Ardmore Shipping Corporation Announces Financial Results For The Three and Nine Months Ended September 30, 2026
Higher spot charter rates lifted quarterly revenue despite fewer spot revenue days, while vessel and voyage expenses increased.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Ardmore Shipping (ASC) reported third-quarter 2026 net income attributable to common stockholders of $16.3 million, up from a year earlier. Earnings per basic and diluted share rose to $0.40 from $0.30, while revenue increased to $87.7 million from $81.2 million. Nine-month net income attributable to common stockholders reached $100.4 million, versus $26.7 million.
Fourth-quarter spot bookings averaged approximately $57,600 per day for MR tankers with approximately 45% of revenue days fixed, and approximately $30,100 for chemical tankers with approximately 60% fixed. A $0.27 dividend is payable December 15 to holders of record November 27, 2026. Ardmore sold the Endeavour for $34.3 million, delivering it in October. Two additional tanker orders expanded its newbuilding program to six vessels, with deliveries scheduled from late 2028 onward and estimated remaining installments of $257.8 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Two additional tanker orders expanded the program to six vessels, with deliveries scheduled from late 2028 onward.
- Moderate pointNine-month 2026 common-stockholder net income increased to $100.4 million from $26.7 million a year earlier.
- Moderate pointThird-quarter 2026 revenue increased to $87.7 million from $81.2 million a year earlier.
- Moderate pointFourth-quarter 2026 MR spot bookings averaged approximately $57,600/day with approximately 45% fixed, versus $27,031/day earned in third-quarter 2026.
- Moderate pointFourth-quarter 2026 chemical spot bookings averaged approximately $30,100/day with approximately 60% fixed, versus $23,266/day earned in third-quarter 2026.
- Moderate pointThird-quarter 2026 time-charter revenue days increased to 502 from 378 a year earlier.
- Moderate pointArdmore Endeavour sale for $34.3 million completed with delivery to the buyer in October 2026. 4.3% of market cap
9 minor points
- Minor pointThird-quarter 2026 common-stockholder net income rose to $16.3 million from $12.1 million a year earlier.
- Minor pointThird-quarter 2026 basic and diluted EPS increased to $0.40 from $0.30 a year earlier.
- Minor pointNine-month 2026 EPS reached $2.46 basic and $2.45 diluted, versus $0.66 for both a year earlier.
- Minor pointThird-quarter 2026 fleet daily revenue after voyage expenses rose to $25,358 from $23,475 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Common dividend of $0.27 per share is payable December 15, 2026, under the variable payout policy.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter 2026 operations have no scheduled drydocking days.
- Minor pointThird-quarter 2026 charter hire costs fell to $1.3 million from $4.6 million a year earlier.
- Minor pointThird-quarter 2026 corporate administrative expenses fell to $4.6 million from $5.3 million a year earlier.
- Minor pointThird-quarter 2026 interest and finance costs fell to $1.0 million from $1.7 million a year earlier.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Six-vessel newbuilding program requires estimated remaining installments of $257.8 million, subject to change as construction progresses.
- Moderate pointThird-quarter 2026 voyage expenses increased to $34.0 million from $28.5 million a year earlier.
- Moderate pointThird-quarter 2026 vessel operating expenses increased to $18.5 million from $16.4 million a year earlier.
- Moderate pointThird-quarter 2026 spot revenue days decreased to 1,715 from 1,938 a year earlier.
- Moderate pointThird-quarter 2026 average operating vessels decreased to 24.6 from 26.8 a year earlier.
2 minor points
- Minor pointNewbuilding installments paid in third-quarter 2026 totaled $18.4 million for two vessels.
- Minor pointThird-quarter 2026 depreciation expense increased to $9.2 million from $8.8 million a year earlier.
