnittlichen Satz von 22.500 US-Dollar pro Tag.
Für das dritte Quartal 2025 sind etwa 50 % der Umsatztage für MR Eco-Design-Tanker zu 25.450 US-Dollar pro Tag und 65 % für Chemietanker zu 21.650 US-Dollar pro Tag festgelegt.
- Erwerb von drei modernen MR-Tankern im Wert von 103,9 Millionen US-Dollar zur Verbesserung der Flottenqualität
- Sicherung einer neuen revolvierenden Kreditlinie über 350 Millionen US-Dollar mit günstiger Marge von 1,8 % bis 2031
- Strategische Zeitcharter-Verträge sichern stabile Einnahmen mit einem durchschnittlichen Satz von 22.500 US-Dollar/Tag für MR-Schiffe
- Die Raten für das dritte Quartal 2025 zeigen eine Verbesserung mit MR Eco-Design-Tankern bei 25.450 US-Dollar/Tag
- Abschluss der Tankbeschichtungs-Upgrades, die eine breitere Ladungspalette und Premiumrenditen ermöglichen
- None.
- Q2 2025 earnings declined 81% to $9.0 million from $47.6 million in Q2 2024
- Revenue decreased by $49.3 million to $72.0 million compared to Q2 2024
- Average TCE rate dropped 40.5% to $22,468/day from $37,762/day in Q2 2024
- Spot revenue days decreased to 1,975 from 2,093 in Q2 2024
Insights
ASC reports sharply lower Q2 2025 earnings at $0.22/share vs $1.14 year-ago amid softening tanker rates, but strategically expands fleet and secures financing.
Ardmore Shipping's Q2 2025 results reveal a significant earnings decline as net income fell to $9.0 million ($0.22 per share) compared to $47.6 million ($1.14 per share) in Q2 2024. This 81% year-over-year profit decline stems primarily from substantially lower spot tanker rates, with MR Eco-Design vessels earning $23,441/day versus much higher rates a year earlier.
Despite weaker market conditions, the company is executing a strategic fleet expansion by acquiring three Korean-built MR tankers for $103.9 million with deliveries expected in Q3 2025. This acquisition strategy is well-timed to renew and expand the fleet while maintaining modest leverage.
On the financing front, Ardmore secured a new $350 million revolving credit facility with favorable terms (SOFR + 1.8% margin) maturing in 2031, demonstrating continued access to capital despite the cyclical downturn in rates.
The company's prudent risk management is evident in its increased time charter coverage, with one chemical tanker committed to a three-year contract at $19,250/day and additional MR vessels fixed at an average of $22,500/day. This strategic shift partially shields Ardmore from spot market volatility while securing predictable cash flows.
Fleet utilization metrics show revenue decreased to $72.0 million, down 41% from $121.3 million in Q2 2024, while voyage expenses decreased by $9.5 million to $25.2 million. The average TCE rate dropped 40% to $22,468/day from $37,762/day year-over-year, highlighting the cyclical nature of tanker markets.
Shareholders will receive a dividend of $0.07 per share, down from higher payouts in 2024, consistent with Ardmore's variable dividend policy (one-third of adjusted earnings). While current returns are lower than the exceptional 2024 levels, the company's fleet expansion and financial discipline position it well for the next market upturn.
Highlights and Recent Activity
- Reported Adjusted earnings and net income attributable to common stockholders of
$9.0 million $0.22 $47.6 million $61.8 million $1.14 $1.13 $12.3 million - Reported Adjusted earnings and net income attributable to common stockholders of
$14.6 million $0.36 $86.0 million $100.2 million $2.07 $2.05 $12.3 million - 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 July 30, 2025, of
$0.07 - MR Eco-Design tankers earned an average spot TCE rate of
$23,441 $20,409 50% of total revenue days currently fixed for the third quarter of 2025, the average spot TCE rate is approximately$25,450 65% of revenue days fixed for the third quarter of 2025, the average spot TCE rate for chemical tankers is approximately$21,650 - The Company agreed to acquire three modern, high-quality, Korean-built MR tankers in two separate transactions for an aggregate purchase price of
$103.9 million $38.3 million $32.8 million - The Company closed a
$350 million 1.8% and matures in 2031. - While predominately trading its tankers in the spot market, the Company committed one of its 25,000-ton chemical tankers to a three-year time-charter-out contract at
$19,250 $22,500
Gernot Ruppelt, the Company's Chief Executive Officer, commented:
"Earnings have continued to strengthen through the first half of 2025 and into the third quarter. Ardmore has executed a series of well-timed transactions and initiatives that further enhance our strong performance and earnings power. We agreed to acquire three modern, high-quality Korean-built MR tankers with near-term delivery, and we refinanced our bank debt at favorable terms with top-tier lenders. In addition, we selectively locked in quality time charter-out contracts for a portion of our existing fleet, thereby securing attractive near-term and multi-year returns. Furthermore, our previously announced tank coating upgrades have now been completed on the majority of our chemical tankers, delivering early wins by accessing an even wider cargo slate. This has resulted in premium returns for our chemical fleet, and it matches our focused strategy to interchangeably leverage product and chemical markets.
