• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2025

    5/7/25 8:00:00 AM ET
    $ASC
    Marine Transportation
    Consumer Discretionary
    Get the next $ASC alert in real time by email

    HAMILTON, Bermuda, May 7, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2025.

    Highlights and Recent Activity

    • Reported Adjusted earnings and net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)
    • Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on May 7, 2025, of $0.05 per common share for the quarter ended March 31, 2025. The dividend will be paid on June 13, 2025, to all shareholders of record on May 30, 2025.
    • MR tankers earned an average TCE rate of $20,942 per day for the three months ended March 31, 2025. Chemical tankers earned an average TCE rate of $14,975 per day for the three months ended March 31, 2025. Based on approximately 50% of total revenue days currently fixed for the second quarter of 2025, the average TCE rate is approximately $22,100 per day for MR tankers; based on approximately 60% of revenue days fixed for the second quarter of 2025, the average TCE rate for chemical tankers is approximately $19,500 per day.
    • The Company is pleased to announce that, effective January 1, 2026, Mr. Robert Gaina (currently Senior Vice President, Commercial) will assume the role of Chief Operating Officer concurrent with Mr. Mark Cameron's long-planned retirement. Mr. Cameron has been a member of Ardmore's management since the Company was founded in 2010, and he has been instrumental in building the Company's technical management foundations and strategic operating activities. Mr. Gaina has served Ardmore for ten years in multiple commercial and operational leadership roles following a seagoing career, including sailing as Master Mariner on product and chemical tankers. He holds a Global Executive MBA from Erasmus University, Rotterdam School of Management, and a B.S. from the Maritime Academy in Constanza. As Chief Operating Officer, Mr. Gaina will be responsible for the Company's fully integrated chartering, commercial operations, and technical management activities.   

    As anticipated during last year's appointment of Mr. Bart Kelleher as the Company's President, the Company has conducted a process for a replacement to Mr. Kelleher in his role as the Company's Chief Financial Officer and announces that Mr. John Russell will be appointed as Chief Financial Officer effective July 1, 2025, and will continue to report to Mr. Kelleher. Mr. Russell has served as the Company's Finance Director since joining Ardmore in 2018 and has been responsible for key financial functions, including treasury, financing, and financial analysis. Mr. Russell is a Chartered Accountant and holds an M.S. in Financial Services from University of Limerick and a B.S. in Finance from University College Cork.

    Gernot Ruppelt, Chief Executive Officer, commented, "We are extremely grateful for Mark's many years of service and his countless valuable contributions in developing our technical and operating platform. And, as a colleague, he certainly will be missed. At the same time, we are pleased to see two highly talented team members, Robert and John, step into their expanded leadership roles and take on added responsibility as Ardmore's new COO and CFO, respectively. Once again, Ardmore has been able to promote from within, building on the individuals' long standing performance records and the Company's strong and dynamic culture."

    •  Mr. Ruppelt further commented on current market conditions and Ardmore's positioning:

    "Ardmore's deliberate strategic choices in past and present have ensured the Company is well prepared for an increasingly complex global environment. And our consistent focus on low breakeven levels, tight cost management and maximizing TCE results have put Ardmore in a unique position to perform under a wide range of market scenarios.

    Broader freight levels have remained resilient, and OPEC production increases should continue to boost already strong refining margins. At the same time, the industry is facing the oldest global fleet in decades. With Ardmore's modern, highly efficient fleet of Korean and Japanese-built tankers, we continue to capture a broad range of oil product flows and interchangeably chemical cargos. In addition, our nimble operating philosophy enables us to capture value through opportunistic chartering activity. Meanwhile, we continue to address all our capital allocation priorities in a dynamic manner.  

    In an ever-evolving macro environment, our strong balance sheet, our quality fleet and operating performance as well as deliberate strategic choices focused on generating long-term shareholder value will remain at the very core of our business philosophy."

    Summary of Recent and First Quarter 2025 Events

    Fleet

    Fleet Operations and Employment

    As of March 31, 2025, the Company had 26 vessels in operation (including four chartered-in vessels), consisting of 20 MR tankers (16 owned Eco-Design and four chartered-in Eco-Mod) ranging in size from 45,000 deadweight tonnes ("dwt") to 49,999 dwt and six owned Eco-Design IMO 2 product/chemical tankers ranging in size from 25,000 dwt to 37,800 dwt.

    MR Tankers (45,000 dwt – 49,999 dwt)

    At the end of the first quarter of 2025, the Company had 20 MR tankers in operation, all but one of which was trading in the spot market.

    Below is a summary of the average daily MR Tanker TCE rates earned during the first quarter of 2025 and thus far in the second quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the second quarter:













    Number of

    Vessels

    1Q 2025

    Average Daily TCE

    2Q 2025

    As of May 7, 2025







    TCE

    % Fixed

    MR Eco-Design

    16

    $21,548

    $21,600

    50 %

    MR Eco-Mod

    4

    $20,357

    $23,650

    50 %

    MR Combined

    20

    $20,942

    $22,100

    50 %

    In March 2025, we time chartered-in and time chartered-out an MR tanker representing a spread of $2.0 million over 12 months. Additionally, we fixed two seasonal time-charter outs until November at an average rate of $22,000 per day. 

    Product / Chemical Tankers (IMO 2: 25,000 dwt – 37,800 dwt)

    At the end of the first quarter of 2025, the Company had six Eco-Design IMO 2 product / chemical tankers in operation, all of which were trading in the spot market.