News Explained
As of
Key Figures
- Net income
- $16.3 million
- Three months ended September 30, 2026; compared with $12.1 million in 2025
- Adjusted earnings
- $16.3 million
- Three months ended September 30, 2026; compared with $12.6 million in 2025
- Net income
- $100.4 million
- Nine months ended September 30, 2026; compared with $26.7 million in 2025
- Adjusted earnings
- $88.2 million
- Nine months ended September 30, 2026; compared with $27.2 million in 2025
- Fleet average TCE rate
- $25,358 per day
- Three months ended September 30, 2026; compared with $23,475 per day in 2025
- Cash dividend
- $0.27 per common share
- Quarter ended September 30, 2026
- Liquidity available
- $301.1 million
- As of September 30, 2026
Previous Earnings Reports
-
Q2 net income reached $60.5 million, including a $12.2 million gain on vessel sale.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights and Recent Activity
- Reported net income attributable to common stockholders of
$16.3 million $0.40 $12.1 million $0.30 $16.3 million $0.40 $12.6 million $0.31 - Reported net income attributable to common stockholders of
$100.4 million $2.46 $2.45 $26.7 million $0.66 $88.2 million $2.16 $2.15 $27.2 million $0.67 $12.2 million - MR tankers earned an average spot TCE rate of
$27,031 $23,266 45% of total revenue days currently fixed for the fourth quarter of 2026, the average spot TCE rate is approximately$57,600 60% of total revenue days currently fixed for the fourth quarter of 2026, the average spot TCE rate for chemical tankers is approximately$30,100 - Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to two-thirds of Adjusted earnings, the Board of Directors declared a cash dividend on November 3, 2026, of
$0.27 - During the third quarter of 2026, the Company agreed to the opportunistic sale of the Ardmore Endeavour (2013-built, STX, no scrubber) for
$34.3 million - As previously announced, the Company exercised its options for a further two 40,500 dwt Handysize tankers to be built at Wuhu Shipyard. This expands the original order to six vessels in total on similar terms, and the Company has no further newbuilding options outstanding. The deliveries of these six vessels are scheduled from late 2028 and onwards.
Gernot Ruppelt, the Company's Chief Executive Officer, commented:
"Already-strong market momentum has accelerated into the fourth quarter, with MR spot bookings at a large multiple of our cash breakeven. Against a backdrop of positive long-term demand fundamentals and an aging fleet, tankers continue to play a vital role in bridging global energy markets at a time when geopolitical disruption is driving scarcity premiums for key commodities.
We continue to execute our capital allocation policy in a disciplined manner; returning capital to shareholders equal to two-thirds of Adjusted earnings while simultaneously investing in value-driven fleet renewal and growth. Our decisions remain grounded in our long-term strategy and our strong governance."
Third Quarter 2026 Highlights and Recent Developments
Fleet
Fleet Operations and Employment
As of September 30, 2026, the Company had 24 vessels in operation consisting of 18 owned Eco-Design MR tankers ranging in size from 49,400 deadweight tonnes ("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: 49,400 – 50,200 dwt)
Below is a summary of the average daily MR Tanker spot TCE rates earned during the third quarter of 2026 and rates thus far in the fourth quarter of 2026, together with the corresponding percentage of currently fixed total revenue days for the fourth quarter:
|
|
3Q 2026 |
4Q 2026 |
|
|
|
|
Average Daily TCE |
% Fixed |
|
Spot MR Tankers |
|
|
45 % |
Product / Chemical Tankers (IMO 2: 25,000 – 37,800 dwt)
Below is a summary of the average daily Chemical Tanker spot TCE rates earned during the third quarter of 2026 and rates thus far in the fourth quarter of 2026, together with the corresponding percentage of currently fixed total revenue days for the fourth quarter:
|
|
3Q 2026 |
4Q 2026 |
|
|
|
|
Average Daily TCE |
% Fixed |
|
Spot Chemical Tankers |
|
|
60 % |
Drydocking
The Company currently does not have any scheduled drydocking days in the fourth quarter of 2026.
