Ardmore Shipping (ASC) Q1 2026 earnings summary

Executive summary

• Adjusted earnings for Q1 2026 were $23.6 million, or $0.58 per share, up from $5.6 million or $0.14 per share in Q1 2025, with a declared dividend of $0.39 per share reflecting a new policy to pay out two-thirds of adjusted earnings.

• Strong TCE performance driven by Middle East disruptions, with MR tankers earning $33,705/day and chemical tankers $22,284/day in Q1 2026, and Q2 bookings at $52,100/day (55% fixed) for MR and $32,500/day (65% fixed) for chemical tankers.

• Strategic fleet investments include ordering two 40,500 dwt Handysize tankers with advanced features and options for two more, and selling a 2014 MR tanker for $35.5 million, with delivery in June 2026.

• Over $100 million invested in three vessel acquisitions, now valued 30%-35% higher, and continued execution of long-term strategy through targeted investments and opportunistic sales.

• Capital allocation remains dynamic, balancing reinvestment, increased dividends, and asset sales, with 20% of market cap returned to shareholders since 2022.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $37.3 million, up from $15.7 million in Q1 2025.

• Revenue for Q1 2026 was $87.9 million, a $13.9 million increase year-over-year.

• Vessel operating expenses were $17.8 million, with fleet operating expenses per day at $7,244.

• Cash breakeven reduced to $11,700/day, or $10,800/day excluding drydock CapEx.

• Existing fleet CapEx expected to decline to $8 million in 2026 from $30 million in 2025.

Outlook and guidance

• Market momentum is accelerating into Q2, with high TCE rates and strong booking levels; 2Q 2026 guidance: MR spot TCE at $52,100 (55% fixed), chemical tanker spot TCE at $32,500 (65% fixed).

• Revenue days expected at 2,300, with operating expenses of $17.5 million and capex guidance of $8 million for the fleet and $18 million for newbuilds in 2026.

• Post-conflict restocking and damaged refining capacity expected to support elevated trading activity for an extended period.

• Long-term fundamentals remain strong, with energy security and shifting refining capacity driving demand.

• No scheduled statutory drydocking days in Q2 2026.