    Below is a summary of the average daily Chemical Tanker TCE rates earned during the first quarter of 2025 and thus far in the second quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the second quarter:













    Number of

    Vessels

    1Q 2025

    Average Daily

    TCE

    2Q 2025

    As of May 7, 2025







    TCE

    % Fixed

    Chemical Tankers

    6

    $14,975

    $19,500

    60 %

    Drydocking

    The Company had 212 drydocking days in the first quarter of 2025. The Company is currently scheduled to have approximately 177 drydocking days in the second quarter of 2025.

    Dividend on Common Shares

    Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, as calculated for dividends (see Adjusted earnings (for purposes of dividend calculations) in the Non-GAAP Measures section), the Board of Directors declared a cash dividend on May 7, 2025 of $0.05 per common share for the quarter ended March 31, 2025. The dividend will be paid on June 13, 2025, to all shareholders of record on May 30, 2025.

    Geopolitical Conflicts

    The ongoing Russia-Ukraine war has disrupted energy supply chains, caused instability and significant volatility in the global economy and resulted in economic sanctions by several nations. The ongoing conflict has contributed significantly to increases in spot tanker rates.

    Geopolitical tensions have increased since commencement of the Israel-Hamas war in October 2023. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks decreased in the first quarter of 2025, the situation remains volatile. Military and other intervention intended to reduce or stop the attacks, including airstrikes targeting Houthi rebels could escalate hostilities in the region. Further escalation or expansion of hostilities in the Middle East or elsewhere could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for the Company's services.

    Geopolitical and Economic Uncertainty

    In recent months, governments have taken actions to implement new or increased tariffs on foreign imports. These activities have resulted in tariffs being levied on various goods and commodities, which may trigger an escalation of trade wars. These actions have been disruptive to global markets, resulting in significant volatility in stock and commodity prices and an increase in general global economic uncertainty, including an increased risk of economic recessions. As a result of this rapidly changing and unpredictable geopolitical climate, the shipping industry is experiencing uncertainty as to future vessel demand, trade routes, rates and operating costs.

    Results for the Three Months Ended March 31, 2025 and 2024

    The Company reported net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, as compared to net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024.

    Management's Discussion and Analysis of Financial Results for the Three Months Ended March 31, 2025 and 2024

    Revenue. Revenue for the three months ended March 31, 2025 was $74.0 million, a decrease of $32.3 million from $106.3 million for the three months ended March 31, 2024.

    The Company's average number of operating vessels was 26.0 for the three months ended March 31, 2025, consistent with 26.0 for the three months ended March 31, 2024.  

    The Company had 1,995 spot revenue days for the three months ended March 31, 2025, as compared to 2,214 for the three months ended March 31, 2024. The Company had 25 vessels employed directly in the spot market as of March 31, 2025 in line with 25 vessels as of March 31, 2024. Decreases in spot rates during the three months ended March 31, 2025 resulted in a decrease in revenue of $23.6 million, while the decrease in spot revenue days resulted in a decrease in revenue of $10.4 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.

    The Company had one product tanker employed under time charter as of March 31, 2025 as consistent with one as of March 31, 2024. There were 90 revenue days derived from time charters for the three months ended March 31, 2025, as compared to 29 revenue days for the three months ended March 31, 2024. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of $1.7 million for the three months ended March 31, 2025.

    Voyage Expenses. Voyage expenses were $31.0 million for the three months ended March 31, 2025, an increase of $0.5 million from $30.5 million for the three months ended March 31, 2024. The net increase is primarily due to a $3.6 million increase in port, agency and broker commission costs, and a $3.1 million decrease from lower bunker consumption.

    TCE Rate. The average TCE rate for the Company's fleet was $20,542 per day for the three months ended March 31, 2025, a decrease of $14,178 from $34,720 per day for the three months ended March 31, 2024. TCE rates represent net revenues (a non-GAAP measure representing revenue less voyage expenses) divided by revenue days. Net revenue utilized to calculate TCE is determined on a discharge-to-discharge basis, which is different from how the Company records revenue under U.S. GAAP.

    Vessel Operating Expenses. Vessel operating expenses were $15.2 million for the three months ended March 31, 2025, an increase of $0.3 million from $14.9 million for the three months ended March 31, 2024. The increase reflects the timing of vessel operating expenses between quarters. Vessel operating expenses, by their nature, can be prone to fluctuations between periods.

    Charter Hire Costs. Total charter hire expense was $5.8 million for the three months ended March 31, 2025, an increase of $0.4 million from $5.4 million for the three months ended March 31, 2024. This increase is as a result of higher charter hire rates during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Total charter hire expense for the three months ended March 31, 2025 was comprised of an operating expense component of $3.0 million and a vessel lease expense component of $2.8 million (March 31, 2024: $2.8 million and $2.6 million, respectively).

    Depreciation. Depreciation expense for the three months ended March 31, 2025 was $7.7 million, an increase of $0.7 million from $7.0 million for the three months ended March 31, 2024. This increase is primarily attributable to the purchase of the Ardmore Gibraltar in April 2024 and the Ardmore Seafarer being classified as held for sale in February 2024 and subsequently sold in April 2024.

    Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended March 31, 2025 was $0.9 million, generally consistent with $0.8 million for the three months ended March 31, 2024. Deferred drydocking costs for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

    General and Administrative Expenses: Corporate. Corporate-related general and administrative expenses for the three months ended March 31, 2025 were $5.0 million, generally consistent with $5.1 million for the three months ended March 31, 2024.

    General and Administrative Expenses: Commercial and Chartering. Commercial and chartering expenses are the expenses attributable to Ardmore's chartering and commercial operations departments in connection with its spot trading activities. Commercial and chartering expenses for the three months ended March 31, 2025 were $1.2 million, generally consistent with $1.1 million for the three months ended March 31, 2024.