Newbuildings
As previously announced, in August 2026, the Company exercised its options for a further two 40,500 dwt Handysize tankers to be built at Wuhu Shipyard. This expands the original order to six vessels in total on similar terms, and the Company has no further newbuilding options outstanding. The deliveries of these six vessels are scheduled from late 2028 and onwards.
In the third quarter of 2026, the Company paid
|
|
|
Amount |
|
Number of vessels expected to be delivered |
|
|
In millions of |
|
|
|
|
|
|
2026 (Balance of the year) |
$ |
36.9 |
|
|
— |
|
2027 |
|
9.2 |
|
|
— |
|
2028 |
|
68.9 |
|
1 |
|
|
2029 |
|
119.7 |
|
4 |
|
|
2030 |
|
23.1 |
|
|
1 |
|
|
$ |
257.8 |
|
6 |
|
|
|
|||||
|
(1) The installment payments are estimates only and are subject to change as construction progresses. |
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Dividend on Common Shares
Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to two-thirds of Adjusted earnings, as calculated for dividends (see "Adjusted earnings (for purposes of dividend calculation)" in the Non-GAAP Measures section), the Board of Directors declared a cash dividend on November 3, 2026, of
Vessel Sale
During the third quarter of 2026, the Company agreed to the opportunistic sale of the Ardmore Endeavour (2013-built, STX, no scrubber) for
Geopolitical Conflicts
Geopolitical tensions cause volatility in the market. The ongoing conflicts in the
Since mid-December 2023, Houthi rebels in
Further escalation or expansion of international hostilities could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for our services and our business, results of operations, financial condition, and cash flows.
Geopolitical and Economic Uncertainty
Governments continue to take actions to implement new or increased tariffs on foreign imports and port fees. 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 the 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 September 30, 2026 and 2025
The Company reported net income attributable to common stockholders of
Results for the Nine Months Ended September 30, 2026 and 2025
The Company reported net income attributable to common stockholders of
Management's Discussion and Analysis of Financial Results for the Three Months Ended September 30, 2026 and 2025
Revenue. Revenue for the three months ended September 30, 2026, was
The Company had 1,715 spot revenue days for the three months ended September 30, 2026, compared to 1,938 for the three months ended September 30, 2025. The Company had 19 vessels employed directly in the spot market as of September 30, 2026, compared to 22 vessels as of September 30, 2025. In addition, the Company had four product tankers and one chemical tanker employed under time charters as of September 30, 2026, consistent with four product tankers and one chemical tanker as of September 30, 2025. Revenue days derived from time charters increased to 502 for the three months ended September 30, 2026, from 378 for the three months ended September 30, 2025.
The increase in revenue during the three months ended September 30, 2026 was primarily driven by higher spot charter rates, which increased revenue by
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 expenses were
Depreciation. Depreciation expense for the three months ended September 30, 2026 was
Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended September 30, 2026 was
General and Administrative Expenses: Corporate general and administrative expenses for the three months ended September 30, 2026 were
General and Administrative Expenses: 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 September 30, 2026 were
Interest Expense and Finance Costs. Interest expense and finance costs for the three months ended September 30, 2026 were
Loss on Extinguishment of Debt. The Company did not record any loss on extinguishment of debt during the three months ended September 30, 2026, as compared to a loss on extinguishment of debt of
Liquidity
As of September 30, 2026, the Company had
Conference Call
The Company plans to host a conference call on November 3, 2026, at 10:00 a.m. Eastern Time to discuss its financial results for the quarter ended September 30, 2026. 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 +1-646-357-8785 (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 November 10, 2026 at 888-660-6345 or 646-517-4150. Enter the passcode 40219 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 delivers energy, mobility, and essential commodities, supporting global trade through the seaborne transportation of refined petroleum products, chemicals and other liquid goods. Operating as a fully integrated shipping company, all core commercial, technical, operational, and corporate functions are conducted within the Ardmore company structure. Through its global platform, Ardmore maintains direct control over asset management, operations, and commercial execution, promoting consistent standards, efficiency, and accountability across the fleet.
