Ardmore Shipping Reports Strong Q4 and Full-Year 2025 Results

Tanker operator highlights favorable market conditions, cost discipline, and strategic priorities

Published on Feb. 15, 2026

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Ardmore Shipping (NYSE:ASC) used its 2026 Investor Day to review fourth-quarter and full-year 2025 results, citing strong ton-mile demand, disruption-driven trade shifts, and a 'very robust earnings environment.' The company reported adjusted earnings of $38.8 million for the full year 2025 and $11.6 million for the fourth quarter, declaring a quarterly cash dividend of $0.09 per share. Management emphasized continued cost discipline, with a cash breakeven of $11,700 per day, and highlighted strategic priorities including fleet flexibility, trading capabilities, and technology investments.

Why it matters

Ardmore Shipping's strong financial performance and strategic positioning in the tanker market provide insights into broader industry dynamics, including the impact of geopolitical disruptions, shifts in refining and petrochemical capacity, and the role of technology in driving operational efficiency and earnings capture.

The details

Ardmore Shipping reported adjusted earnings of $38.8 million, or $0.95 per share, for the full year 2025 and $11.6 million, or $0.28 per share, for the fourth quarter. The company achieved a cash breakeven of $11,700 per day, or $10,800 per day excluding CapEx, and reported EBITDAR of $27 million for the quarter and $95 million for the year. Management highlighted the company's integrated trading platform, fleet flexibility, and emphasis on 'performance and progress,' including efficiency initiatives and corporate governance standards. Ardmore also completed a major drydocking cycle, purchased three modern, fuel-efficient MR tankers, and refinanced its bank debt into a $350 million fully revolving credit facility.

  • Ardmore Shipping reported its fourth-quarter and full-year 2025 results in February 2026.
  • The company completed a major drydocking cycle affecting nearly half of its fleet in 2025, resulting in limited dockings in 2026 and 2027.

The players

Gernot Ruppelt

Chief Executive Officer of Ardmore Shipping.

Bart Kelleher

President of Ardmore Shipping.

James Fok

Independent director of Ardmore Shipping.

Ardmore Shipping Corporation

A Bermuda-based provider of seaborne transportation services for refined petroleum products, owning and operating a modern fleet of product tankers.

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