Ardmore Shipping (ASC)
Market Price (9/23/2026): $17.89 | Market Cap: $730.0 MilSector: Industrials | Industry: Marine Transportation
Ardmore Shipping (ASC)
Market Price (9/23/2026): $17.89Market Cap: $730.0 MilSector: IndustrialsIndustry: Marine Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Global Trade & Supply Chain Resilience. Themes include Sustainable Maritime Transport, and Maritime Energy Logistics. | Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -4.7% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.6% Key risksASC key risks include [1] the threat of industry volatility to its dividend sustainability and [2] the financial burden of regulatory-driven fleet upgrades squeezing free cash flow. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Global Trade & Supply Chain Resilience. Themes include Sustainable Maritime Transport, and Maritime Energy Logistics. |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -4.7% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.6% |
| Key risksASC key risks include [1] the threat of industry volatility to its dividend sustainability and [2] the financial burden of regulatory-driven fleet upgrades squeezing free cash flow. |
Qualitative Assessment
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Ardmore Shipping (ASC) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Ardmore Shipping reported an exceptional beat in its fiscal Q2 2026 earnings, significantly surpassing analyst expectations. The company announced an adjusted earnings per share (EPS) of $1.18, beating the consensus estimate of $1.11 by $0.07 (6.8%). Revenue for the quarter reached $116.2 million, exceeding analyst estimates of $86.3 million by 34.6%. This strong financial performance for the period ending June 30, 2026, signaled robust profitability and fueled investor confidence.
2. Favorable geopolitical disruptions and structural shifts in global refining capacity drove a substantial increase in tanker rates. Ardmore Shipping's fleet average time charter rate surged 69% year-over-year to $38,073 per day in fiscal Q2 2026. Specifically, MR (Medium Range) tanker spot rates exploded to $51,900 per day, nearly tripling the company's operating cash breakeven of $10,800 per day. These elevated rates were primarily attributed to Middle East supply disruptions, which lengthened shipping routes and maintained high demand for product tankers.
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Ardmore Shipping (ASC) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Ardmore Shipping reported an exceptional beat in its fiscal Q2 2026 earnings, significantly surpassing analyst expectations. The company announced an adjusted earnings per share (EPS) of $1.18, beating the consensus estimate of $1.11 by $0.07 (6.8%). Revenue for the quarter reached $116.2 million, exceeding analyst estimates of $86.3 million by 34.6%. This strong financial performance for the period ending June 30, 2026, signaled robust profitability and fueled investor confidence.
2. Favorable geopolitical disruptions and structural shifts in global refining capacity drove a substantial increase in tanker rates. Ardmore Shipping's fleet average time charter rate surged 69% year-over-year to $38,073 per day in fiscal Q2 2026. Specifically, MR (Medium Range) tanker spot rates exploded to $51,900 per day, nearly tripling the company's operating cash breakeven of $10,800 per day. These elevated rates were primarily attributed to Middle East supply disruptions, which lengthened shipping routes and maintained high demand for product tankers.
3. The company demonstrated strong capital allocation, including a significant variable dividend and strategic fleet expansion. In conjunction with its robust fiscal Q2 2026 results, Ardmore Shipping declared a quarterly dividend of $0.79 per share. Furthermore, the company placed orders for four new Handysize product/chemical tankers for delivery in fiscal 2028-2029, with options for two more, signaling management's confidence in sustained strong market conditions.
4. A positive outlook for fiscal Q3 2026, with strong forward bookings, further boosted investor sentiment. For fiscal Q3 2026, Ardmore Shipping had already fixed 45% of its MR days at $29,600 per day, representing a 20% increase year-over-year. Chemical tanker rates were booked at $25,000 per day for 50% of days, a 10% year-over-year gain. These forward rates remained comfortably above the company's operating cash breakeven, indicating continued profitability beyond the strong Q2 performance.