Ardmore's core strategy is centered on the continued development and operation of a modern, high‑quality fleet of product and chemical tankers, while continually evolving and innovating across the business to position the Company optimally for the future, leveraging its fully integrated model to build long‑term customer relationships and maintain a sharp focus on cost, safety, and performance optimization.
Ardmore provides its services through voyage and time-charter arrangements, delivering reliable and efficient transportation services to its first-class customer base — all guided and coordinated by our team members at sea and ashore.
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Ardmore Shipping Corporation Unaudited Condensed Consolidated Balance Sheets |
||||
|
|
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|
|
|
As of |
||
|
In thousands of |
|
September 30, 2026 |
|
December 31, 2025 |
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
47,481 |
|
46,845 |
|
Receivables, net of allowance for credit losses of |
|
66,324 |
|
47,537 |
|
Prepaid expenses and other assets |
|
2,678 |
|
3,687 |
|
Advances and deposits |
|
2,449 |
|
4,869 |
|
Inventories |
|
14,296 |
|
8,912 |
|
Vessel held for sale |
|
22,062 |
|
— |
|
Total current assets |
|
155,290 |
|
111,850 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Investments and other assets, net |
|
4,898 |
|
4,983 |
|
Vessels and vessel equipment, net |
|
569,182 |
|
638,123 |
|
Advances for vessels under construction |
|
18,662 |
|
— |
|
Deferred drydock expenditures, net |
|
20,434 |
|
27,068 |
|
Advances for vessel equipment |
|
2,655 |
|
— |
|
Deferred finance fees, net |
|
4,254 |
|
4,920 |
|
Operating lease, right-of-use asset |
|
1,403 |
|
1,780 |
|
Total non-current assets |
|
621,488 |
|
676,874 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
776,778 |
|
788,724 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
|
9,700 |
|
5,066 |
|
Accrued expenses and other liabilities |
|
15,832 |
|
18,585 |
|
Deferred revenue |
|
3,597 |
|
1,598 |
|
Current portion of operating lease obligations |
|
421 |
|
598 |
|
Total current liabilities |
|
29,550 |
|
25,847 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Non-current portion of long-term debt |
|
61,215 |
|
127,000 |
|
Non-current portion of operating lease obligations |
|
1,024 |
|
1,272 |
|
Other non-current liabilities |
|
268 |
|
268 |
|
Total non-current liabilities |
|
62,507 |
|
128,540 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
92,057 |
|
154,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Common stock |
|
444 |
|
443 |
|
Additional paid in capital |
|
480,407 |
|
478,619 |
|
Treasury stock |
|
(33,524) |
|
(33,524) |
|
Retained earnings |
|
237,394 |
|
188,799 |
|
Total stockholders' equity |
|
684,721 |
|
634,337 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
776,778 |
|
788,724 |
|
Ardmore Shipping Corporation Unaudited Condensed Consolidated Statements of Operations |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
In thousands of data |
|
September 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|
Revenue, net |
|
87,711 |
|
81,245 |
|
291,841 |
|
227,287 |
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(33,972) |
|
(28,465) |
|
(89,730) |
|
(84,674) |
|
Vessel operating expenses |
|
(18,505) |
|
(16,425) |
|
(55,263) |
|
(47,046) |
|
Time charter-in |
|
|
|
|
|
|
|
|
|
Operating expense component |
|
(657) |
|
(2,373) |
|
(1,686) |
|
(8,395) |
|
Vessel lease expense component |
|
(605) |
|
(2,183) |
|
(1,552) |
|
(7,725) |
|
Depreciation |
|
(9,194) |
|
(8,755) |
|
(27,713) |
|
(24,308) |
|
Amortization of deferred drydock expenditures |
|
(1,725) |
|
(1,621) |
|
(5,299) |
|
(3,799) |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
|
Corporate |
|