    Interest Expense and Finance Costs. Interest expense and finance costs for the three months ended March 31, 2025 were $0.9 million, a decrease of $1.6 million from $2.5 million for the three months ended March 31, 2024. The decrease in costs was due to the reduction of the average outstanding debt balance due to the conversion of the Company's term loan into a fully revolving facility in March 2024. The current flexibility of the Company's revolving facilities, with only $20.5 million drawn down as of March 31, 2025, has minimized the impact on the Company of the elevated interest rate environment. Amortization of deferred finance fees for the three months ended March 31, 2025 was $0.3 million, consistent with $0.3 million for the three months ended March 31, 2024.

    Liquidity

    As of March 31, 2025, the Company had $253.9 million in liquidity available, with cash and cash equivalents of $47.4 million (December 31, 2024: $47.0 million) and amounts available and undrawn under its revolving credit facilities of $206.5 million (December 31, 2024: $196.4 million). 

    Conference Call

    The Company plans to host a conference call on May 7, 2025, at 10:00 a.m. Eastern Time to discuss its financial results for the quarter ended March 31, 2025. All interested parties are invited to listen to the live conference call and review the related slide presentation by choosing from the following options:

    1. By dialing 800‑836‑8184 (U.S.) or 646-357-8785 (International) and referencing "Ardmore Shipping."
    2. By accessing the live webcast at Ardmore's website at www.ardmoreshipping.com.

    Participants should dial into the call 10 minutes before the scheduled time.

    If you are unable to participate at this time, an audio replay of the call will be available through May 14, 2025 at 888-660-6345 or 646-517-4150. Enter the passcode 70822 to access the audio replay. A recording of the webcast, with associated slides, will also be available on the Company's website. The information provided on the teleconference is only accurate at the time of the conference call, and the Company takes no responsibility for providing updated information.

    About Ardmore Shipping Corporation

    Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Ardmore provides, through its modern, fuel-efficient fleet of mid-size tankers, seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.

    Ardmore's core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the company grows. Ardmore provides its services to customers through voyage charters and time charters, and enjoys close working relationships with key commercial and technical management partners.

    Ardmore's Energy Transition Plan ("ETP") focusses on three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos. The ETP is an extension of Ardmore's strategy, building on its core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance.

     

    Ardmore Shipping Corporation

    Unaudited Condensed Consolidated Balance Sheets















    As of

    In thousands of U.S. Dollars, except as indicated



    March 31, 2025



    December 31, 2024

    ASSETS









    Current assets









    Cash and cash equivalents



    47,447



    46,988

    Receivables, net of allowance for bad debts of $1.6 million (2024: $1.9 million)



    47,741



    60,871

    Prepaid expenses and other assets



    5,056



    4,298

    Advances and deposits



    3,545



    3,084

    Inventories



    11,190



    11,308

    Total current assets



    114,979



    126,549











    Non-current assets









    Investments and other assets, net



    5,164



    5,236

    Vessels and vessel equipment, net



    540,317



    545,594

    Deferred drydock expenditures, net



    17,048



    14,252

    Advances for ballast water treatment and scrubber systems



    6,803



    4,845

    Deferred finance fees, net



    2,477



    2,746

    Operating lease, right-of-use asset



    3,631



    5,577

    Total non-current assets



    575,440



    578,250











    TOTAL ASSETS



    690,419



    704,799











    LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY









    Current liabilities









    Accounts payable



    9,734



    6,070

    Accrued expenses and other liabilities



    17,767



    18,313

    Deferred revenue



    197



    482

    Current portion of operating lease obligations



    3,162



    4,965

    Total current liabilities



    30,860



    29,830











    Non-current liabilities









    Non-current portion of long-term debt



    20,459



    38,796

    Non-current portion of operating lease obligations



    368



    476

    Other non-current liabilities



    273



    273

    Total non-current liabilities



    21,100



    39,545











    TOTAL LIABILITIES



    51,960



    69,375











    Redeemable Preferred Stock









    Cumulative Series A 8.5% redeemable preferred stock



    27,782



    27,782

    Total redeemable preferred stock



    27,782



    27,782











    Stockholders' equity









    Common stock



    442



    440

    Additional paid in capital



    476,458



    475,812

    Treasury stock



    (33,524)



    (33,524)

    Retained earnings



    167,301



    164,914

    Total stockholders' equity



    610,677



    607,642











    Total redeemable preferred stock and stockholders' equity



    638,459



    635,424











    TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY



    690,419



    704,799

     

    Ardmore Shipping Corporation

    Unaudited Condensed Consolidated Statements of Operations















    Three Months Ended

    In thousands of U.S. Dollars except per share and share data



    March 31, 2025



    March 31, 2024

    Revenue, net



    73,996



    106,301











    Voyage expenses



    (31,032)



    (30,548)

    Vessel operating expenses



    (15,196)



    (14,920)

    Time charter-in









    Operating expense component



    (3,039)



    (2,836)

    Vessel lease expense component



    (2,796)



    (2,609)

    Depreciation



    (7,653)



    (6,975)

    Amortization of deferred drydock expenditures



    (923)



    (756)

    General and administrative expenses









    Corporate



    (4,950)



    (5,067)

    Commercial and chartering



    (1,237)



    (1,063)

    Interest expense and finance costs



    (935)



    (2,526)

    Interest income



    108



    544











    Income before taxes



    6,343



    39,545











    Income tax



    (26)



    (79)

    Loss from equity method investments



    (64)



    (229)











    Net Income



    6,253



    39,237











    Preferred dividends



    (629)



    (848)











    Net Income attributable to common stockholders



    5,624



    38,389





















    Earnings per share, basic



    0.14



    0.93

    Earnings per share, diluted



    0.14



    0.92











    Adjusted earnings (1)



    5,624



    38,389

    Adjusted earnings per share, basic



    0.14



    0.93

    Adjusted earnings per share, diluted



    0.14



    0.92











    Weighted average number of shares outstanding, basic



    40,472,079



    41,371,887

    Weighted average number of shares outstanding, diluted



    40,620,908



    41,916,276































    (1)  Adjusted earnings is a non-GAAP measure and is defined and reconciled under the "Non-GAAP Measures" section.

