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 and a new policy to pay out two-thirds of adjusted earnings.

• Strong TCE performance: MR tankers earned $33,700–$33,705/day in Q1 and $52,100/day so far in Q2 (55% booked); chemical tankers earned $22,284–$22,300/day in Q1 and $32,500/day so far in Q2 (65% booked).

• 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.

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

• Over $100 million invested in three vessel acquisitions, now valued 30%-35% higher.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $36.8–$37.3 million, up from $15.7–$18.5 million in Q1 2025.

• Vessel operating expenses were $17.8 million, with depreciation and amortization at $11.2 million.

• Net interest expense increased to $2.0 million.

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

• Operating leverage remains strong: every $10,000/day increase in TCE rates adds nearly $2/share in annual earnings.

Outlook and guidance

• 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.

• Market momentum is accelerating into Q2, with high TCE rates and strong booking levels.

• Market tightness expected to persist due to inventory rebuilding, refinery restart lead times, and post-conflict restocking.

• No scheduled statutory drydocking days in Q2 2026.