Guided by Ardmore's strong governance and consistent approach to capital allocation, enabled by our high-performing organization and our robust balance sheet, Ardmore continues to decisively deliver on its strategy to create long-term value through market cycles."
Summary of Recent and Second Quarter 2025 Events
Fleet
Fleet Operations and Employment
As of June 30, 2025, the Company had 26 vessels in operation (including four chartered-in vessels), consisting of 20 MR tankers (16 owned Eco-Design and four chartered-in Eco-Mod) ranging in size from 45,000 deadweight tons ("dwt") to 49,999 dwt and six owned Eco-Design IMO 2 product/chemical tankers ranging in size from 25,000 dwt to 37,800 dwt.
MR Tankers (45,000 dwt – 49,999 dwt)
Below is a summary of the average daily MR Tanker TCE rates earned during the second quarter of 2025 and thus far in the third quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the third quarter:
Number of | 2Q 2025 | 3Q 2025 | ||
TCE | % Fixed | |||
MR Eco-Design | 16 | 50 % | ||
MR Eco-Mod | 4 | 35 % | ||
MR Combined | 20 | 50 % | ||
Product / Chemical Tankers (IMO 2: 25,000 dwt – 37,800 dwt)
Below is a summary of the average daily Chemical Tanker TCE rates earned during the second quarter of 2025 and thus far in the third quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the third quarter:
Number of | 2Q 2025 | 3Q 2025 | ||
TCE | % Fixed | |||
Chemical Tankers | 6 | 65 % | ||
Drydocking
The Company had 194 drydocking days in the second quarter of 2025. The Company is currently scheduled to have approximately 110 drydocking days in the third quarter of 2025.
Fleet
The Company agreed to acquire three modern, high-quality, Korean-built MR tankers in two separate transactions, for an aggregate purchase price of
While predominately trading its tankers in the spot market, the Company committed one of its 25,000-ton chemical tankers to a three-year time-charter-out contract at
Financing
In July 2025, the Company closed a
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 July 30, 2025 of
Geopolitical Conflicts
The ongoing
Geopolitical tensions have increased since commencement of the Israel-Hamas conflict in October 2023. Since mid-December 2023, Houthi rebels in
Geopolitical and Economic Uncertainty
In recent months, governments have taken actions to implement new or increased tariffs on foreign imports. These activities have resulted in tariffs being levied on various goods and commodities, which may trigger an escalation of trade wars. 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.
Results for the Three Months Ended June 30, 2025 and 2024
The Company reported net income attributable to common stockholders of
Results for the Six Months Ended June 30, 2025 and 2024
The Company reported net income attributable to common stockholders of
Management's Discussion and Analysis of Financial Results for the Three Months Ended June 30, 2025 and 2024
Revenue. Revenue for the three months ended June 30, 2025 was
The Company's average number of operating vessels was 26.0 for the three months ended June 30, 2025, consistent with 26.0 for the three months ended June 30, 2024.