     

    Ardmore Shipping Corporation

    Unaudited Condensed Consolidated Statements of Cash Flows















    Three Months Ended

    In thousands of U.S. Dollars



    March 31, 2025



    March 31, 2024

    CASH FLOWS FROM OPERATING ACTIVITIES



















    Net income



    6,253



    39,237

    Adjustments to reconcile net income to net cash provided by operating activities:









    Depreciation



    7,653



    6,975

    Amortization of deferred drydock expenditures



    923



    756

    Share-based compensation



    647



    826

    Amortization of deferred finance fees



    269



    260

    Operating lease ROU - lease liability, net



    35



    (7)

    Loss from equity method investments



    64



    229

    Deferred drydock payments



    (1,454)



    (1,275)

    Changes in operating assets and liabilities:









    Receivables



    13,130



    (4,111)

    Prepaid expenses and other assets



    (757)



    (997)

    Advances and deposits



    (460)



    3,778

    Inventories



    118



    624

    Accounts payable



    1,270



    3,010

    Accrued expenses and other liabilities



    (1,518)



    (1,074)

    Deferred revenue



    (285)



    1,038

    Accrued interest



    369



    (91)

    Net cash provided by operating activities



    26,257



    49,178











    CASH FLOWS FROM INVESTING ACTIVITIES









    Payments for acquisition of vessels and vessel equipment, including deposits



    (2,385)



    (13,216)

    Advances for ballast water treatment and scrubber systems



    (1,151)



    —

    Payments for other non-current assets



    (46)



    (233)

    Net cash (used in) investing activities



    (3,582)



    (13,449)











    CASH FLOWS FROM FINANCING ACTIVITIES









    Proceeds from revolving facilities



    25,000



    7,987

    Repayments of long term debt



    —



    (1,678)

    Repayments on revolving facilities



    (43,337)



    (30,000)

    Repayments of finance leases



    —



    (488)

    Payments for deferred finance fees



    —



    (200)

    Payment of common share dividends



    (3,236)



    (8,674)

    Payment of preferred share dividends



    (643)



    (857)

    Net cash (used in) financing activities



    (22,216)



    (33,910)











    Net increase in cash and cash equivalents



    459



    1,819











    Cash and cash equivalents at the beginning of the year



    46,988



    46,805











    Cash and cash equivalents at the end of the year



    47,447



    48,624

     

    Ardmore Shipping Corporation

    Unaudited Other Operating Data















    Three Months Ended





    March 31, 2025



    March 31, 2024

    In thousands of U.S. Dollars except Fleet Data









    Adjusted EBITDA (1)



    15,746



    49,258

    Adjusted EBITDAR (1)



    18,542



    51,867











    AVERAGE DAILY DATA



















    MR Eco-Design Tankers Spot TCE per day (2)



    21,548



    38,430











    Fleet TCE per day (2)



    20,542



    34,720











    Fleet operating expenses per day (3)



    6,978



    6,865

    Technical management fees per day (4)



    533



    517





    7,511



    7,382











    MR Eco-Design Tankers









    TCE per day (2)



    21,548



    38,430

    Vessel operating expenses per day (5)



    7,634



    7,413











    MR Eco-Mod Tankers









    TCE per day (2)



    20,357



    38,184

    Vessel operating expenses per day (5)(6)



    —



    5,643











    Prod/Chem Eco-Design Tankers (25k - 38k dwt)









    TCE per day (2)



    14,975



    24,831

    Vessel operating expenses per day (5)



    7,185



    7,595











    FLEET









    Average number of operating vessels



    26.0



    26.0



























    (1)

    Adjusted EBITDA and Adjusted EBITDAR are non-GAAP measures and are defined and reconciled to the most directly comparable U.S. GAAP measure under the section of this release entitled "Non-GAAP Measures."

    (2)

    Time Charter Equivalent ("TCE") rate, a non-GAAP measure, represents net revenues (a non-GAAP measure representing revenues less voyage expenses) divided by revenue days. Revenue days are the total number of calendar days the vessels are in the Company's possession less off-hire days generally associated with drydocking or repairs and idle days associated with repositioning of vessels held for sale. Net revenue utilized to calculate the TCE rate is determined on a discharge to discharge basis, which is different from how the Company records revenue under U.S. GAAP. Under discharge to discharge, revenues are recognized beginning from the discharge of cargo from the prior voyage to the anticipated discharge of cargo in the current voyage, and voyage expenses are recognized as incurred.

    (3)

    Fleet operating expenses per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. These amounts do not include expenditures related to vessel upgrades and enhancements or other non-routine expenditures, which were expensed during the period.

    (4)

    Technical management fees are fees paid to Anglo Ardmore Ship Management Limited, a joint venture entity that is 50% owned by us.

    (5)

    Vessel operating expenses per day include technical management fees.

    (6)

    As a result of selling the Ardmore Seafarer in April 2024, the Company no longer owns MR Eco-Mod tankers; as a result, the Company had no vessel operating expenses for the first quarter of 2025 with respect to owned MR Eco-Mod tankers. The MR Eco-Mod TCE per day for the first quarter of 2025 is derived from four the vessels the Company has chartered in.

