Ardmore Shipping Corporation reported third‑quarter 2025 results that beat consensus revenue and earnings estimates while posting a year‑over‑year decline in net income. Revenue fell to $81.2 million, a $14.9 million drop from $96.1 million in Q3 2024, yet it surpassed analyst expectations of roughly $47–53 million. Net income attributable to common shareholders was $12.8 million, or $0.30 per share, compared with $24.1 million ($0.55 per share) in the same quarter a year earlier. The earnings beat—$0.03 per share above the $0.27 consensus—was driven largely by disciplined cost management and a favorable mix of time‑charter activity that offset weaker spot rates.
The company’s time‑charter portfolio expanded dramatically, with 378 charter days in Q3 2025 versus 92 in Q3 2024. While the fact‑check does not confirm a precise revenue lift, the increase in charter days contributed to a $4.7 million rise in time‑charter revenue, helping to cushion the impact of lower spot rates. Spot revenue days declined, reflecting softer market conditions and tighter freight demand across the product and chemical tanker segments.
Average daily TCE rates for MR tankers rose to $25,538 in Q3 2025, up from $20,942 in Q1 2025, indicating a modest pricing recovery in the medium‑range segment. Chemical tanker rates climbed to $22,611, above the $21,604 recorded in Q3 2024, reflecting stronger demand for specialty chemicals amid supply chain disruptions. These rate gains helped support revenue growth in the face of a challenging spot market.
Ardmore maintained its dividend policy, declaring a quarterly dividend of $0.10 per share, the twelfth consecutive payment. The company also redeemed all outstanding Series A preferred shares for $30.6 million on October 31, reinforcing its commitment to returning capital to shareholders. Liquidity remained robust, with $296 million in available liquidity—$47 million in cash and $249 million in undrawn credit—providing a cushion for future fleet expansion and market volatility.
CEO Gernot Ruppelt noted that “earnings have continued to strengthen through the first half of 2025 and into the third quarter,” underscoring the company’s focus on fuel‑efficient operations and strategic capital allocation. He highlighted the firm’s disciplined operating leverage, which has allowed Ardmore to maintain profitability despite a 15 % decline in spot rates. The company’s fleet modernization, including the acquisition of three new MR tankers in Q3 2025, is expected to lower average fleet age and improve fuel efficiency, positioning Ardmore for long‑term resilience in a volatile market.
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