Ardmore Shipping (ASC) Q1 2025 earnings summary

Executive summary

• Reported adjusted earnings of $5.6 million ($0.14 per share) for Q1 2025, with strong TCE performance and a robust financial position despite macro headwinds.

• Maintained a low cash break-even of $11,500 per day, supported by cost control and debt reduction.

• Declared a $0.05 per share dividend for Q1 2025, representing one-third of adjusted earnings and marking the 10th consecutive dividend since 2022.

• Upgraded tank coatings on chemical tankers to expand revenue opportunities and cargo flexibility, with ongoing investments in efficiency and emissions reduction.

• Announced leadership transitions, including new COO and CFO appointments, promoting from within.

Financial highlights

• Q1 2025 EBITDA was $18.5 million, with adjusted EBITDA at $15.7 million and revenue of $74.0 million.

• MR tankers earned $20,900–$20,942 per day in Q1 and $22,100 per day so far in Q2 (50% booked); chemical tankers earned $14,975–$15,000 per day in Q1 and $19,500 per day in Q2 (60% booked).

• Cash position at March 31, 2025 was $47.4 million, with total liquidity of $253.9 million including undrawn credit facilities.

• Leverage reduced to 7% from 15% year-over-year.

• Fleet operating expenses per day were $6,978 in Q1 2025.

Outlook and guidance

• Market fundamentals remain constructive with positive supply-side dynamics and resilient product freight markets.

• OPEC+ production increases and strong refining margins expected to support demand.

• For Q2 2025, 50% of MR tanker revenue days are fixed at $22,100 per day; 60% of chemical tanker revenue days are fixed at $19,500 per day.

• Scheduled to have approximately 177 drydocking days in Q2 2025, down from 212 in Q1 2025.

• Management expects continued strong TCE performance and financial strength through market cycles.