    CO2 Emissions Reporting(1)

    In April 2018, the International Maritime Organization's ("IMO") Marine Environment Protection Committee ("MEPC") adopted an initial strategy for the reduction of greenhouse gas ("GHG") emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out as soon as possible. Ardmore is committed to transparency and contributing to the reduction of CO2 emissions in the Company's industry. Ardmore's reporting methodology is in line with the framework set out within the IMO's Data Collection System ("DCS") initiated in 2019. 

    On January 1, 2023, the BIMCO CII Operations Clause for Time Charter Parties came into force. This clause outlines that the charterer should take responsibility for a ship's emissions. On this basis, Ardmore's GHG emissions analysis has been updated to exclude the impact of ships time-chartered out and to include the impact of ships time-chartered in. Previously all vessels were included in Ardmore's analysis from the fleet except for vessels commercially managed by Ardmore.













































    Three Months Ended



    Twelve months ended







    March 31, 2025



    March 31, 2024



    March 31, 2025



    March 31, 2024























    Number of Vessels in Operation (at period end)(2)



    26



    26



    26



    26



    Fleet Average Age



    11.4



    10.7



    11.4



    10.7























    CO2 Emissions Generated in Metric Tons



    95,630



    106,877



    410,836



    419,028



    Distance Travelled (Nautical Miles)



    340,430



    381,024



    1,490,497



    1,544,220



    Fuel Consumed in Metric Tons



    30,428



    34,055



    130,819



    132,808























    Cargo Heating and Tank Cleaning Emissions



















    Fuel Consumed in Metric Tons



    428



    1,135



    3,113



    2,407



    % of Total Fuel Consumed



    1.41 %



    3.33 %



    2.38 %



    1.81 %























    Annual Efficiency Ratio (AER) for the period(3)



















    Fleet



    6.28g / tm



    6.27g / tm



    6.13g / tm



    6.05g / tm



    MR Eco-Design



    5.89g / tm



    5.93g / tm



    5.81g / tm



    5.73g / tm



    MR Eco-Mod



    6.06g / tm



    5.99g / tm



    5.79g / tm



    5.62g / tm



    Chemical



    8.09g / tm



    8.16g / tm



    8.28g / tm



    8.24g / tm



    Chemical (Less Cargo Heating & Tank Cleaning)(4)



    7.92g / tm



    7.33g / tm



    7.90g / tm



    7.72g / tm























    Energy Efficiency Operational Indicator (EEOI) for the period(5)



















    Fleet



    12.85g / ctm



    12.78g / ctm



    12.38g / ctm



    13.16g / ctm



    MR Eco-Design



    12.07g / ctm



    12.31g / ctm



    11.66g / ctm



    12.89g / ctm



    MR Eco-Mod



    12.28g / ctm



    13.14g / ctm



    13.46g / ctm



    13.68g / ctm



    Chemical



    19.41g / ctm



    14.09g / ctm



    14.71g / ctm



    13.54g / ctm



    Chemical (Less Cargo Heating & Tank Cleaning)(4)



    19.01g / ctm



    12.65g / ctm



    14.05g / ctm



    12.67g / ctm























    Wind Strength (% greater than 4 on BF)



    50.10 %



    47.54 %



    47.18 %



    47.71 %



    % Idle Time(6)



    4.17 %



    1.99 %



    3.07 %



    3.62 %























    tm = ton-mile



















    ctm = cargo ton-mile







































    Ardmore Performance

    It should be noted that results vary quarter to quarter depending on ship activity, ballast / laden ratio, cargo carried, weather, waiting time, time in port, and vessel speed. However, analysis is also presented on a trailing 12-month basis to provide a more accurate assessment of Ardmore's progress over a longer period and to mitigate seasonality. From a weather perspective rougher weather (based on Beaufort Scale wind force rating being greater than 4 BF) will generally have a mitigating impact on the ability to optimize fuel consumption, while idle time will impact ships metrics as they will still require power to run but will not be moving. Overall Ardmore Shipping's carbon emissions for the trailing 12-month period have decreased by 2.0% from 419,028 metric tons to 410,836 metric tons of CO2, due to a decrease in distance travelled and lower fleet speed. Fleet EEOI for the period decreased from 13.16 g / ctm to 12.38 g / ctm, primarily due to a reduction in ballasting and increase in ton-miles, while AER increased from 6.05g / tm to 6.13 g / tm due to an increase in shorter voyages and cargo heating requirements. Ardmore seeks to achieve continued improvements through a combination of technological advancements and operational optimization.





















    1 Ardmore's emissions data is based on the reporting tools and information reasonably available to Ardmore and its applicable third-party technical managers for Ardmore's owned fleet. Management assesses such data and may adjust and restate the data to reflect latest information. It is expected that the shipping industry will continue to refine the performance measures for emissions and efficiency over time. AER and EEOI metrics are impacted by external factors such as charter speed, vessel orders and weather, in conjunction with overall market factors such as cargo load sizes and fleet utilization rate. As such, variance in performance can be found in the reported emissions between two periods for the same vessel and between vessels of a similar size and type. Furthermore, other companies may report slight variations (e.g. some shipping companies report CO2 in tons per kilometer as opposed to CO2 in tons per nautical mile) and consequently it is not always practical to directly compare emissions from different companies. The figures reported above represent Ardmore's initial findings; the Company is committed to improving the methodology and transparency of its emissions reporting in line with industry best practices. Accordingly, the above results may vary as the methodology and performance measures set out by the industry evolve.

