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Ardmore Shipping (ASC) investor relations material

Ardmore Shipping Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Adjusted earnings for Q2 2025 were $9 million or $0.22 per share, down year-over-year, with TCE rates rising sequentially and strong bookings into Q3.

  • Acquired three high-quality MR tankers for $103.9M, with deliveries expected by Q3 2025, and completed a $350M revolving credit facility, maintaining low leverage and cash breakeven.

  • Declared eleventh consecutive quarterly dividend since 2022, $0.07/share for Q2 2025, in line with the policy of one-third of adjusted earnings.

  • Market dynamics remain favorable, supported by strong refining margins, OPEC+ production increases, and geopolitical factors.

  • Nearly completed chemical tanker recoating project, enhancing earnings power and vessel flexibility.

Financial highlights

  • Q2 2025 revenue was $72.0M, adjusted EBITDAR/EBITDA was $22.4M/$19.6M, and EPS was $0.22, all down from Q2 2024.

  • Cash position at June 30, 2025, was $49.5M, with total liquidity of $243.3M including undrawn credit.

  • Cash breakeven reduced to $11,500/day, more than double covered by current TCE rates.

  • On-hire availability reached 99% in Q2.

  • Fleet operating expenses per day were $7,018 in Q2 2025.

Outlook and guidance

  • Q3 2025 bookings show continued momentum, with MR Eco-Design spot TCE at $25,450/day (50% fixed) and chemical tankers at $21,650/day (65% fixed).

  • Management expects continued earnings strength into Q3, supported by new vessel acquisitions and favorable refinancing.

  • Additional refinery closures in the US West Coast and new capacity in Asia/Middle East/Africa expected to boost import volumes and ton-mile demand.

  • Operating expenses for Q3 expected at $17.0M, with focus on cost control and high utilization.

  • Guidance numbers for Q3 available in the appendix.

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Frequently asked questions

Ardmore Shipping Corporation specializes in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of product and chemical tankers, providing its shipping services through voyage charters, time charters, and commercial pools. Ardmore's fleet consists of high-quality, modern vessels, including both owned and chartered-in ships. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the New York Stock Exchange.

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