Q3 2026 and nine months ended September 30, 2026
Filed Nov 3, 2026Ardmore Shipping Corporation Announces Financial Results For The Three and Nine Months Ended September 30, 2026
Third-quarter revenue, net income attributable to common stockholders, adjusted earnings, fleet TCE and Adjusted EBITDA were all higher than the comparable 2025 period. Fourth-quarter fixed spot TCE indications were materially above third-quarter levels, while the Company declared a $0.27 per common share dividend and reported $301.1 million in liquidity.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, net, three months ended September 30, 2026GAAP | $87.7M | – | an increase of $6.5 million |
| Revenue, net, nine months ended September 30, 2026GAAP | $291.8M | – | – |
| Voyage expenses, three months ended September 30, 2026GAAP | $34M | – | an increase of $5.5 million |
| Voyage expenses, nine months ended September 30, 2026GAAP | −$89.73M | – | – |
| Vessel operating expenses, three months ended September 30, 2026GAAP | $18.5M | – | an increase of $2.1 million |
| Vessel operating expenses, nine months ended September 30, 2026GAAP | −$55.26M | – | – |
| Total charter hire expenses, three months ended September 30, 2026GAAP | $1.3M | – | a decrease of $3.3 million |
| Depreciation expense, three months ended September 30, 2026GAAP | $9.2M | – | an increase of $0.4 million |
| Depreciation, nine months ended September 30, 2026GAAP | $27.71M | – | – |
| Amortization of deferred drydock expenditures, three months ended September 30, 2026GAAP | $1.7M | – | generally consistent |
| Corporate general and administrative expenses, three months ended September 30, 2026GAAP | $4.6M | – | a decrease of $0.7 million |
| Commercial and chartering expenses, three months ended September 30, 2026GAAP | $1.1M | – | consistent |
| Gain on vessel sold, nine months ended September 30, 2026GAAP | $12.20M | – | – |
| Interest expense and finance costs, three months ended September 30, 2026GAAP | $1M | – | a decrease of $0.7 million |
| Income before taxes and equity method investments, three months ended September 30, 2026GAAP | $16.44M | – | – |
| Income before taxes and equity method investments, nine months ended September 30, 2026GAAP | $100.7M | – | – |
| Net income attributable to common stockholders, three months ended September 30, 2026GAAP | $16.3M | – | – |
| Net income attributable to common stockholders, nine months ended September 30, 2026GAAP | $100.4M | – | – |
| Earnings per share, basic, three months ended September 30, 2026GAAP | $0.40 earnings per basic share | – | – |
| Earnings per share, diluted, three months ended September 30, 2026GAAP | $0.40 earnings per diluted share | – | – |
| Earnings per share, basic, nine months ended September 30, 2026GAAP | $2.46 earnings per basic share | – | – |
| Earnings per share, diluted, nine months ended September 30, 2026GAAP | $2.45 earnings per diluted share | – | – |
| Adjusted earnings, three months ended September 30, 2026non-GAAP | $16.3M | – | – |
| Adjusted earnings, nine months ended September 30, 2026non-GAAP | $88.2M | – | – |
| Adjusted earnings per share, basic, three months ended September 30, 2026non-GAAP | $0.40 Adjusted earnings per basic share | – | – |
| Adjusted earnings per share, diluted, three months ended September 30, 2026non-GAAP | $0.40 Adjusted earnings per diluted share | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $28.18M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $125.6M | – | – |
| Fleet TCE per day, three months ended September 30, 2026non-GAAP | $25,358 per day | – | an increase of $1,883 per day |
| Fleet TCE per day, nine months ended September 30, 2026non-GAAP | $30,643 per day | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $104.0M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MR TankersThe fourth-quarter average spot TCE rate was approximately $57,600 per day based on approximately 45% of total revenue days currently fixed. | $27,031 average spot TCE rate per day for the three months ended September 30, 2026 | – | – |
| Chemical TankersThe fourth-quarter average spot TCE rate was approximately $30,100 per day based on approximately 60% of total revenue days currently fixed. | $23,266 average spot TCE rate per day for the three months ended September 30, 2026 | – | – |
Q4 2026 as of November 3, 2026 outlook
- NoteMR tankers: average spot TCE rate is approximately $57,600 per day, based on approximately 45% of total revenue days currently fixed.
