Ardmore Shipping Corporation

For the second quarter, Ardmore reported adjusted earnings of $48.3 million, or $1.18 per share, and EBITDA of $61.1 million. MR tankers earned $51.9 thousand per day in Q2, while chemical tankers earned $26.9 thousand per day. Management said Q3 booking so far showed MR TCE of $29.6 thousand per day, up 20% year over year, and chemical TCE of $25 thousand per day, up 10% year over year. The company also said current MR rates are nearly 3x its $10.8 thousand per day operating cash breakeven. Looking ahead, management said market conditions remained firm into Q3, declared a €0.79 per share dividend, and reiterated that it is pursuing measured growth while maintaining responsible debt levels and returning capital to shareholders.

Gernot Ruppelt framed the quarter as another strong period and said the company is capturing TCE rates at multiples of cash breakeven. He stressed that Ardmore is balancing disciplined capital returns with selective growth, including the four Handysize newbuildings, which he said offer maximum optionality across refined products, crude/dirties, chemicals, edible oils, and other liquids. His tone was constructive and confident, anchored in both near-term market strength and longer-term themes like energy security and oil demand.

Bart Kelleher highlighted the financial strength of the business, saying effective leverage is 24% inclusive of forward newbuilding capex. He pointed to the low operating cash breakeven of $10.8 thousand/day, or $11.7 thousand/day including pro rata drydock capex, and nearly $300 million of undrawn revolving debt capacity. He also said existing fleet capex for the balance of 2026 is only $3 million, there are no planned drydockings this year, and activity is limited through 2027. He emphasized operating leverage, noting that every $10 thousand/day increase in TCE rates translates to nearly $2 per share in additional annual earnings.

In Q&A, Omar Nokta asked about further fleet expansion, the exercise timing on the remaining Handysize options, and whether Ardmore could remain in net cash territory. Management said the options are still under review, are exercisable later this summer, and will be judged on economic rationale and strategic fit. On the market, Nokta asked about the impact of geopolitical disruption and freight direction; management said there is “no status quo,” freight is reacting to shifting commodity flows, and Panama Canal water-level risk could become an additional tailwind if transit restrictions deepen.