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Stock Movement Drivers
Fundamental Drivers
The 15.7% change in ASC stock from 5/31/2026 to 9/22/2026 was primarily driven by a 64.8% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.36 | 17.77 | 15.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 324 | 368 | 13.6% |
| Net Income Margin (%) | 18.0% | 29.7% | 64.8% |
| P/E Multiple | 10.7 | 6.6 | -38.1% |
| Shares Outstanding (Mil) | 41 | 41 | -0.1% |
| Cumulative Contribution | 15.7% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| ASC | 15.7% | |
| Market (SPY) | 2.5% | -8.3% |
| Sector (XLI) | -1.4% | -19.7% |
Fundamental Drivers
The 16.3% change in ASC stock from 2/28/2026 to 9/22/2026 was primarily driven by a 158.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.28 | 17.77 | 16.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 309 | 368 | 19.1% |
| Net Income Margin (%) | 11.5% | 29.7% | 158.0% |
| P/E Multiple | 17.5 | 6.6 | -62.0% |
| Shares Outstanding (Mil) | 41 | 41 | -0.3% |
| Cumulative Contribution | 16.3% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| ASC | 16.3% | |
| Market (SPY) | 13.3% | 8.8% |
| Sector (XLI) | -3.4% | -0.5% |
Fundamental Drivers
The 66.2% change in ASC stock from 8/31/2025 to 9/22/2026 was primarily driven by a 104.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.69 | 17.77 | 66.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 324 | 368 | 13.6% |
| Net Income Margin (%) | 14.5% | 29.7% | 104.9% |
| P/E Multiple | 9.3 | 6.6 | -28.3% |
| Shares Outstanding (Mil) | 41 | 41 | -0.4% |
| Cumulative Contribution | 66.2% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| ASC | 66.2% | |
| Market (SPY) | 21.2% | 12.0% |
| Sector (XLI) | 13.5% | 3.9% |
Fundamental Drivers
The 70.7% change in ASC stock from 8/31/2023 to 9/22/2026 was primarily driven by a 185.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.41 | 17.77 | 70.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 485 | 368 | -24.1% |
| Net Income Margin (%) | 38.0% | 29.7% | -21.9% |
| P/E Multiple | 2.3 | 6.6 | 185.3% |
| Shares Outstanding (Mil) | 41 | 41 | 0.9% |
| Cumulative Contribution | 70.7% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| ASC | 70.7% | |
| Market (SPY) | 78.3% | 17.3% |
| Sector (XLI) | 64.3% | 12.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASC Return | 3% | 326% | 6% | -8% | -10% | 89% | 627% |
| Peers Return | 4% | 224% | 42% | -15% | 30% | 106% | 1007% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| ASC Win Rate | 33% | 75% | 67% | 50% | 50% | 67% | |
| Peers Win Rate | 42% | 78% | 58% | 33% | 67% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ASC Max Drawdown | -41% | -20% | -35% | -50% | -37% | -27% | |
| Peers Max Drawdown | -39% | -25% | -29% | -46% | -33% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STNG, INSW, TNK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | ASC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.1% | -18.8% |
| % Gain to Breakeven | 20.6% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.7% | -6.7% |
| % Gain to Breakeven | 34.6% | 7.1% |
| Time to Breakeven | 232 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.2% | -24.5% |
| % Gain to Breakeven | 13.8% | 32.4% |
| Time to Breakeven | 9 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.8% | -33.7% |
| % Gain to Breakeven | 51.1% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.1% | -19.2% |
| % Gain to Breakeven | 61.6% | 23.8% |
| Time to Breakeven | 124 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.6% | -3.7% |
| % Gain to Breakeven | 32.5% | 3.9% |
| Time to Breakeven | 47 days | 6 days |
In The Past
Ardmore Shipping's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
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| Event | ASC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.7% | -6.7% |
| % Gain to Breakeven | 34.6% | 7.1% |
| Time to Breakeven | 232 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.8% | -33.7% |
| % Gain to Breakeven | 51.1% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.1% | -19.2% |
| % Gain to Breakeven | 61.6% | 23.8% |
| Time to Breakeven | 124 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.6% | -3.7% |
| % Gain to Breakeven | 32.5% | 3.9% |
| Time to Breakeven | 47 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.0% | -12.2% |
| % Gain to Breakeven | 66.5% | 13.9% |
| Time to Breakeven | 2443 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -39.3% | -6.8% |
| % Gain to Breakeven | 64.8% | 7.3% |
| Time to Breakeven | 2443 days | 15 days |
In The Past
Ardmore Shipping's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ardmore Shipping (ASC)
Ardmore Shipping Corporation (ASC) is a global shipping company specializing in the maritime transportation of essential commodities. The company operates within the vital sector of seaborne logistics, primarily focusing on moving refined petroleum products and various chemicals across the world's oceans.