    2 Includes time-chartered out and time-chartered in vessels.

    3 Annual Efficiency Ratio ("AER") is a measure of carbon efficiency using the parameters of fuel consumption, distance travelled, and design deadweight tonnage ("DWT"). AER is reported in unit grams of CO2 per ton-mile (gCO2/dwt-nm). It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) DWT multiplied by distance travelled in nautical miles. A lower AER reflects better carbon efficiency.

    4 The AER and EEOI figures are presented including the impact of cargo heating and tank cleaning operations unless stated.

    5 Energy Efficiency Operational Indicator ("EEOI") is a tool for measuring CO2 gas emissions in a given time period per unit of transport work performed. It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO2 by (ii) cargo carried in tons multiplied by laden voyage distance in nautical miles. This calculation is performed as per IMO MEPC.1/Circ684. A lower EEOI reflects lower CO2 gas emissions in a given time period per unit of transport work performed.

    6 Idle time is the amount of time a vessel is waiting in port or awaiting the laycan or waiting in port/at sea unfixed.



     

    Non-GAAP Measures

    EBITDA + vessel lease expense component (i.e., EBITDAR) and Adjusted EBITDAR

    EBITDAR is defined as EBITDA (i.e., earnings before interest, unrealized gains/(losses) on interest rate derivatives, taxes, depreciation and amortization) plus the vessel lease expense component of total charter hire expense for chartered-in vessels. Adjusted EBITDAR is defined as EBITDAR before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels.

    For the three months ended March 31, 2025, we recognized total charter hire expense of $5.8 million in respect of time charter-in vessels under operating leases. The total expense includes (i) $2.8 million in respect of the right to use the leased assets (i.e., vessel lease expense component), and (ii) $3.0 million in respect of the costs of operating the vessels (i.e. operating expense component). Under U.S. GAAP, the expense related to the right to use the leased assets (i.e. capital component) is treated as an operating item on our consolidated statement of operations, and is not added back in our calculation of EBITDA.  The treatment of operating lease expenses differs under U.S. GAAP as compared to international financial reporting standards ("IFRS"). Under IFRS, the expense of an operating lease is presented in depreciation and interest expense.  

    Many companies in our industry report under IFRS; we therefore use EBITDAR and Adjusted EBITDAR as tools to compare our valuation with the valuation of these other companies in our industry. We do not use EBITDAR and Adjusted EBITDAR as measures of performance or liquidity.  We present below reconciliations of net income / (loss) attributable to common stockholders to EBITDAR (which includes an adjustment for vessel lease operating expenses) and Adjusted EBITDAR.

    EBITDAR and Adjusted EBITDAR, as presented, may not be directly comparable to similarly titled measures presented by other companies. In addition, EBITDAR and Adjusted EBITDAR should not be viewed as measures of overall performance since they exclude vessel rent, which is a normal, recurring cash operating expense related to our in-chartering of vessels that is necessary to operate our business. Accordingly, you are cautioned not to place undue reliance on this information.

    EBITDA, Adjusted EBITDA, Adjusted earnings and Adjusted earnings (for purposes of dividend calculations)

    EBITDA, Adjusted EBITDA and Adjusted earnings are not measures prepared in accordance with U.S. GAAP and are defined and reconciled below. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels, gain on extinguishment, unrealized gains/(losses) on derivatives and profit/(loss) on equity method investments. Adjusted earnings excludes certain items from net income attributable to common stockholders, including gain or loss on sale of vessels and write-off of deferred finance fees (i.e., loss on extinguishment) because they are considered to not be representative of the Company's operating performance.

    EBITDA, Adjusted EBITDA and Adjusted earnings are presented in this press release as the Company believes that they provide investors with a means of evaluating and understanding how Ardmore's management evaluates operating performance. EBITDA and Adjusted EBITDA increase the comparability of the Company's fundamental performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest expense, taxes, depreciation or amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Company believes that including EBITDA, Adjusted EBITDA and Adjusted earnings as financial and operating measures assists investors in making investment decisions regarding the Company and its common stock.

    For purposes solely of the quarterly common dividend calculation, Adjusted earnings represents the Company's Adjusted earnings for the quarter ended March 31, 2025, but excluding the impact of unrealized gains / (losses) and certain non-recurring items.

    These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to, financial measures prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures may not have a standardized meaning and therefore may not be comparable to similar measures presented by other companies.











    Reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDAR

















    Three Months Ended





    March 31, 2025



    March 31, 2024

    In thousands of U.S. Dollars









    Net income



    6,253



    39,237

    Interest income



    (108)



    (544)

    Interest expense and finance costs



    935



    2,526

    Income tax



    26



    79

    Depreciation



    7,653



    6,975

    Amortization of deferred drydock expenditures



    923



    756

    EBITDA



    15,682



    49,029

    Loss from equity method investments



    64



    229

    ADJUSTED EBITDA



    15,746



    49,258

    Plus: Vessel lease expense component



    2,796



    2,609

    ADJUSTED EBITDAR



    18,542



    51,867

     











    Reconciliation of net income attributable to common stockholders to Adjusted earnings















    Three Months Ended





    March 31, 2025



    March 31, 2024

    In thousands of U.S. Dollars except per share data









    Net income attributable to common stockholders



    5,624



    38,389

    Adjusted earnings



    5,624



    38,389











    Adjusted earnings per share, basic



    0.14



    0.93

    Adjusted earnings per share, diluted



    0.14



    0.92











    Weighted average number of shares outstanding, basic



    40,472,079



    41,371,887

    Weighted average number of shares outstanding, diluted



    40,620,908



    41,916,276











    Adjusted earnings for purposes of dividend calculation















    Three Months Ended









    March 31, 2025





    In thousands of U.S. Dollars except per share data









    Adjusted earnings



    5,624





    Unrealized gains



    —





    Adjusted earnings for purposes of dividend calculation



    5,624















    Dividend to be paid



    1,875





    Dividend Per Share (DPS)



    0.05















    Number of shares outstanding as of May 7, 2025



    40,623,928





     

    Forward-Looking Statements

    Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "should", "may", "will", "expect" and similar expressions are among those that identify forward-looking statements.