- NoteChemical tankers: average spot TCE rate is approximately $30,100 per day, based on approximately 60% of total revenue days currently fixed.
- NoteThe Company currently does not have any scheduled drydocking days in the fourth quarter of 2026.
- NoteEstimated remaining installment payments for six vessels under order or construction: $36.9 million in 2026 (Balance of the year), $9.2 million in 2027, $68.9 million in 2028, $119.7 million in 2029, and $23.1 million in 2030.
Capital returns
- The Board of Directors declared a cash dividend on November 3, 2026, of $0.27 per common share for the quarter ended September 30, 2026.
- The dividend will be paid on December 15, 2026, to all shareholders of record on November 27, 2026.
- Dividend to be paid: 11,030 (in thousands of U.S. Dollars).
- Payment of common share dividends for the nine months ended September 30, 2026: (51,852) (in thousands of U.S. Dollars).
- The Company's variable dividend policy is to pay out dividends on common shares equal to two-thirds of Adjusted earnings.
What drove it
- Higher spot charter rates increased third-quarter revenue by $11.1 million.
- A reduction in spot revenue days decreased third-quarter revenue by $8.4 million.
- Increased employment of vessels under time charters increased third-quarter revenue by $3.8 million.
- The average number of operating vessels was 24.6 for the three months ended September 30, 2026, compared to 26.8 for the three months ended September 30, 2025.
- Revenue days derived from time charters increased to 502 from 378.
- The nine-month adjusted earnings variance was principally driven by the $12.2 million gain on the sale of the Ardmore Engineer in June 2026.
- Charter hire expense declined because the Company had one chartered-in vessel for most of the third quarter of 2026, compared with four in the comparable 2025 quarter.
Concerns
- Voyage expenses increased primarily due to higher bunker prices, partially offset by a decrease in spot revenue days.
- The Company stated that conflicts in the Middle East have significantly disrupted shipping transits via the Strait of Hormuz and increased security concerns and uncertainty.
- The Company stated that changes in or resolution of geopolitical conflicts may reverse trading patterns or significantly decrease tanker demand, rates and values.
- The Company cited uncertainty regarding future vessel demand, trade routes, rates and operating costs amid tariffs, port fees and broader geopolitical and economic uncertainty.
- The Company cautioned that it must charter remaining fourth-quarter 2026 revenue days in the spot market.
What to watch
- Fixing of the remaining fourth-quarter revenue days for MR tankers and chemical tankers.
- The approximately $57,600 per day MR tanker and approximately $30,100 per day chemical tanker fourth-quarter spot TCE rates currently fixed.
- Completion and financial effect of the Ardmore Endeavour sale, which was agreed at $34.3 million and delivered to the buyer in October 2026.
- Newbuilding installment payments totaling $257.8 million for six vessels, with deliveries scheduled from late 2028 and onwards.
- Potential changes in tanker demand, rates, vessel values, routes and operating costs related to geopolitical disruptions and trade policy.
Balance sheet and cash flow
- Liquidity as of September 30, 2026 was $301.1 million, including cash and cash equivalents of $47.5 million and amounts available and undrawn under revolving credit facilities of $253.6 million.
- Cash and cash equivalents were 47,481 (in thousands of U.S. Dollars) as of September 30, 2026, compared with 46,845 (in thousands of U.S. Dollars) as of December 31, 2025.
- Non-current portion of long-term debt was 61,215 (in thousands of U.S. Dollars) as of September 30, 2026, compared with 127,000 (in thousands of U.S. Dollars) as of December 31, 2025.
- Net cash provided by operating activities for the nine months ended September 30, 2026 was 103,968 (in thousands of U.S. Dollars), compared with 55,434 (in thousands of U.S. Dollars).