Its core service involves owning and operating a modern fleet of double-hulled product and chemical tankers. These specialized vessels are designed to safely and efficiently carry a range of liquid bulk cargo, forming a critical link in the global supply chain for energy and industrial materials.
Ardmore Shipping serves a diverse and prominent client base. Its primary customers include major oil companies, independent oil companies, oil and chemical traders, chemical manufacturing firms, and pooling service providers, all relying on Ardmore for the secure and timely delivery of their liquid cargoes worldwide.
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- The ocean-going FedEx for oil and chemicals.
- Maersk, but for liquid chemicals and petroleum.
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- Seaborne Transportation of Petroleum Products: Ardmore Shipping provides the service of transporting refined petroleum products across oceans using its fleet of product tankers.
- Seaborne Transportation of Chemicals: The company also offers the service of transporting various chemicals globally using its specialized chemical tankers.
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Oil Majors: These are large, integrated international energy companies involved in various aspects of the oil and gas industry, from exploration and production to refining and marketing. They frequently require seaborne transportation for their petroleum products and chemicals.
- Examples of public companies in this category include:
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- TotalEnergies SE (TTE)
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Oil and Chemical Traders: These companies specialize in the global buying, selling, and logistics of crude oil, refined petroleum products, and various chemicals, requiring significant shipping services to move their commodities worldwide.
- Examples of public companies in this category include:
- Glencore plc (GLCNF)
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Chemical Companies: Manufacturers and distributors of a wide range of chemical products, from basic chemicals to specialty chemicals, frequently rely on tankers for the transport of their raw materials and finished goods.
- Examples of public companies in this category include:
- Dow Inc. (DOW)
- BASF SE (BASFY)
- LyondellBasell Industries N.V. (LYB)
- Pooling Service Providers: These are entities that manage and operate fleets of vessels, often on behalf of multiple shipowners. They charter vessels to optimize utilization and serve the broader market, acting as an intermediary for chartering activities. These can be divisions of larger shipping companies or specialized management firms.
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Gernot Ruppelt Chief Executive Officer
Gernot Ruppelt was appointed Chief Executive Officer of Ardmore Shipping in 2024, succeeding founder Anthony Gurnee. Prior to his appointment, he served as Ardmore's Chief Commercial Officer, a role he held since joining the company in 2013, where he built, led, and developed its global commercial platform. Mr. Ruppelt brings 23 years of experience across various sectors of the maritime industry, having worked in five countries across three continents. Before joining Ardmore, he was a Tanker Projects Broker with Poten & Partners in New York and held various roles, including Trade Manager, for AP Moller – Maersk and Maersk Broker in the United States, Europe, and Asia.
Bart Kelleher President and Chief Financial Officer
Bart Kelleher was appointed President of Ardmore Shipping, effective September 16, 2024, and maintains his role as Chief Financial Officer. He initially joined Ardmore as Chief Financial Officer in September 2022. Mr. Kelleher has over 25 years of progressive experience in the maritime, finance, energy, and industrials sectors. Prior to his tenure at Ardmore, he served as Chief Executive Officer at Chembulk Tankers, a stainless-steel chemical tanker company, and as Chief Operating Officer at Principal Maritime, a Suezmax crude carrier company. He also held roles in investment banking, commercial banking, equity research, and capital markets with firms such as Bear Stearns and HSH Nordbank. Earlier in his career, he served as a deck officer onboard US-flag crude oil tankers.
