Ardmore Shipping Q3 2026: Revenue Beats as Q4 MR Rates Double
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Q4 is already running far hotter than the quarter just reported: MR tankers are averaging spot TCE of roughly $57,600 per day, more than double the $25,358 fleet-wide rate just booked, with about 45% of revenue days fixed. Shareholders get two-thirds of adjusted earnings back, with a $0.27 dividend declared.
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Ardmore Shipping posted Q3 2026 revenue of $87.7 million, exceeding expectations, with adjusted earnings per share of $0.40 also beating expectations. Higher spot charter rates drove the gain over Q3 2025.
The fleet-wide time-charter equivalent rate averaged $25,358 per day for the quarter, up from a year ago. The quarter carried no vessel-sale gains, so GAAP and adjusted results were identical.
MR tankers are averaging a spot TCE of roughly $57,600 per day early in the fourth quarter, more than double the rate just booked, with about 45% of revenue days already fixed. CEO Gernot Ruppelt described MR spot bookings as running at a large multiple of the company's cash breakeven.
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The board declared a $0.27 per-share dividend, payable December 15 to shareholders of record November 27, consistent with the company's policy of returning two-thirds of adjusted earnings. Net income rose to $16.3 million as total liabilities fell, reflecting reduced use of chartered-in vessels and lower revolver balances.
Ardmore exercised options for two additional 40,500 dwt Handysize tankers at Wuhu Shipyard, bringing its newbuilding order to six vessels with deliveries starting in late 2028. It also sold the 2013-built Ardmore Endeavour, with delivery to the buyer in October 2026.
Sources
Mentioned: ASC