The Company had 1,975 spot revenue days for the three months ended June 30, 2025, as compared to 2,093 for the three months ended June 30, 2024. The Company had 23 vessels employed directly in the spot market as of June 30, 2025, as compared to 24 vessels as of June 30, 2024. Decreases in spot rates during the three months ended June 30, 2025 resulted in a decrease in revenue of
The Company had three product tankers employed under time charter as of June 30, 2025, as compared to two as of June 30, 2024. There were 218 revenue days derived from time charters for the three months ended June 30, 2025, as compared to 186 revenue days for the three months ended June 30, 2024. The increase in revenue days for time-chartered vessels was offset by a decrease in time-charter rates, which resulted in a net decrease in revenue of
Voyage Expenses. Voyage expenses were
TCE Rate. The average TCE rate for the Company's fleet was
Vessel Operating Expenses. Vessel operating expenses were
Charter Hire Costs. Total charter hire expense was
Depreciation. Depreciation expense for the three months ended June 30, 2025 was
Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended June 30, 2025 was
General and Administrative Expenses: Corporate. Corporate-related general and administrative expenses for the three months ended June 30, 2025 were
General and Administrative Expenses: Commercial and Chartering. Commercial and chartering expenses are the expenses attributable to Ardmore's chartering and commercial operations departments in connection with its spot trading activities. Commercial and chartering expenses for the three months ended June 30, 2025 were
Gain on Vessel Sold. The Company did not sell any vessels during the three months ended June 30, 2025. During the three months ended June 30, 2024, the Company recorded a gain of
Interest Expense and Finance Costs. Interest expense and finance costs for the three months ended June 30, 2025 were
The current flexibility of the Company's revolving facilities, with only
Gain on Extinguishment of Finance Leases. The Company recorded no gain or loss on extinguishment of finance leases during the three months ended June 30, 2025. Gain on extinguishment of finance leases for the three months ended June 30, 2024 was
Liquidity
As of June 30, 2025, the Company had
Conference Call
The Company plans to host a conference call on July 30, 2025, at 10:00 a.m. Eastern Time to discuss its financial results for the quarter ended June 30, 2025. All interested parties are invited to listen to the live conference call and review the related slide presentation by choosing from the following options:
- By dialing 800‑836‑8184 (
U.S. ) or 646-357-8785 (International) and referencing "Ardmore Shipping." - By accessing the live webcast at Ardmore's website at www.ardmoreshipping.com.
Participants should dial into the call 10 minutes before the scheduled time.
If you are unable to participate at this time, an audio replay of the call will be available through August 6, 2025 at 888-660-6345 or 646-517-4150. Enter the passcode 24528 to access the audio replay. A recording of the webcast, with associated slides, will also be available on the Company's website. The information provided on the teleconference is only accurate at the time of the conference call, and the Company takes no responsibility for providing updated information.
About Ardmore Shipping Corporation
Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tons. Ardmore provides, through its modern, fuel-efficient fleet of mid-size tankers, seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.
Ardmore's core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the company grows. Ardmore provides its services to customers through voyage charters and time charters, and enjoys close working relationships with key commercial and technical management partners.
Ardmore's Energy Transition Plan ("ETP") focusses on three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos. The ETP is an extension of Ardmore's strategy, building on its core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance.
Ardmore Shipping Corporation | ||||
As of | ||||
In thousands of | June 30, 2025 | December 31, 2024 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 49,479 | 46,988 | ||
Receivables, net of allowance for bad debts of | 52,790 | 60,871 | ||
Prepaid expenses and other assets | 4,775 | 4,298 | ||
Advances and deposits | 3,086 | 3,084 | ||
Inventories | 9,997 | 11,308 | ||
Total current assets | 120,127 | 126,549 | ||
Non-current assets | ||||
Investments and other assets, net | 5,028 | 5,236 | ||
