Ardmore Shipping (ASC) Q2 2026 earnings summary

Executive summary

• Adjusted earnings for Q2 2026 were $48.3 million ($1.18 per share), reflecting strong market conditions and robust TCE rates.

• Net income attributable to common stockholders was $60.5 million ($1.48 per share), up from $9.0 million ($0.22 per share) in Q2 2025, driven by higher spot charter rates and a $12.2 million gain on vessel sale.

• Declared a dividend of $0.79 per share, maintaining a policy of distributing two-thirds of adjusted earnings and a yield of approximately 20%.

• Exercised options for two additional Handysize tanker newbuildings, bringing the total order to four vessels, with deliveries starting in late 2028.

• Continued capital returns to shareholders while investing in fleet expansion and innovation.

Financial highlights

• Q2 2026 EBITDAR was $61.1 million, with adjusted EBITDA at $60.6 million, both up significantly year-over-year.

• MR tankers earned $51,900 per day and chemical tankers $26,900 per day in Q2 2026.

• Operating expenses were $19.0 million in Q2 2026, with depreciation and amortization at $10.9 million.

• Operating cash breakeven remains low at $10,800 per day.

• Liquidity as of June 30, 2026, was $342.1 million, including $48.1 million in cash and $294.0 million undrawn credit.

Outlook and guidance

• Market conditions remain highly supportive, with positive fundamentals and ongoing Middle East disruptions boosting demand.

• 3Q 2026 indicative guidance: MR spot TCE $29,600 (45% fixed), Chemical Tanker spot TCE $25,000 (50% fixed).

• Elevated refining margins and record-high U.S. Gulf exports are expected to sustain strong TCE rates.

• Anticipated restocking cycle and IEA-projected oil supply growth through 2027 support extended demand.

• Long-term oil demand growth forecasted through 2050 by the IEA.