Ardmore Shipping Corporation announced a net income of $9.3 million for the three months ended December 31, 2025. This figure represents an increase from the $5.1 million in net income reported for the same period in 2024.
The company stated that its adjusted earnings for the final quarter reached $11.6 million, or $0.28 per share. For the full year of 2025, Ardmore Shipping reported adjusted earnings of $38.8 million, compared to $119.5 million in the prior year.
The board of directors declared a cash dividend of $0.09 per common share on February 12, 2026. This payment is scheduled for March 13 to shareholders of record as of February 27.
Ardmore Shipping noted that the primary reason for the 2024 earnings variance was a $12.3 million gain from the sale of the Ardmore Seafarer in April 2024. The company currently operates a fleet of 26 vessels, including 20 MR tankers and six chemical tankers.
Medium range (MR) tankers earned an average spot rate of $25,257 per day during the fourth quarter. Chemical tankers earned an average of $19,948 per day during the same period, according to the company.
Chief Executive Officer Gernot Ruppelt said, "Ardmore delivered a strong finish to 2025 and is carrying that momentum into the start of 2026, with earnings benefiting from increased revenue days." He attributed the growth to the expansion of the owned fleet and the completion of scheduled maintenance.
The company expects MR tankers to earn approximately $29,100 per day in the first quarter of 2026 based on half of the revenue days being fixed. Chemical tankers are estimated by the company to earn roughly $20,800 per day with thirty per cent of days fixed.
Freight markets have continued to rally due to long-term structural trends and geopolitical dynamics, according to Ardmore Shipping. The company mentioned that the Russia-Ukraine conflict and tensions in the Middle East have contributed to volatility and increases in spot rates.
On October 31, 2025, the company fully redeemed all remaining shares of its series A preferred stock for $30.6 million. This transaction resulted in a loss on extinguishment of $2.2 million because the redemption price exceeded the carrying amount.
Revenue for the fourth quarter was $82.9 million, a slight rise from $82 million in the previous year. Vessel operating expenses increased to $19.1 million from $15.1 million, which the company attributed to adding three vessels to the fleet.
Ardmore Shipping stated it is capturing market conditions through strong spot market exposure. The company also secured selective “high-quality” term charters, including a twelve-month charter for a 2013-built MR tanker at $26,000 per day starting in March 2026.
As of December 31, 2025, the company reported total liquidity of $272.2 million. This included $46.8 million in cash and $225.4 million available under revolving credit facilities.