Robert Gaina Senior Vice President, Commercial
Robert Gaina was promoted to Senior Vice President, Commercial, effective September 16, 2024, succeeding Gernot Ruppelt. He joined Ardmore Shipping in August 2015 after an extensive seagoing career, during which he served as Master on Ardmore vessels and sailed on oil and chemical tankers chartered by major companies such as BP, Cargill, and Vitol. Within Ardmore, he held multiple commercial roles, including Director, Commercial Operations.
Aideen O'Driscoll Vice President, Corporate Services
Aideen O'Driscoll was appointed Vice President, Corporate Services in 2021. In this role, she is responsible for human resources, legal affairs, office management, and project management. Ms. O'Driscoll initially joined Ardmore in June 2015 as a Legal Associate.
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Highly Cyclical Tanker Markets
Ardmore Shipping operates in a highly cyclical and volatile tanker market, where fluctuations in charter rates and vessel values are common. This volatility is driven by the supply and demand for tanker vessel capacity, as well as the global demand for oil, oil products, and chemicals. Changes in these market dynamics can significantly impact Ardmore's earnings and profitability.
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Geopolitical Conflicts and Trade Route Disruptions
The company is exposed to risks stemming from geopolitical conflicts, such as the Russia-Ukraine war, the Hamas-Israel war, and attacks on merchant vessels in the Red Sea area. These events can disrupt established trade routes, leading to rerouting of vessels, increased transit times, and potential for higher operational costs or reduced demand in affected areas. While some geopolitical events can temporarily increase ton-mile demand and thus freight rates, a resolution or de-escalation of conflicts could erase "inefficiency premiums" and reduce ton-mile demand, negatively impacting earnings.
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Environmental Regulations and Energy Transition
Ardmore Shipping faces increasing pressure from evolving and stricter international and regional environmental regulations, including those related to greenhouse gas emissions (e.g., IMO's strategy targeting net-zero by 2050), ballast water management, and cargo safety. Compliance with these regulations necessitates substantial capital expenditures for fleet modernization, the installation of greener technologies (like scrubbers), and ongoing operational adjustments. Furthermore, the broader global energy transition could alter demand for fossil fuel products and chemicals, affecting the long-term outlook for the product and chemical tanker industry.
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- The accelerating global push for decarbonization and increasingly stringent environmental regulations for the maritime industry (e.g., IMO's GHG strategy, EEXI, CII, EU ETS for shipping) represent an emerging threat. These regulations require significant capital investment in greener technologies, alternative fuels, or more fuel-efficient vessels, and could render older, less compliant ships economically unviable or less competitive in the market. Failure to adapt could lead to increased operational costs, reduced chartering opportunities, and a decline in asset values for companies with less environmentally compliant fleets.
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Expected Drivers of Future Revenue Growth for Ardmore Shipping (ASC)
Ardmore Shipping Corporation (ASC) is poised for future revenue growth over the next 2-3 years, driven by a combination of favorable market dynamics, strategic fleet management, and operational enhancements. Key drivers include:
- Increased Ton-Mile Demand Driven by Geopolitical Factors and Global Refinery Shifts: Geopolitical disruptions, such as the EU refined-products embargo and Red Sea rerouting, are creating longer voyages and consequently increasing ton-mile demand for product and chemical tankers. Furthermore, the expansion of oil refinery and petrochemical capacity in the East, coupled with closures in the West, is contributing to incremental long-haul ton-miles. This shift, along with rising global demand for oil products and biofuels, necessitates increased transportation services, benefiting Ardmore Shipping.
- Fleet Expansion and Strategic Acquisitions of Modern, Fuel-Efficient Vessels: Ardmore is actively pursuing a strategy of acquiring high-quality, fuel-efficient Medium Range (MR) vessels. For instance, the company added three new MR tankers to its fleet in the third quarter of 2025, which have since appreciated in market value. This fleet expansion directly translates to an increased number of revenue days and a larger operating fleet, contributing to overall revenue growth.