    Forward-looking statements in this press release include, among others, statements regarding: future operating or financial results, including future earnings and financial position; the Company's leadership transition; global and regional economic conditions and trends; shipping market trends and market fundamentals, including tanker demand and supply and future spot and charter rates; the Company's capital allocation priorities and business strategies; the potential effects of tariffs and other foreign policy activities on global markets, the shipping industry and the Company's operations; the potential effect of geopolitical conflicts, including the Russia-Ukraine war, the Israel-Hamas war and attacks against merchant vessels in the Red Sea area on the shipping industry and the Company; expected drydocking days; trends and improvements in the Company's performance as measured by energy efficiency and emission-reduction metrics; and the timing and payment of quarterly dividends by the Company. The forward-looking statements in this press release are based upon various assumptions, including, among others, the Company's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company cautions readers of this release not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

    In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies and currencies; general market conditions, including fluctuations in spot and charter rates and vessel values; changes in demand for and the supply of tanker vessel capacity; changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs; changes in the projections of spot and time charter or pool trading of the Company's vessels; geopolitical conflicts, including future developments relating to the Russia-Ukraine war (including related sanctions and import bans) or the Israel-Hamas war; changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs; general domestic and international political and trade conditions; potential disruption of shipping routes due to accidents, piracy or other events; fluctuations in oil prices; the market for the Company's vessels; competition in the tanker industry; availability and completion of financing and refinancing; the Company's operating results and capital requirements; the declaration of any future dividends by the Company's board of directors; charter counterparty performance; any unanticipated delays or complications with scheduled drydockings, or with anticipated installations of scrubbers; ability to comply with covenants in the Company's financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; the Company's ability to charter vessels for remaining revenue days during the second quarter of 2025 in the spot market; new or revised accounting pronouncements; vessel breakdowns and instances of off-hire; and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Form 20-F for the year ended December 31, 2024, for a more complete discussion of these and other risks and uncertainties.  

    Investor Relations Enquiries:







    Mr. Leon Berman

    Mr. Bryan Degnan

    The IGB Group

    The IGB Group

    45 Broadway, Suite 1150

    45 Broadway, Suite 1150

    New York, NY 10006

    New York, NY 10006

    Tel: 212‑477‑8438

    Tel: 646‑673‑9701

    Fax: 212‑477‑8636

    Fax: 212‑477‑8636

    Email: [email protected]

    Email: [email protected]

     

    Cision View original content:https://www.prnewswire.com/news-releases/ardmore-shipping-corporation-announces-financial-results-for-the-three-months-ended-march-31-2025-302447911.html

    SOURCE Ardmore Shipping Corporation

    Get the next $ASC alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $ASC

    DatePrice TargetRatingAnalyst
    10/23/2024$24.00 → $17.00Buy → Hold
    Stifel
    7/21/2022$10.00Buy
    Jefferies
    4/27/2022$7.50Buy
    Jefferies
    More analyst ratings

    $ASC
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2025

      HAMILTON, Bermuda, May 7, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2025. Highlights and Recent Activity Reported Adjusted earnings and net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures se

      5/7/25 8:00:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Ardmore Shipping Announces First Quarter 2025 Conference Call and Webcast

      HAMILTON, Bermuda, April 23, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today announced that the Company plans to announce its first quarter earnings before the market opens Wednesday, May 7, 2025 and will host a conference call later in the day at 10:00 a.m. Eastern Time. The conference call and slide presentation will also be broadcast live over the Internet. Conference Call and Webcast Details: Wednesday, May 7, 2025, at 10:00 a.m. Eastern TimeLive webcast and presentation available at www.ardmoreshipping.comAlternatively, connect by phone at 800-836-8184 (US toll free) or +1-646-357-8785 (international) and reference "Ardmore Shipping"If yo

      4/23/25 4:15:00 PM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • REMINDER: Gas & Tankers Shipping Industry Leaders Presenting at Capital Link's 19th Annual International Shipping Forum - Monday, March 31, 2025, New York City

      NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) -- Senior executives from leading Gas & Tankers shipping companies will participate in panels and presentations at the 19th Annual Capital Link International Shipping Forum on Monday, March 31, 2025, at the Metropolitan Club in New York City. The event is organized in cooperation with NASDAQ & NYSE. The Forum features a series of panel discussions as well as 1x1 meetings between investors and executives from shipping companies. LUNCHEON KEYNOTE SPEAKER Mr. Evangelos Marinakis, Chairman & CEO of Capital Maritime & Trading Corp. will deliver the Luncheon Keynote Remarks. Introductory Remarks by Mr. Chris Taylor, Chief Development Officer

      3/25/25 10:00:00 AM ET
      $ASC
      $BWLP
      $CCEC
      $CLCO
      Marine Transportation
      Consumer Discretionary
      Transportation Services

    $ASC
    SEC Filings

    See more
    • SEC Form 6-K filed by Ardmore Shipping Corporation

      6-K - Ardmore Shipping Corp (0001577437) (Filer)

      5/7/25 8:06:07 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • SEC Form 6-K filed by Ardmore Shipping Corporation

      6-K - Ardmore Shipping Corp (0001577437) (Filer)

      5/7/25 8:05:18 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • SEC Form 6-K filed by Ardmore Shipping Corporation