(4,648) |
|
(5,265) |
|
(14,471) |
|
(15,046) |
|
Commercial and chartering |
|
(1,139) |
|
(1,089) |
|
(3,498) |
|
(3,577) |
|
Gain on vessel sold |
|
— |
|
— |
|
12,201 |
|
— |
|
Interest expense and finance costs |
|
(1,042) |
|
(1,744) |
|
(4,869) |
|
(3,721) |
|
Loss on extinguishment of debt |
|
— |
|
(469) |
|
— |
|
(469) |
|
Interest income |
|
214 |
|
188 |
|
693 |
|
603 |
|
|
|
|
|
|
|
|
|
|
|
Income before taxes and equity method investments |
|
16,438 |
|
13,044 |
|
100,654 |
|
29,130 |
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
(44) |
|
(137) |
|
(105) |
|
(202) |
|
Loss from equity method investments |
|
(46) |
|
(121) |
|
(102) |
|
(288) |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
16,348 |
|
12,786 |
|
100,447 |
|
28,640 |
|
|
|
|
|
|
|
|
|
|
|
Preferred dividends |
|
— |
|
(643) |
|
— |
|
(1,907) |
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to common stockholders |
|
16,348 |
|
12,143 |
|
100,447 |
|
26,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
0.40 |
|
0.30 |
|
2.46 |
|
0.66 |
|
Earnings per share, diluted |
|
0.40 |
|
0.30 |
|
2.45 |
|
0.66 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings (1) |
|
16,348 |
|
12,612 |
|
88,246 |
|
27,202 |
|
Adjusted earnings per share, basic |
|
0.40 |
|
0.31 |
|
2.16 |
|
0.67 |
|
Adjusted earnings per share, diluted |
|
0.40 |
|
0.31 |
|
2.15 |
|
0.67 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding, basic |
|
40,851,870 |
|
40,694,411 |
|
40,804,228 |
|
40,599,862 |
|
Weighted average number of shares outstanding, diluted |
|
40,999,114 |
|
40,712,341 |
|
41,001,711 |
|
40,740,174 |
|
____________________ |
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|
(1) Adjusted earnings is a non-GAAP measure and is defined and reconciled under the "Non-GAAP Measures" section. |
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Ardmore Shipping Corporation Unaudited Condensed Consolidated Statements of Cash Flows |
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|
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|
|
Nine Months Ended |
||
|
In thousands of |
|
September 30, 2026 |
|
September 30, 2025 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
100,447 |
|
28,640 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation |
|
27,713 |
|
24,308 |
|
Amortization of deferred drydock expenditures |
|
5,299 |
|
3,799 |
|
Share-based compensation |
|
1,789 |
|
1,908 |
|
Gain on vessel sold |
|
(12,201) |
|
— |
|
Amortization of deferred finance fees |
|
666 |
|
783 |
|
Loss on extinguishment of debt |
|
— |
|
469 |
|
Operating lease ROU - lease liability, net |
|
(49) |
|
260 |
|
Loss from equity method investments |
|
102 |
|
288 |
|
Deferred drydock payments |
|
(2,943) |
|
(12,484) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Receivables |
|
(18,787) |
|
7,298 |
|
Prepaid expenses and other assets |
|
97 |
|
1,123 |
|
Advances and deposits |
|
2,420 |
|
717 |
|
Inventories |
|
(5,384) |
|
1,304 |
|
Accounts payable |
|
2,460 |
|
(2,631) |
|
Accrued expenses and other liabilities |
|
340 |
|
(521) |
|
Deferred revenue |
|
1,999 |
|
173 |
|
Net cash provided by operating activities |
|
103,968 |
|
55,434 |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Proceeds from sale of vessels, net |
|
35,145 |
|
— |
|
Payments for acquisition of vessels and vessel equipment, including deposits |
|
(2,442) |
|
(113,416) |
|
Advances for vessels under construction |
|
(18,662) |
|
— |
|
Advances for vessel equipment |
|
(481) |
|
(5,366) |
|
Proceeds from hull and machinery claims |
|
912 |
|
— |
|
Payments for other non-current assets |
|
(168) |
|
(257) |
|
Net cash provided by / (used in) investing activities |
|
14,304 |
|
(119,039) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Proceeds from revolving facilities, net |