- Enhanced Fleet Capabilities through Upgrades and Specialized Coatings: Ardmore Shipping is investing in upgrading its fleet, particularly through the application of specialized MarineLine tank coatings for its chemical tankers. These upgrades expand the range of cargoes the vessels can carry and enhance triangulation opportunities, leading to Time Charter Equivalent (TCE) premiums, with some recent voyages yielding up to an additional $6,000 per day. This strategic enhancement directly improves the revenue-generating potential of its vessels.
- Optimized Fleet Utilization and Operational Efficiency: A key driver for Ardmore is its focus on maximizing the operational time of its vessels. Following an intensive drydocking program in 2025, the company anticipates a significantly lighter drydocking schedule for 2026 and 2027, affecting only about 10% of the fleet across these two years. This reduced off-hire period is expected to boost revenue days and overall earnings power. The company also maintains high on-hire availability and employs effective cost control measures, contributing to a low cash breakeven level and enhancing its ability to capitalize on market opportunities.
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Share Repurchases
- Ardmore Shipping completed the repurchase of 1,560,000 shares for $17.9 million under a buyback program announced on September 5, 2023.
- The company has returned $113 million to shareholders since Q4 2022 through a combination of dividends and share repurchases.
Share Issuance
- Ardmore Shipping issued 25,000 and 15,000 shares of Series A Cumulative Redeemable Perpetual Preferred Shares to an affiliate of Maritime Partners LLC on June 17, 2021, and December 3, 2021, respectively.
- The company redeemed 10,000 shares of its Series A Preferred Stock on December 10, 2024.
- Outstanding common shares increased from 34.36 million in 2021 to 41.63 million in 2024, before a slight decrease to 40.69 million in 2025.
Inbound Investments
- Ardmore Shipping received investments through the issuance of Series A Cumulative Redeemable Perpetual Preferred Shares to an affiliate of Maritime Partners LLC in 2021.
Outbound Investments
- Ardmore Shipping acquired three high-quality, fuel-efficient MR vessels, which have appreciated in market value by approximately 15% since their purchase.
- The company's acquisition strategy includes expanding its fleet with Eco-design newbuildings or second-hand vessels, and modern second-hand vessels that can be upgraded to Eco-mod.
Capital Expenditures
- Capital expenditures for 2025 were $30 million, with a projected reduction to approximately $5 million in 2026.
- The company completed an intensive drydocking cycle in 2025, covering nearly 50% of its fleet, as part of strategic fleet upgrades and operational improvements.
- Ardmore Shipping completed MarineLine coating upgrades across its entire chemical tanker fleet to broaden cargo access and improve triangulation opportunities.