Vessels and vessel equipment, net | 542,486 | 545,594 | ||
Deferred drydock expenditures, net | 22,921 | 14,252 | ||
Advances for ballast water treatment and scrubber systems | 3,738 | 4,845 | ||
Deposit for vessel acquisition | 3,837 | — | ||
Deferred finance fees, net | 2,205 | 2,746 | ||
Operating lease, right-of-use asset | 3,477 | 5,577 | ||
Total non-current assets | 583,692 | 578,250 | ||
TOTAL ASSETS | 703,819 | 704,799 | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | 8,659 | 6,070 | ||
Accrued expenses and other liabilities | 17,686 | 18,313 | ||
Deferred revenue | 2,532 | 482 | ||
Current portion of operating lease obligations | 2,059 | 4,965 | ||
Total current liabilities | 30,936 | 29,830 | ||
Non-current liabilities | ||||
Non-current portion of long-term debt | 25,000 | 38,796 | ||
Non-current portion of operating lease obligations | 1,577 | 476 | ||
Other non-current liabilities | 273 | 273 | ||
Total non-current liabilities | 26,850 | 39,545 | ||
TOTAL LIABILITIES | 57,786 | 69,375 | ||
Redeemable Preferred Stock | ||||
Cumulative Series A | 27,782 | 27,782 | ||
Total redeemable preferred stock | 27,782 | 27,782 | ||
Stockholders' equity | ||||
Common stock | 443 | 440 | ||
Additional paid in capital | 477,098 | 475,812 | ||
Treasury stock | (33,524) | (33,524) | ||
Retained earnings | 174,234 | 164,914 | ||
Total stockholders' equity | 618,251 | 607,642 | ||
Total redeemable preferred stock and stockholders' equity | 646,033 | 635,424 | ||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 703,819 | 704,799 | ||
Ardmore Shipping Corporation | ||||||||
Three Months Ended | Six Months Ended | |||||||
In thousands of | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||
Revenue, net | 72,046 | 121,325 | 146,042 | 227,626 | ||||
Voyage expenses | (25,177) | (34,720) | (56,209) | (65,267) | ||||
Vessel operating expenses | (15,424) | (16,223) | (30,620) | (31,143) | ||||
Time charter-in | ||||||||
Operating expense component | (2,984) | (2,895) | (6,023) | (5,731) | ||||
Vessel lease expense component | (2,745) | (2,664) | (5,541) | (5,274) | ||||
Depreciation | (7,900) | (7,605) | (15,553) | (14,581) | ||||
Amortization of deferred drydock expenditures | (1,255) | (939) | (2,178) | (1,694) | ||||
General and administrative expenses | ||||||||
Corporate | (4,831) | (5,307) | (9,780) | (10,374) | ||||
Commercial and chartering | (1,252) | (1,021) | (2,489) | (2,084) | ||||
Interest expense and finance costs | (1,043) | (2,044) | (1,978) | (4,571) | ||||
Gain on extinguishment of finance leases | — | 1,432 | — | 1,432 | ||||
Interest income | 306 | 612 | 414 | 1,156 | ||||
Gain on vessel sold | — | 12,322 | — | 12,322 | ||||
Income before taxes | 9,741 | 62,273 | 16,085 | 101,817 | ||||
Income tax | (39) | (49) | (65) | (128) | ||||
(Loss) / gain from equity method investments | (103) | 468 | (167) | 239 | ||||
Net Income | 9,599 | 62,692 | 15,853 | 101,928 | ||||
Preferred dividends | (636) | (848) | (1,265) | (1,695) | ||||
Net Income attributable to common stockholders | 8,963 | 61,844 | 14,588 | 100,233 | ||||
Earnings per share, basic | 0.22 | 1.48 | 0.36 | 2.41 | ||||
Earnings per share, diluted | 0.22 | 1.47 | 0.36 | 2.39 | ||||
Adjusted earnings (1) | 8,963 | 47,589 | 14,588 | 85,978 | ||||
Adjusted earnings per share, basic | 0.22 | 1.14 | 0.36 | 2.07 | ||||
Adjusted earnings per share, diluted | 0.22 | 1.13 | 0.36 | 2.05 | ||||
Weighted average number of shares outstanding, basic | 40,630,651 | 41,747,977 | 40,551,803 | 41,559,932 | ||||
Weighted average number of shares outstanding, diluted | 40,689,775 | 42,010,724 | 40,665,703 | 41,981,667 | ||||
_____________________ | |
(1) | Adjusted earnings is a non-GAAP measure and is defined and reconciled under the "Non-GAAP Measures" section. |
Ardmore Shipping Corporation | ||||
Six Months Ended | ||||
In thousands of | June 30, 2025 | June 30, 2024 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | 15,853 | 101,928 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 15,553 | 14,581 | ||
Amortization of deferred drydock expenditures | 2,178 | 1,694 | ||
Share-based compensation | 1,288 | 1,699 | ||
Gain on vessel sold | — | (12,322) | ||
Amortization of deferred finance fees | 541 | 585 | ||
Gain on extinguishment of finance leases | — | (1,432) | ||
Operating lease ROU - lease liability, net | 294 | 17 | ||
Loss / (profit) from equity method investments | 167 | (239) | ||
Deferred drydock payments | (5,477) | (3,759) | ||
Changes in operating assets and liabilities: | ||||
Receivables | 8,084 | (18,936) | ||
Prepaid expenses and other assets | (476) | (229) | ||