|
41,359 |
|
152,493 |
|
Repayments on revolving facilities |
|
(107,143) |
|
(78,796) |
|
Payment of common share dividends |
|
(51,852) |
|
(8,116) |
|
Payment of preferred share dividends |
|
— |
|
(1,907) |
|
Net cash (used in) / provided by financing activities |
|
(117,636) |
|
63,674 |
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
636 |
|
69 |
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
|
46,845 |
|
46,988 |
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
47,481 |
|
47,057 |
|
Ardmore Shipping Corporation Unaudited Other Operating Data |
||||||||
|
|
||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|
In thousands of |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
28,185 |
|
25,445 |
|
125,641 |
|
60,824 |
|
Adjusted EBITDAR(1) |
|
28,790 |
|
27,628 |
|
127,193 |
|
68,549 |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE DAILY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet TCE per day(2) |
|
25,358 |
|
23,475 |
|
30,643 |
|
22,219 |
|
|
|
|
|
|
|
|
|
|
|
Fleet operating expenses per day(3) |
|
7,257 |
|
6,918 |
|
7,305 |
|
6,970 |
|
Technical management fees per day(4) |
|
518 |
|
493 |
|
528 |
|
517 |
|
|
|
7,775 |
|
7,411 |
|
7,833 |
|
7,487 |
|
|
|
|
|
|
|
|
|
|
|
MR Tankers Spot TCE per day(2) |
|
27,031 |
|
25,538 |
|
36,772 |
|
23,422 |
|
Vessel operating expenses per day(5) |
|
7,849 |
|
7,455 |
|
7,962 |
|
7,570 |
|
|
|
|
|
|
|
|
|
|
|
Chemical Tankers Spot TCE per day(2) |
|
23,266 |
|
22,611 |
|
24,353 |
|
20,149 |
|
Vessel operating expenses per day(5) |
|
7,553 |
|
7,282 |
|
7,432 |
|
7,259 |
|
|
|
|
|
|
|
|
|
|
|
FLEET |
|
|
|
|
|
|
|
|
|
Average number of operating vessels |
|
24.6 |
|
26.8 |
|
25.5 |
|
26.3 |
|
____________________ |
|
|
(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 consist of payments to Anglo Ardmore Ship Management Limited, a joint venture entity of which we own |
|
(5) |
Vessel operating expenses per day include technical management fees. |
Non-GAAP Measures
EBITDA + vessel lease expense component (i.e., EBITDAR) and Adjusted EBITDAR
EBITDAR is defined as EBITDA (i.e., earnings before interest, 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 September 30, 2026, the Company recognized total charter hire expense of
Many companies in Ardmore's industry report under IFRS; the Company therefore uses EBITDAR and Adjusted EBITDAR as tools to compare its valuation with the valuation of these other companies in its industry. The Company does not use EBITDAR and Adjusted EBITDAR as measures of performance or liquidity. The Company presents 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 the Company's in-chartering of vessels that is necessary to operate its 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 calculation)
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 September 30, 2026, 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 |
|
Nine Months Ended |
||||
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|
In thousands of |
|
|
|
|
|
|
|
|
|
Net income |
|
16,348 |
|
12,786 |
|
100,447 |
|
28,640 |
|
Interest income |
|
(214) |
|
(188) |
|
(693) |
|
(603) |
|
Interest expense and finance costs |
|
1,042 |
|
1,744 |
|
4,869 |
|
3,721 |
|
Income tax |
|
44 |
|
137 |
|
105 |
|
202 |
|
Depreciation |
|
9,194 |
|
8,755 |
|
27,713 |
|
24,308 |
|
Amortization of deferred drydock expenditures |
|
1,725 |
|
1,621 |
|
5,299 |
|
3,799 |
|
EBITDA |
|
28,139 |
|
24,855 |
|
137,740 |
|
60,067 |
|
Gain on vessel sold |
|
— |
|
— |
|
(12,201) |
|
— |
|
Loss on extinguishment of debt |
|
— |
|
469 |
|
— |
|
469 |
|
Loss from equity method investments |
|
46 |
|
121 |
|
102 |
|
288 |
|
ADJUSTED EBITDA |
|
28,185 |
|
25,445 |
|
125,641 |
|
60,824 |
|
Plus: Vessel lease expense component |
|
605 |
|
2,183 |
|
1,552 |
|