- Net cash provided by investing activities for the nine months ended September 30, 2026 was 14,304 (in thousands of U.S. Dollars), compared with net cash used in investing activities of (119,039) (in thousands of U.S. Dollars).
- Net cash used in financing activities for the nine months ended September 30, 2026 was (117,636) (in thousands of U.S. Dollars), compared with net cash provided by financing activities of 63,674 (in thousands of U.S. Dollars).
- Proceeds from sale of vessels, net, were 35,145 (in thousands of U.S. Dollars) for the nine months ended September 30, 2026.
- Advances for vessels under construction were (18,662) (in thousands of U.S. Dollars) for the nine months ended September 30, 2026.
Analysis
Ardmore reported a stronger third quarter. Revenue, net was $87.7 million versus $81.2 million, while net income attributable to common stockholders rose to $16.3 million from $12.1 million. Adjusted earnings increased to $16.3 million from $12.6 million and Adjusted EBITDA increased to 28,185 (in thousands of U.S. Dollars) from 25,445 (in thousands of U.S. Dollars). The nine-month result was substantially higher, with net income attributable to common stockholders of $100.4 million and adjusted earnings of $88.2 million, although the nine-month adjusted earnings reconciliation excludes a $12.2 million gain on the sale of the Ardmore Engineer.
The revenue increase reflected pricing and mix rather than fleet growth. Higher spot charter rates added $11.1 million of revenue and increased time-charter employment added $3.8 million, more than offsetting an $8.4 million revenue reduction from fewer spot revenue days. Fleet TCE increased to $25,358 per day from $23,475 per day. The average operating fleet declined to 24.6 vessels from 26.8, spot revenue days declined to 1,715 from 1,938, and time-charter revenue days increased to 502 from 378.
Costs rose in several operating categories, especially voyage expenses, which increased to $34.0 million from $28.5 million due primarily to higher bunker prices. Vessel operating expenses rose to $18.5 million from $16.4 million, reflecting a full quarter of costs for three vessels added late in the third quarter of 2025. These pressures were partly offset by charter hire expense falling to $1.3 million from $4.6 million, corporate general and administrative expense falling to $4.6 million from $5.3 million, and interest expense and finance costs declining to $1.0 million from $1.7 million.
The fourth-quarter booking indications are the central operating datapoint. MR tanker spot TCE was approximately $57,600 per day on approximately 45% fixed revenue days, compared with $27,031 per day in the third quarter. Chemical tanker spot TCE was approximately $30,100 per day on approximately 60% fixed revenue days, compared with $23,266 per day in the third quarter. The Company also stated that no drydocking days are scheduled in the fourth quarter of 2026.
Capital allocation paired shareholder distributions with fleet renewal. The Company declared a $0.27 per common share dividend, with 11,030 (in thousands of U.S. Dollars) to be paid. Liquidity was $301.1 million, including $47.5 million of cash and cash equivalents and $253.6 million of undrawn revolving-facility availability. Ardmore paid $18.4 million in third-quarter installments for two newbuildings and listed estimated remaining payments of $257.8 million for six vessels. Geopolitical disruption, bunker costs, uncertainty around trade policy, and the unfixed fourth-quarter revenue days remain material variables for tanker demand, rates and operating costs.
Management, verbatim
Already-strong market momentum has accelerated into the fourth quarter, with MR spot bookings at a large multiple of our cash breakeven.
Gernot Ruppelt, Chief Executive Officer
We continue to execute our capital allocation policy in a disciplined manner; returning capital to shareholders equal to two-thirds of Adjusted earnings while simultaneously investing in value-driven fleet renewal and growth.
Gernot Ruppelt, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Formal revenue, gross margin, operating expense and tax-rate guidance was not reported.
- Prior-quarter comparisons for reported third-quarter metrics were not reported.
- Segment revenue for MR tankers and chemical tankers was not reported.
- A current portion of long-term debt was not separately reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.