Advances and deposits | (2) | 4,879 | ||
Inventories | 1,311 | (650) | ||
Accounts payable | (1,230) | 9,902 | ||
Accrued expenses and other liabilities | (3,118) | 509 | ||
Deferred revenue | 2,050 | (347) | ||
Accrued interest | 474 | (292) | ||
Net cash provided by operating activities | 37,490 | 97,588 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of vessels | — | 26,829 | ||
Payments for acquisition of vessels and vessel equipment, including deposits | (14,593) | (56,794) | ||
Payments for other non-current assets | (70) | (269) | ||
Proceeds from equity investments | — | 1,650 | ||
Net cash (used in) investing activities | (14,663) | (28,584) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from revolving facilities | 50,000 | 29,050 | ||
Repayments of long term debt | — | (1,678) | ||
Repayments on revolving facilities | (63,796) | (30,000) | ||
Repayments of finance leases | — | (42,262) | ||
Payments for deferred finance fees | — | (200) | ||
Payment of common share dividends | (5,268) | (21,618) | ||
Payment of preferred share dividends | (1,272) | (1,705) | ||
Net cash (used in) financing activities | (20,336) | (68,413) | ||
Net increase in cash and cash equivalents | 2,491 | 591 | ||
Cash and cash equivalents at the beginning of the year | 46,988 | 46,805 | ||
Cash and cash equivalents at the end of the year | 49,479 | 47,396 | ||
Ardmore Shipping Corporation | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||
In thousands of | ||||||||
Adjusted EBITDA (1) | 19,633 | 58,495 | 35,380 | 107,753 | ||||
Adjusted EBITDAR (1) | 22,378 | 61,158 | 40,921 | 113,026 | ||||
AVERAGE DAILY DATA | ||||||||
MR Eco-Design Tankers Spot TCE | 23,441 | 41,385 | 22,410 | 40,029 | ||||
Fleet TCE per day (2) | 22,468 | 37,762 | 21,521 | 36,295 | ||||
Fleet operating expenses per day (3) | 7,018 | 7,120 | 6,998 | 7,049 | ||||
Technical management fees per day (4) | 527 | 464 | 530 | 490 | ||||
7,545 | 7,584 | 7,528 | 7,539 | |||||
MR Eco-Design Tankers | ||||||||
TCE per day (2) | 23,441 | 41,385 | 22,410 | 40,029 | ||||
Vessel operating expenses per day (5) | 7,634 | 7,502 | 7,634 | 7,526 | ||||
MR Eco-Mod Tankers | ||||||||
TCE per day (2) | 21,826 | 36,987 | 20,988 | 37,689 | ||||
Vessel operating expenses per day | — | — | — | 6,691 | ||||
Prod/Chem Eco-Design Tankers (25k | ||||||||
TCE per day (2) | 20,409 | 30,330 | 18,406 | 27,580 | ||||
Vessel operating expenses per day (5) | 7,309 | 7,702 | 7,247 | 7,648 | ||||
FLEET | ||||||||
Average number of operating vessels | 26.0 | 26.0 | 26.0 | 26.0 | ||||
______________________ | |
(1) | Adjusted EBITDA and Adjusted EBITDAR are non-GAAP measures and are defined and reconciled to the most directly comparable |
(2) | Time Charter Equivalent ("TCE") rate, a non-GAAP measure, represents net revenues (a non-GAAP measure representing revenues less voyage expenses) divided by revenue days. Revenue days are the total number of calendar days the vessels are in the Company's possession less off-hire days generally associated with drydocking or repairs and idle days associated with repositioning of vessels held for sale. Net revenue utilized to calculate the TCE rate is determined on a discharge to discharge basis, which is different from how the Company records revenue under |
(3) | Fleet operating expenses per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. These amounts do not include expenditures related to vessel upgrades and enhancements or other non-routine expenditures, which were expensed during the period. |
(4) | Technical management fees are fees paid to Anglo Ardmore Ship Management Limited, a joint venture entity that is |
(5) | Vessel operating expenses per day include technical management fees. |
(6) | As a result of selling the Ardmore Seafarer in April 2024, the Company no longer owns MR Eco-Mod tankers; as a result, the Company had no vessel operating expenses for the first quarter of 2025 with respect to owned MR Eco-Mod tankers. The MR Eco-Mod TCE per day for the second quarter of 2025 is derived from the Company's four time-chartered-in vessels. |
CO2 Emissions Reporting(1)
In April 2018, the International Maritime Organization's ("IMO") Marine Environment Protection Committee ("MEPC") adopted an initial strategy for the reduction of greenhouse gas ("GHG") emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out as soon as possible. Ardmore is committed to transparency and contributing to the reduction of CO2 emissions in the Company's industry. Ardmore's reporting methodology is in line with the framework set out within the IMO's Data Collection System ("DCS") initiated in 2019.
