Ardmore Shipping Corp (FRA:A61)

Q3 2025 Ardmore Shipping Corp Earnings Call Transcript

Nov 5, 2025 / 03:00 PM GMT

Release Date Price: €10.6 (-0.84%)

Transcript

Key Points

Positve

Ardmore Shipping Corp (ASC) reported strong third-quarter adjusted earnings of $12.6 million or $0.31 per share, driven by record volumes of refined products on the water.
The company's TCE performance remains exceptionally strong, with rates more than double their cash break-even levels.
ASC took delivery of three modern MR tankers during the quarter, which have been capturing strong spot markets and notable fuel savings.
The company has fully redeemed its $30 million preferred shares, further reducing its cash break-even.
ASC declared its 12th consecutive dividend, consistent with its policy of paying out one-third of adjusted earnings.

Negative

Despite strong market conditions, MR spot rates are not reaching the expected levels of $35,000-$40,000 per day, lagging behind historical relationships with the VLCC market.
The charter rate for a two-year contract with an oil major is lower than the rates achieved in the third quarter, indicating potential limitations in long-term rate growth.
The global tanker fleet is experiencing significant sanctions, reducing the pool of compliant vessels and limiting available supply.
Ongoing geopolitical tensions and conflicts are creating market volatility, which could impact stability and predictability in trading activities.
The aging MR fleet and a shrinking order book with decelerating ordering activity could pose challenges for future fleet expansion and renewal.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ASC.N - Ardmore Shipping Corp
Q3 2025 Ardmore Shipping Corp Earnings Call
Nov 05, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning ladies and gentlemen, and welcome to Ardmore Shipping's 3rd quarter 2025 earnings conference call. Today's call is being recorded and an audio webcast and presentation are available in the investor relations section of the company's website, Ardmore Shipping.com. We will conduct a question-and-answer session. After the opening remarks, instructions will follow at that time.

A replay of the conference call will be accessible through November 12th by dialing 1-888-6606345 or 16,465,174,150 and entering passcode 96,494.

At this time, I will turn the call over to Gernot Rout, Chief Executive Officer of Ardmore Shipping.

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