      6-K - Ardmore Shipping Corp (0001577437) (Filer)

      5/5/25 12:00:11 PM ET
      $ASC
      Marine Transportation
      Consumer Discretionary

    $ASC
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Ardmore Shipping Corporation (Amendment)

      SC 13G/A - Ardmore Shipping Corp (0001577437) (Subject)

      2/14/24 1:12:49 PM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Ardmore Shipping Corporation (Amendment)

      SC 13G/A - Ardmore Shipping Corp (0001577437) (Subject)

      2/9/24 9:58:57 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Ardmore Shipping Corporation (Amendment)

      SC 13G/A - Ardmore Shipping Corp (0001577437) (Subject)

      2/1/24 1:04:56 PM ET
      $ASC
      Marine Transportation
      Consumer Discretionary

    $ASC
    Financials

    Live finance-specific insights

    See more
    • Ardmore Shipping Corporation Announces Financial Results For The Three Months Ended March 31, 2025

      HAMILTON, Bermuda, May 7, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2025. Highlights and Recent Activity Reported Adjusted earnings and net income attributable to common stockholders of $5.6 million for the three months ended March 31, 2025, or $0.14 earnings per basic and diluted share, compared to Adjusted earnings and net income attributable to common stockholders of $38.4 million, or $0.93 earnings per basic share and $0.92 earnings per diluted share for the three months ended March 31, 2024. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures se

      5/7/25 8:00:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Ardmore Shipping Announces First Quarter 2025 Conference Call and Webcast

      HAMILTON, Bermuda, April 23, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today announced that the Company plans to announce its first quarter earnings before the market opens Wednesday, May 7, 2025 and will host a conference call later in the day at 10:00 a.m. Eastern Time. The conference call and slide presentation will also be broadcast live over the Internet. Conference Call and Webcast Details: Wednesday, May 7, 2025, at 10:00 a.m. Eastern TimeLive webcast and presentation available at www.ardmoreshipping.comAlternatively, connect by phone at 800-836-8184 (US toll free) or +1-646-357-8785 (international) and reference "Ardmore Shipping"If yo

      4/23/25 4:15:00 PM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Ardmore Shipping Corporation Announces Financial Results For The Three and Twelve Months Ended December 31, 2024

      HAMILTON, Bermuda, Feb. 13, 2025 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore", the "Company" or "we") today announced results for the three and twelve months ended December 31, 2024.  Highlights and Recent Activity Reported Adjusted earnings of $10.3 million for the three months ended December 31, 2024, or $0.25 Adjusted earnings per basic share and diluted share, compared to Adjusted earnings of $26.1 million, or $0.63 Adjusted earnings per basic share and diluted share for the three months ended December 31, 2023. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.) Reported Adjusted earnings of $119.5 million for the year ended D

      2/13/25 8:00:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary

    $ASC
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Ardmore Shipping downgraded by Stifel with a new price target

      Stifel downgraded Ardmore Shipping from Buy to Hold and set a new price target of $17.00 from $24.00 previously

      10/23/24 6:18:13 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Jefferies initiated coverage on Ardmore Shipping with a new price target

      Jefferies initiated coverage of Ardmore Shipping with a rating of Buy and set a new price target of $10.00

      7/21/22 7:15:37 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Jefferies resumed coverage on Ardmore Shipping with a new price target

      Jefferies resumed coverage of Ardmore Shipping with a rating of Buy and set a new price target of $7.50

      4/27/22 9:05:43 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary

    $ASC
    Leadership Updates

    Live Leadership Updates

    See more
    • Ardmore Shipping Announces Leadership Transition

      Gernot Ruppelt to succeed Anthony Gurnee as CEO; Bart Kelleher to be appointed President HAMILTON, Bermuda, July 8, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today announced that Founder and CEO Anthony Gurnee has informed the Board of Directors (the "Board") of his intention to retire from his executive and board positions later this year. Following a comprehensive selection process, the Board of Directors has appointed current executive and Chief Commercial Officer Gernot Ruppelt as the Company's new CEO, and expanded current CFO Bart Kelleher's position to take on the additional role of President, with the leadership transition to take effec

      7/8/24 8:30:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Ardmore Shipping Appoints a New Director to the Company's Board

      HAMILTON, Bermuda, Jan. 9, 2023 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE:ASC) ("Ardmore" or the "Company") today announced the appointment of Mr. James Fok to the Company's Board of Directors as a Class III director, and he is expected to serve on the audit and nominating committees. James Fok has more than 20 years of experience as a financial and strategic advisor to corporations and governments, with particular expertise in Asian cross-border capital markets transactions and mechanisms. From 2012 until 2021, he served as a senior executive at Hong Kong Exchanges and Clearing (HKEX), playing a major role in a number of landmark capital markets internationalization initiatives. Pr

      1/9/23 8:30:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary
    • Ardmore Shipping Announces Planned Departure of CFO Paul Tivnan and Appointment of Bart Kelleher as CFO Effective 28 September 2022

      HAMILTON, Bermuda, July 27, 2022 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced the planned departure of its current Chief Financial Officer ("CFO") Paul Tivnan and appointment of new CFO Bart Kelleher, effective 28 September 2022. Anthony Gurnee, the Company's Chief Executive Officer, commented: "After 12 great years at Ardmore, Paul has decided to leave the company to broaden his experience and pursue further ambitions.  Paul has been instrumental to what Ardmore has accomplished, from its start-up in 2010, through its IPO on the NYSE in 2013, to our position as a first-class shipping company today.  Most recently he concluded the Elem

      7/27/22 7:59:00 AM ET
      $ASC
      Marine Transportation
      Consumer Discretionary