On January 1, 2023, the BIMCO CII Operations Clause for Time Charter Parties came into force. This clause outlines that the charterer should take responsibility for a ship's emissions. On this basis, Ardmore's GHG emissions analysis has been updated to exclude the impact of ships time-chartered out and to include the impact of ships time-chartered in. Previously all vessels were included in Ardmore's analysis from the fleet except for vessels commercially managed by Ardmore.
Three Months Ended | Twelve months ended | ||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||
Number of Vessels in Operation (at period end)(2) | 26 | 26 | 26 | 26 | |||||
Fleet Average Age | 11.6 | 10.6 | 11.6 | 10.6 | |||||
CO2 Emissions Generated in Metric Tons | 91,260 | 107,740 | 394,356 | 424,690 | |||||
Distance Travelled (Nautical Miles) | 340,894 | 394,261 | 1,437,131 | 1,560,006 | |||||
Fuel Consumed in Metric Tons | 29,356 | 34,318 | 125,857 | 134,857 | |||||
Cargo Heating and Tank Cleaning Emissions | |||||||||
Fuel Consumed in Metric Tons | 495 | 1,196 | 2,412 | 3,150 | |||||
% of Total Fuel Consumed | 1.69 % | 3.49 % | 1.92 % | 2.34 % | |||||
Annual Efficiency Ratio (AER) for the period(3) | |||||||||
Fleet | 5.98g / tm | 6.08g / tm | 6.13g / tm | 6.07g / tm | |||||
MR Eco-Design | 5.87g / tm | 5.79g / tm | 5.82g / tm | 5.80g / tm | |||||
MR Eco-Mod | 5.83g / tm | 5.39g / tm | 5.91g / tm | 5.80g / tm | |||||
Chemical | 6.96g / tm | 8.37g / tm | 7.89g / tm | 7.92g / tm | |||||
Chemical (Less Cargo Heating & Tank Cleaning)(4) | 6.02g / tm | 7.74g / tm | 7.60g / tm | 7.39g / tm | |||||
Energy Efficiency Operational Indicator (EEOI) for the | |||||||||
Fleet | 11.95g / ctm | 11.53g / ctm | 12.53g / ctm | 12.40g / ctm | |||||
MR Eco-Design | 12.38g / ctm | 10.95g / ctm | 12.02g / ctm | 11.94g / ctm | |||||
MR Eco-Mod | 11.10g / ctm | 11.55g / ctm | 13.33g / ctm | 12.41g / ctm | |||||
Chemical | 11.36g / ctm | 13.76g / ctm | 14.00g / ctm | 14.00g / ctm | |||||
Chemical (Less Cargo Heating & Tank Cleaning)(4) | 9.83g / ctm | 12.73g / ctm | 13.48g / ctm | 13.06g / ctm | |||||
Wind Strength (% greater than 4 on BF) | 44.63 % | 43.41 % | 47.61 % | 47.10 % | |||||
% Idle Time(6) | 1.27 % | 1.46 % | 3.09 % | 2.82 % | |||||
tm = ton-mile | |||||||||
ctm = cargo ton-mile | |||||||||
Ardmore Performance
It should be noted that results vary quarter to quarter depending on ship activity, ballast / laden ratio, cargo carried, weather, waiting time, time in port, and vessel speed. However, analysis is also presented on a trailing 12-month basis to provide a more accurate assessment of Ardmore's progress over a longer period and to mitigate seasonality. From a weather perspective rougher weather (based on Beaufort Scale wind force rating being greater than 4 BF) will generally have a mitigating impact on the ability to optimize fuel consumption, while idle time will impact ships metrics as they will still require power to run but will not be moving. Overall Ardmore Shipping's carbon emissions for the trailing 12-month period decreased by
__________________ | |
1 | Ardmore's emissions data is based on the reporting tools and information reasonably available to Ardmore and its applicable third-party technical managers for Ardmore's owned fleet. Management assesses such data and may adjust and restate the data to reflect latest information. It is expected that the shipping industry will continue to refine the performance measures for emissions and efficiency over time. AER and EEOI metrics are impacted by external factors such as charter speed, vessel orders and weather, in conjunction with overall market factors such as cargo load sizes and fleet utilization rate. As such, variance in performance can be found in the reported emissions between two periods for the same vessel and between vessels of a similar size and type. Furthermore, other companies may report slight variations (e.g. some shipping companies report CO2 in tons per kilometer as opposed to CO2 in tons per nautical mile) and consequently it is not always practical to directly compare emissions from different companies. The figures reported above represent Ardmore's initial findings; the Company is committed to improving the methodology and transparency of its emissions reporting in line with industry best practices. Accordingly, the above results may vary as the methodology and performance measures set out by the industry evolve. |
