Ardmore Shipping Corporation reported adjusted earnings of $12.6 million, or $0.31 per share, for the three months ended September 30, 2025. This represents a decline from the adjusted earnings of $23.3 million, or $0.55 per share, reported in the same period of 2024. GAAP net income attributable to common stockholders was $12.1 million for the quarter.
For the first nine months of 2025, adjusted earnings were $27.2 million, compared to $109.3 million in the first nine months of 2024.
Gernot Ruppelt, the company's CEO, commented, “Earnings have increased throughout the third quarter and into the fourth, driven by record volumes of refined product on the water.”
He noted that spot tanker rates have remained strong, driven by long-term sectoral trends and healthy refining margins, with geopolitical events adding momentum.
During the quarter, Ardmore took delivery of three Korean-built MR tankers, acquired for a total of $103.9 million. The acquisitions were financed by cash on hand and bank debt. On October 31, 2025, the company also fully redeemed all outstanding shares of its Series A preferred stock for $30.6 million.
In the third quarter, Ardmore's MR tankers earned an average spot TCE rate of $24,697 per day, while its chemical tankers earned $22,611 per day. For the fourth quarter, approximately 40 per cent of MR tanker days are fixed at an average rate of $24,900 per day, and 35 per cent of chemical tanker days are fixed at $22,200 per day.
Consistent with its variable dividend policy, the board of directors declared a cash dividend of $0.10 per common share for the third quarter, payable on December 12, 2025.
