Ardmore Shipping Corporation announced its financial results for the three and nine months ended September 30, 2026. The reported net income for the third quarter of 2026 reached $16.3 million, or $0.40 per share. In the same period last year, the net income was $12.1 million and earnings per share were $0.30.
Financial Performance and TCE Rates
Adjusted income for the third quarter of 2026 was also reported at $16.3 million, or $0.40 per share, while this figure for the third quarter of 2025 was $12.6 million and $0.31 per share. Additionally, the reported net income for the nine months ended September 30, 2026, amounted to $100.4 million, or $2.46 per share.
Read more: Significant Increase in Job Opportunities in the U.S. Labor Market
The company reported an average TCE rate of $27,031 per day for MR tankers and $23,266 per day for chemical tankers during this period. According to available information, the average TCE rate for MR tankers in the fourth quarter of 2026 is projected to be $57,600 per day and for chemical tankers $30,100 per day.
Dividend Policy and New Projects
Under the variable dividend policy, the board of directors approved a cash dividend of $0.27 per share for the third quarter of 2026 on November 3, 2026, which will be paid to shareholders on December 15, 2026. Meanwhile, the company executed the opportunistic sale of the Ardmore Endeavour tanker for $34.3 million in the third quarter of 2026.
The company has also recently executed its options to construct two additional Handysize tankers with a capacity of 40,500 dwt in Wuhan, China. With this action, the total number of orders has increased to six vessels, and the delivery of these ships will begin in late 2028.
Granot Rupllet, CEO of Ardmore Shipping, noted the high demand in the market and said: "The positive market momentum continues into the fourth quarter, and tankers play a vital role in bridging the global energy markets. We will continue to implement our capital allocation policy regularly while also investing in fleet renewal."
Read more: Increase in LNG Demand in Europe Due to Low Gas Reserves · Baltic Sea Index Drops to 2590 with a 58 Point Decline
