Ardmore Shipping Corporation announced net income attributable to common stockholders of $5.6 million, or $0.14 per basic and diluted share, for the three months ended March 31, 2025. This compares to $38.4 million, or $0.93 per share, for the same period in 2024.
Revenue for the first quarter of 2025 was $74.0 million, a decrease of $32.3 million from $106.3 million in Q1 2024, primarily due to decreases in spot rates and spot revenue days. The average Time Charter Equivalent (TCE) rate for the fleet was $20,542 per day, down from $34,720 per day in Q1 2024.
For Q2 2025, Ardmore expects 50% of its MR tanker spot revenue days to be fixed at approximately $22,100 per day, while chemical tankers are 60% fixed at approximately $19,500 per day. The company declared a cash dividend of $0.05 per common share for Q1 2025, a further reduction from the previous quarter.
Ardmore maintained a liquidity position of $253.9 million as of March 31, 2025, with $47.4 million in cash and $206.5 million undrawn under revolving credit facilities. Interest expense and finance costs decreased by $1.6 million due to the full conversion of the term loan into a revolving facility in March 2024.
The company also announced the appointment of John Russell as Chief Financial Officer, effective July 1, 2025. In March 2025, Ardmore time chartered-in and time chartered-out an MR tanker, generating a $2.0 million spread over 12 months, and fixed two seasonal time-charter outs until November at an average rate of $22,000 per day.
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