Ardmore Shipping reports sharp fall in Q2 and 1H 2025 revenue and profit

Ardmore Shipping Corporation has reported a steep decline in earnings for the second quarter of 2025, with both revenue and profit falling significantly from the highs of the previous year.

The drop was primarily driven by significantly lower average time charter equivalent (TCE) rates, which were pegged at $22,468 per day for the three months ended June 30, dipping from the daily rate of $37,762 during the same period in 2024.

For the three months ending June 30, the Ireland-based company posted revenues of $72 million, a sharp decrease from the $121.3 million recorded in the same quarter of 2024. This led to a net income attributable to common stockholders of $9 million, compared to $61.8 million in the prior-year period.

Key outgoings also shifted, with voyage expenses decreasing to $25.2 million from $34.7 million, while vessel operating expenses saw a slight reduction to $15.4 million.

The trend was similar for the first half of the year, with revenues falling to $146 million from $227.6 million in the first half of 2024, and net income dropping to $14.6 million from $100.2 million.

Despite the year-on-year decline, Chief Executive Officer Gernot Ruppelt noted that "earnings have continued to strengthen through the first half of 2025 and into the third quarter."

The company has been active recently, agreeing to acquire three MR tankers for an aggregate price of $103.9 million and closing a new $350 million revolving credit facility.

Ardmore also declared a quarterly cash dividend of $0.07 per common share, consistent with its policy of returning one-third of adjusted earnings to shareholders, it said.