Peer Outperformance in Marine Transportation
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 4.9% | 113.4% | 189.3% | STRL 2263% · CDNL 2216% · FIX 2188% |
| Marine Transportation ← | 9 | 75.9% | 107.9% | 157.6% | HOS 44163% · ASC 540% · MATX 195% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 5.8% | 51.3% | 128.1% | CAT 348% · ALSN 247% · WAB 234% |
| Aerospace & Defense | 56 | -6.7% | 74.0% | 73.2% | ATI 1012% · FTAI 956% · HWM 621% |
| Trading Companies & Distributors | 19 | 8.8% | 43.2% | 59.2% | DXPE 563% · AIT 295% · WCC 220% |
| Rail Transportation | 7 | 24.1% | 55.7% | 52.3% | FSTR 144% · CSX 65% · RAIL 63% |
| Industrial Machinery & Supplies & Components | 73 | 9.4% | 55.0% | 38.9% | CRS 1184% · PSIX 1105% · EROC 637% |
| Diversified Support Services | 33 | 11.4% | 36.2% | 34.5% | LIME 3198% · TH 445% · WLFC 358% |
| Cargo Ground Transportation | 16 | 35.3% | 0.2% | 29.7% | XPO 240% · R 228% · CVLG 155% |
| Electrical Components & Equipment | 41 | -1.0% | 62.2% | 24.6% | POWL 2390% · BE 1308% · VRT 957% |
| Building Products | 34 | -13.8% | 1.8% | 18.9% | LMB 638% · GFF 399% · PPIH 291% |
| Passenger Ground Transportation | 3 | -31.7% | 49.9% | 4.9% | UBER 54% · CAR 5% · LYFT -73% |
| Industrial Conglomerates | 17 | 12.1% | 9.3% | 2.7% | RCMT 455% · CSW 148% · DD 76% |
| Agricultural & Farm Machinery | 17 | 2.1% | 3.8% | -5.6% | BLBD 191% · DE 114% · GENC 62% |
| Environmental & Facilities Services | 29 | -9.4% | 21.8% | -6.3% | CECO 958% · ADUR 422% · NVRI 350% |
| Research & Consulting Services | 14 | -15.6% | -24.4% | -12.9% | HURN 205% · CRAI 73% · GRNQ 62% |
| Data Processing & Outsourced Services | 6 | -33.8% | -15.3% | -26.3% | EXLS 42% · BR 6% · G -25% |
| Passenger Airlines | 11 | 10.5% | 22.0% | -29.9% | LTM 3123% · UAL 143% · SKYW 107% |
| Office Services & Supplies | 9 | 8.6% | 13.0% | -34.5% | PBI 171% · TILE 145% · HNI 52% |
| Human Resource & Employment Services | 22 | 4.2% | -14.1% | -37.6% | BBSI 84% · ADP 50% · PAYX 21% |
| Air Freight & Logistics | 12 | -23.0% | -20.9% | -39.3% | CHRW 90% · FDX 78% · EXPD 59% |
| Security & Alarm Services | 10 | -24.5% | 17.1% | -46.6% | CIX 161% · MG 127% · NL 75% |
| Airport Services | 3 | -73.9% | -77.8% | -61.5% | JOBY -39% · ASLE -62% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Ardmore Shipping Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.97 |
| Mkt Cap | 3.5 |
| Rev LTM | 1,184 |
| Op Inc LTM | 507 |
| FCF LTM | 269 |
| FCF 3Y Avg | 304 |
| CFO LTM | 587 |
| CFO 3Y Avg | 502 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.1% |
| Rev Chg 3Y Avg | -6.8% |
| Rev Chg Q | 70.3% |
| QoQ Delta Rev Chg LTM | 15.9% |
| Op Inc Chg LTM | 117.3% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 42.7% |
| Op Mgn 3Y Avg | 36.6% |
| QoQ Delta Op Mgn LTM | 8.3% |
| CFO/Rev LTM | 48.6% |
| CFO/Rev 3Y Avg | 45.6% |
| FCF/Rev LTM | 22.3% |
| FCF/Rev 3Y Avg | 27.1% |
Price Behavior
| Market Price | $17.77 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 08/01/2013 | |
| Distance from 52W High | -6.8% | |
| 50 Days | 200 Days | |
| DMA Price | $16.91 | $14.64 |
| DMA Trend | up | up |
| Distance from DMA | 5.1% | 21.4% |
| 3M | 1YR | |
| Volatility | 44.1% | 38.9% |
| Downside Capture | -25.37 | -10.74 |
| Upside Capture | 0.40 | 41.26 |
| Correlation (SPY) | -8.6% | 12.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.12 | 0.17 | -0.17 | 0.34 | 0.41 | 0.44 |
| Up Beta | -0.47 | 0.24 | -0.30 | 0.47 | 0.64 | 0.46 |
| Down Beta | 0.84 | 0.21 | -0.46 | 0.35 | 0.92 | 0.81 |
| Up Capture | 29% | 106% | 25% | 34% | 33% | 9% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 32 | 60 | 125 | 382 |
| Down Capture | -75% | -122% | -38% | 20% | -25% | 31% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 17 | 29 | 63 | 121 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASC | |
|---|---|---|---|---|
| ASC | 52.2% | 38.9% | 1.16 | - |