2 | Includes time-chartered out and time-chartered in vessels. |
3 | Annual Efficiency Ratio ("AER") is a measure of carbon efficiency using the parameters of fuel consumption, distance travelled, and design deadweight tonnage ("DWT"). AER is reported in unit grams of CO2 per ton-mile (gCO2/dwt-nm). It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) DWT multiplied by distance travelled in nautical miles. A lower AER reflects better carbon efficiency. |
4 | The AER and EEOI figures are presented including the impact of cargo heating and tank cleaning operations unless stated. |
5 | Energy Efficiency Operational Indicator ("EEOI") is a tool for measuring CO2 gas emissions in a given time period per unit of transport work performed. It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) cargo carried in tons multiplied by laden voyage distance in nautical miles. This calculation is performed as per IMO MEPC.1/Circ684. A lower EEOI reflects lower CO2 gas emissions in a given time period per unit of transport work performed. |
6 | Idle time is the amount of time a vessel is waiting in port or awaiting the laycan or waiting in port/at sea unfixed. |
Non-GAAP Measures
EBITDA + vessel lease expense component (i.e., EBITDAR) and Adjusted EBITDAR
EBITDAR is defined as EBITDA (i.e., earnings before interest, unrealized gains/(losses) on interest rate derivatives, taxes, depreciation and amortization) plus the vessel lease expense component of total charter hire expense for chartered-in vessels. Adjusted EBITDAR is defined as EBITDAR before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels.
For the three months ended June 30, 2025, we recognized total charter hire expense of
Many companies in our industry report under IFRS; we therefore use EBITDAR and Adjusted EBITDAR as tools to compare our valuation with the valuation of these other companies in our industry. We do not use EBITDAR and Adjusted EBITDAR as measures of performance or liquidity. We present below reconciliations of net income / (loss) attributable to common stockholders to EBITDAR (which includes an adjustment for vessel lease operating expenses) and Adjusted EBITDAR.
EBITDAR and Adjusted EBITDAR, as presented, may not be directly comparable to similarly titled measures presented by other companies. In addition, EBITDAR and Adjusted EBITDAR should not be viewed as measures of overall performance since they exclude vessel rent, which is a normal, recurring cash operating expense related to our in-chartering of vessels that is necessary to operate our business. Accordingly, you are cautioned not to place undue reliance on this information.
EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings (for purposes of dividend calculations)
EBITDA, Adjusted EBITDA and Adjusted earnings are not measures prepared in accordance with
EBITDA, Adjusted EBITDA and Adjusted earnings are presented in this press release as the Company believes that they provide investors with a means of evaluating and understanding how Ardmore's management evaluates operating performance. EBITDA and Adjusted EBITDA increase the comparability of the Company's fundamental performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest expense, taxes, depreciation or amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Company believes that including EBITDA, Adjusted EBITDA and Adjusted earnings as financial and operating measures assists investors in making investment decisions regarding the Company and its common stock.
For purposes solely of the quarterly common dividend calculation, Adjusted earnings represents the Company's Adjusted earnings for the quarter ended June 30, 2025, but excluding the impact of unrealized gains / (losses) and certain non-recurring items.