7,725 |
|
ADJUSTED EBITDAR |
|
28,790 |
|
27,628 |
|
127,193 |
|
68,549 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income attributable to common stockholders to Adjusted earnings |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|
In thousands of |
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders |
|
16,348 |
|
12,143 |
|
100,447 |
|
26,733 |
|
Gain on vessel sold |
|
— |
|
— |
|
(12,201) |
|
— |
|
Loss on extinguishment of debt |
|
— |
|
469 |
|
— |
|
469 |
|
Adjusted earnings |
|
16,348 |
|
12,612 |
|
88,246 |
|
27,202 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share, basic |
|
0.40 |
|
0.31 |
|
2.16 |
|
0.67 |
|
Adjusted earnings per share, diluted |
|
0.40 |
|
0.31 |
|
2.15 |
|
0.67 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding, basic |
|
40,851,870 |
|
40,694,411 |
|
40,804,228 |
|
40,599,862 |
|
Weighted average number of shares outstanding, diluted |
|
40,999,114 |
|
40,712,341 |
|
41,001,711 |
|
40,740,174 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings for purposes of dividend calculation |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
In thousands of |
|
|
|
|
|
|
|
|
|
Adjusted earnings |
|
|
|
|
|
16,348 |
|
|
|
Unrealized gains |
|
|
|
|
|
— |
|
|
|
Adjusted earnings for purposes of dividend calculation |
|
|
|
|
|
16,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend to be paid |
|
|
|
|
|
11,030 |
|
|
|
Dividend Per Share (DPS) |
|
|
|
|
|
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding as of November 3, 2026 |
|
|
|
|
|
40,851,870 |
|
|
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; the Company's future strategic priorities; fleet expansion and vessel and business acquisitions and divestitures, and the timing and pricing thereof; global and regional economic and political conditions and trends; shipping market trends and market fundamentals, including tanker demand and supply and future spot and charter rates; the potential effects of tariffs, and other foreign policy activities, including sanctions, embargoes, and import and export restrictions 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 projections of spot and time charter trading of the Company's vessels; geopolitical conflicts and developments, including, among others, 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 |
View original content:https://www.prnewswire.com/news-releases/ardmore-shipping-corporation-announces-financial-results-for-the-three-and-nine-months-ended-september-30-2026-302927777.html
SOURCE Ardmore Shipping Corporation
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Ardmore Shipping's third-quarter 2026 earnings?
Ardmore Shipping earned $16.3 million attributable to common stockholders, or $0.40 per basic and diluted share, for the three months ended September 30, 2026. The comparable 2025 figures were $12.1 million and $0.30 per basic and diluted share.
How much is Ardmore Shipping's third-quarter 2026 dividend and when is it paid?
The dividend is $0.27 per common share, payable December 15, 2026, to shareholders of record November 27, 2026. The variable dividend policy pays two-thirds of Adjusted earnings calculated for dividend purposes.
What is Ardmore Shipping's remaining newbuilding payment schedule?
Estimated remaining payments total $257.8 million: $36.9 million for the balance of 2026, $9.2 million in 2027, $68.9 million in 2028, $119.7 million in 2029 and $23.1 million in 2030. These estimates are subject to change as construction progresses.
Why did Ardmore Shipping's nine-month 2026 adjusted earnings differ from net income?
The main driver was a $12.2 million gain on the sale of the Ardmore Engineer in June 2026. Nine-month Adjusted earnings were $88.2 million, compared with net income attributable to common stockholders of $100.4 million.