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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.
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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