These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to, financial measures prepared in accordance with
Reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDAR | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||
In thousands of | ||||||||
Net income | 9,599 | 62,692 | 15,853 | 101,928 | ||||
Interest income | (306) | (612) | (414) | (1,156) | ||||
Interest expense and finance costs | 1,043 | 2,044 | 1,978 | 4,571 | ||||
Income tax | 39 | 49 | 65 | 128 | ||||
Depreciation | 7,900 | 7,605 | 15,553 | 14,581 | ||||
Amortization of deferred drydock expenditures | 1,255 | 939 | 2,178 | 1,694 | ||||
EBITDA | 19,530 | 72,717 | 35,213 | 121,746 | ||||
Gain on vessel sold | — | (12,322) | — | (12,322) | ||||
Gain on extinguishment of finance leases | — | (1,432) | — | (1,432) | ||||
Gain on sale of e1 Marine LLC | — | (501) | — | (501) | ||||
Loss from equity method investments | 103 | 33 | 167 | 262 | ||||
ADJUSTED EBITDA | 19,633 | 58,495 | 35,380 | 107,753 | ||||
Plus: Vessel lease expense component | 2,745 | 2,664 | 5,541 | 5,274 | ||||
ADJUSTED EBITDAR | 22,378 | 61,158 | 40,921 | 113,026 | ||||
Reconciliation of net income attributable to common stockholders to Adjusted earnings | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||
In thousands of | ||||||||
Net income attributable to common stockholders | 8,963 | 61,844 | 14,588 | 100,233 | ||||
Gain on vessel sold | — | (12,322) | — | (12,322) | ||||
Gain on extinguishment of finance leases | — | (1,432) | — | (1,432) | ||||
Gain on sale of e1 Marine LLC | — | (501) | — | (501) | ||||
Adjusted earnings | 8,963 | 47,589 | 14,588 | 85,978 | ||||
Adjusted earnings per share, basic | 0.22 | 1.14 | 0.36 | 2.07 | ||||
Adjusted earnings per share, diluted | 0.22 | 1.13 | 0.36 | 2.05 | ||||
Weighted average number of shares outstanding, basic | 40,630,651 | 41,747,977 | 40,551,803 | 41,559,932 | ||||
Weighted average number of shares outstanding, diluted | 40,689,775 | 42,010,724 | 40,665,703 | 41,981,667 | ||||
Adjusted earnings for purposes of dividend calculation | ||||||||
Three Months Ended | ||||||||
June 30, 2025 | ||||||||
In thousands of | ||||||||
Adjusted earnings | 8,963 | |||||||
Unrealized gains | — | |||||||
Adjusted earnings for purposes of dividend calculation | 8,963 | |||||||
Dividend to be paid | 2,988 | |||||||
Dividend Per Share (DPS) | 0.07 | |||||||
Number of shares outstanding as of July 30, 2025 | 40,694,339 | |||||||
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "should", "may", "will", "expect" and similar expressions are among those that identify forward-looking statements.
Forward-looking statements in this press release include, among others, statements regarding: future operating or financial results, including future earnings and financial position; global and regional economic conditions and trends; shipping market trends and market fundamentals, including tanker demand and supply and future spot and charter rates; vessel acquisitions, and the timing and financing thereof; the potential effects of tariffs and other foreign policy activities on global markets, the shipping industry and the Company's operations; the potential effect of geopolitical conflicts, including the
In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies and currencies; general market conditions, including fluctuations in spot and charter rates and vessel values; changes in demand for and the supply of tanker vessel capacity; changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs; changes in the projections of spot and time charter or pool trading of the Company's vessels; geopolitical conflicts, including future developments relating to the
Investor Relations Enquiries:
Mr. Leon Berman | Mr. Bryan Degnan |
IGB Group | IGB Group |
32 Broadway, Suite 1314 | 32 Broadway, Suite 1314 |
Tel: 212‑477‑8438 | Tel: 646‑673‑9701 |
Fax: 212‑477‑8636 | Fax: 212‑477‑8636 |
Email: lberman@igbir.com | Email: bdegnan@igbir.com |
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SOURCE Ardmore Shipping Corporation
FAQ
What were Ardmore Shipping's (ASC) earnings for Q2 2025?
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What new financing did ASC secure in 2025?
