Ardmore Shipping Posts Q1 $23.6M Income, Doubles Dividend; Orders Two 40,500 dwt Tankers
Ardmore Shipping posted Q1 adjusted net income of $23.6 million ($0.58 per share), versus $5.6 million ($0.14) a year ago, and declared a $0.39 quarterly dividend. It contracted two 40,500 dwt Handysize tankers at $44.9 million each with options for two more and sold the Ardmore Engineer for $35.5 million.
1. First Quarter 2026 Results
Ardmore Shipping reported adjusted net income of $23.6 million for Q1 2026, or $0.58 per basic and diluted share, compared with $5.6 million, or $0.14 per share, in Q1 2025. This reflects strong freight rate environments and higher utilization across its MR and chemical tanker fleet.
2. Newbuildings and Vessel Sale
In April 2026 the company signed contracts with Wuhu Shipyard for two 40,500 dwt Handysize product/chemical tankers at $44.9 million each, including options for two additional vessels and full IMO2 specifications. Ardmore also agreed to sell the 2014-built Ardmore Engineer for $35.5 million, with delivery to the buyer expected in June.
3. Dividend Policy and Spot Rates
The Board increased the dividend payout ratio to two-thirds of adjusted earnings, declaring a $0.39 per share cash dividend payable June 12. During Q1 MR tankers earned an average spot TCE of $33,705 per day (55% fixed for Q2 at $52,100), while chemical tankers averaged $22,284 per day (65% fixed at $32,500).