Ardmore Shipping Corporation reported net income attributable to common stockholders of $5.1 million, or $0.12 per basic and diluted share, for the three months ended December 31, 2024. This compares to $26.1 million, or $0.63 per share, for the same period in 2023.
For the full year ended December 31, 2024, the company's net income attributable to common stockholders was $128.6 million, or $3.09 per basic share, an increase from $113.4 million, or $2.76 per share, in 2023. Revenue for Q4 2024 was $82.0 million, a decrease from $98.9 million in Q4 2023, primarily due to lower spot rates.
The average Time Charter Equivalent (TCE) rate for the fleet in Q4 2024 was $22,353 per day, a decrease from $29,702 per day in Q4 2023. For Q1 2025, Ardmore expects 55% of its MR tanker spot revenue days to be fixed at approximately $23,200 per day, while chemical tankers are 40% fixed at approximately $14,000 per day.
The Board of Directors declared a cash dividend of $0.08 per common share for the quarter ended December 31, 2024, a reduction from the previous quarter's dividend. As of December 31, 2024, the company maintained a liquidity position of $243.4 million, including $47.0 million in cash and $196.4 million undrawn under revolving credit facilities.
Interest expense and finance costs decreased by $1.6 million in Q4 2024 due to debt reduction and the conversion of the company's term loan into a fully revolving facility. The company also recognized an impairment loss of $4.4 million related to its equity method investment in Element 1 Corporation and a $0.7 million loss on extinguishment of preferred stock.
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