| Sector ETF (XLI) | 12.7% | 17.2% | 0.53 | 4.4% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 12.5% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | -0.5% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | 7.7% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 12.9% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 15.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASC | |
|---|---|---|---|---|
| ASC | 46.0% | 45.3% | 0.98 | - |
| Sector ETF (XLI) | 12.7% | 17.6% | 0.55 | 18.6% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 19.6% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 3.3% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 25.9% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 12.5% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASC | |
|---|---|---|---|---|
| ASC | 12.2% | 50.9% | 0.42 | - |
| Sector ETF (XLI) | 13.3% | 20.0% | 0.58 | 31.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 28.9% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 0.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 25.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 24.9% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 05/07/2026 | 6-K |
| 12/31/2025 | 03/06/2026 | 20-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 07/30/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/07/2025 | 20-F |
| 09/30/2024 | 11/06/2024 | 6-K |
| 06/30/2024 | 07/31/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 20-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 08/01/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 03/24/2023 | 20-F |
| 09/30/2022 | 11/02/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 05/07/2026 | 6-K |
| 12/31/2025 | 03/06/2026 | 20-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 07/30/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/07/2025 | 20-F |
| 09/30/2024 | 11/06/2024 | 6-K |
| 06/30/2024 | 07/31/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 20-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 08/01/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 03/24/2023 | 20-F |
| 09/30/2022 | 11/02/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| 03/31/2022 | 05/04/2022 | 6-K |
| 12/31/2021 | 03/11/2022 | 20-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| 06/30/2021 | 07/27/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/05/2021 | 20-F |
| 09/30/2020 | 11/04/2020 | 6-K |
| 06/30/2020 | 07/28/2020 | 6-K |
| 03/31/2020 | 05/05/2020 | 6-K |
| 12/31/2019 | 04/03/2020 | 20-F |
| 09/30/2019 | 11/05/2019 | 6-K |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McWilliams, Curtis B | Direct | Sell | 5192026 | 19.38 | 16,277 | 315,448 | 1,175,843 | Form | |
| 2 | De, Jong Helen Johanna | Direct | Sell | 5192026 | 18.93 | 1,534 | 29,039 | 469,331 | Form | |
| 3 | McWilliams, Curtis B | Direct | Sell | 5192026 | 19.01 | 848 | 16,120 | 1,462,820 | Form | |
| 4 | Tikka, Kirsi | Direct | Sell | 5132026 | 18.93 | 12,000 | 227,160 | 671,466 | Form | |
| 5 | O'Driscoll, Aideen Siobhan | SVP & Sr. Dir. of Corp. Svcs | Direct | Sell | 5132026 | 18.96 | 15,848 | 300,478 | 371,862 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McWilliams, Curtis B | Direct | Sell | 5192026 | 19.38 | 16,277 | 315,448 | 1,175,843 | Form | |
| 2 | De, Jong Helen Johanna | Direct | Sell | 5192026 | 18.93 | 1,534 | 29,039 | 469,331 | Form | |
| 3 | McWilliams, Curtis B | Direct | Sell | 5192026 | 19.01 | 848 | 16,120 | 1,462,820 | Form | |
| 4 | Tikka, Kirsi | Direct | Sell | 5132026 | 18.93 | 12,000 | 227,160 | 671,466 | Form | |
| 5 | O'Driscoll, Aideen Siobhan | SVP & Sr. Dir. of Corp. Svcs | Direct | Sell | 5132026 | 18.96 | 15,848 | 300,478 | 371,862 | Form |
| 6 | Kelleher, Bart B | President | Direct | Sell | 5062026 | 19.07 | 8,000 | 152,560 | 1,144,944 | Form |
Investor Activity (13F)
Updated Sep 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Marine Transportation Resources |
| The Maritime Executive |
| MarineLink |
| gCaptain |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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