Ardmore Shipping Corporation reported net income attributable to common stockholders of $9.0 million, or $0.22 per basic and diluted share, for the three months ended June 30, 2025. This compares to $61.8 million, or $1.48 per share, for the same period in 2024.
Revenue for Q2 2025 was $72.0 million, a decrease of $49.3 million from $121.3 million in Q2 2024, primarily due to lower spot rates and fewer spot revenue days. The average Time Charter Equivalent (TCE) rate for the fleet was $22,468 per day, down from $37,762 per day in Q2 2024.
For Q3 2025, Ardmore anticipates strengthening momentum, with MR tankers 50% fixed at approximately $24,650 per day and chemical tankers 65% fixed at approximately $21,650 per day. The company declared a cash dividend of $0.07 per common share for Q2 2025, an increase from the previous quarter.
Ardmore closed a new $350 million revolving credit facility in July 2025, secured by 20 owned vessels, priced at SOFR plus 1.80% margin, and maturing in 2031. This facility enhances financial flexibility and supports the company's low cash breakeven.
The company also agreed to acquire three modern, Korean-built MR tankers for $103.9 million, with deliveries expected in Q3 2025. This includes one 2020-built scrubber-installed vessel for $38.3 million and two 2017-built vessels for $32.8 million each, to be financed by cash and revolving credit facilities.
Furthermore, Ardmore secured a three-year time charter for a chemical tanker at $19,250 per day and two short-term fixed-rate charters for MR tankers at an average rate of $22,500 per day. The company also recorded a $12.3 million gain on the sale of the Ardmore Seafarer in April 2024 and a $1.4 million gain on extinguishment of finance leases in Q2 2024 related to early prepayment for the Ardmore Seawolf and Ardmore Seahawk.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.