Ardmore Shipping Revenue Rises to $87.7 Million in Third Quarter of 2026
Key Facts
Ardmore Shipping revenue rose to $87.7 million in the third quarter of 2026, up $6.5 million from $81.2 million in the same period of 2025, according to results published by the company on November 3. The company attributed a significant part of the increase to higher spot charter rates. Revenue growth reflects an improvement in operating returns during the period, while the fleet's average rate was $25,358 per day. That was $1,883 per day higher than the $23,475 recorded in the third quarter of 2025. The company also declared a quarterly cash dividend of $0.27 per share.
Operating data show that the fleet's average TCE rate rose year on year, alongside higher revenue. The average rate was $25,358 per day during the three months ended September 30, 2026, compared with $23,475 per day in the corresponding period a year earlier. The daily increase was $1,883, according to the investor relations statement. The company linked the revenue increase mainly to spot charter rates, putting their movement at the center of its explanation of operating performance for the period. The TCE rate measures a vessel's daily return after voyage costs and the company reports the rate across its fleet.
For the nine months ended September 30, net income attributable to common shareholders was $100.4 million, compared with $26.7 million in the first nine months of 2025, the company said. This figure puts performance over the broader period in a different context from third-quarter results alone, combining the final three months of the period with the two preceding quarters. In the second quarter of 2026, the company reported net income attributable to common shareholders of $60.5 million, compared with $9.0 million in the second quarter of 2025. Diluted earnings per share in that quarter were also $1.48, versus $0.22 in the corresponding period. The fleet's average TCE rate in the second quarter was $38,073 per day, an increase of $15,605 from $22,468 per day in the second quarter of 2025.
The fleet comprised 24 operating vessels as of September 30, 2026, including 18 owned MR tankers and six owned product and chemical tankers, according to the company statement. During the third quarter, Ardmore agreed to sell the Ardmore Endeavour for $34.3 million; the vessel was then delivered to the buyer in October. The transaction provides detail on fleet movements around the reporting period, with delivery taking place after the quarter ended. At the end of September, available liquidity was $301.1 million, comprising $47.5 million in cash and equivalents and $253.6 million of undrawn credit facilities. The liquidity breakdown shows the cash available and unused financing at that date.
The company declared a cash dividend of $0.27 per share for the third quarter, payable on December 15 to shareholders of record on November 27. The distribution follows Ardmore's second-quarter results, when it declared a dividend of $0.79 per share for shareholders of record on August 28, paid on September 15. The earlier dividend was for the quarter ended June 30, while the new distribution relates to the third quarter of 2026. The company thus set the record and payment dates for the new dividend in its results announcement. These dates give shareholders the announced schedule for eligibility and payment.
Ardmore Shipping, listed under the ticker ASC, closed at $19.56 in the November 2, 2026 session, according to EL7 data. The close came the day before the company announced its third-quarter financial results. Ardmore was scheduled to hold its third-quarter results call on November 3 at 10:00 a.m. Eastern time, according to its investor relations page. The call provides an additional opportunity to present and discuss the period's results after their publication. The available data did not include verified figures for the stock's low or high during the November 2 session.