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olivLaw · US equity research

Ardmore Shipping Corporation ASC

Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

18.47USD−3.95% · 1 dayClose 04 Nov 2026

Ardmore Shipping Corporation carries petroleum products and chemicals by sea with a modern, fuel-efficient fleet of mid-size product and chemical tankers serving oil majors, national oil companies and traders. In fiscal 2025 net revenue fell 24% from 2024 as tanker markets stayed volatile and conflicts in the Middle East and Red Sea rerouted trade.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ardmore Shipping Corporation (ASC) stock was 18.47 USD (−3.95% on the day), with market capitalisation 752.3 m USD, P/E 21.0 on diluted EPS of 0.88 USD over the last 12 months, dividend yield 1.62%, beta 0.31, 52-week range 10.45–21.30 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
752.3 m USD
shares as of 31 Dec 2025
P/E (TTM)
21.0
Diluted EPS TTM 0.88 · TTM to 31 Dec 2025
E/P (TTM)
4.76%
TTM to 31 Dec 2025
Dividend yield
1.62%
DPS 12m 0.30
Beta (2y)
0.31
Volatility (1y) 40%
52-week range
10.4521.30

Price history

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Technical reading

RSI (14)
42.2
weak (30–45)
Bollinger (20, 2)
18.12 – 21.29
in the lower half of the band · %B 0.11 · band width 16.1%
SMA 50 / 200
18.87 / 16.72
mixed trend
MACD (12, 26, 9)
0.25 / 0.41
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−4.5%−1.1%−3.4 pp—
3 months+12.3%−0.5%+12.8 pp—
6 months−1.7%+4.4%−6.1 pp—
Year to date+74.4%+12.3%+62.1 pp—
1 year+50.4%+13.5%+36.9 pp+26.8%
3 years+35.2%+76.4%−41.2 pp+39.6%
5 years+348.3%+63.7%+284.6 pp—
Max drawdown (1y)
−28.8%
20 May 2026 → 30 Jun 2026
Max drawdown (5y)
−63.6%
21 May 2024 → 08 Apr 2025
Compound annual growth (5y)
+35.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 4-quarter history (min 4.0, median 4.6, max 12.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue210.2 m230.0 m220.1 m192.5 m445.7 m396.0 m405.8 m310.2 m
Revenue YoY+7.3%+9.5%−4.3%−12.5%+131.6%−11.2%+2.5%−23.6%
Net income-42.9 m-22.9 m-6.0 m-36.8 m138.5 m116.8 m133.0 m41.0 m
Net income YoYunavailableunavailableunavailableunavailableunavailable−15.6%+13.9%−69.2%
Diluted EPSunavailable-0.69-0.18-1.123.522.713.060.88
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable−23.0%+12.9%−71.2%
net %-20.4%-9.9%-2.7%-19.1%31.1%29.5%32.8%13.2%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
46.8 m USD
Financial debt
127.0 m USD
Net debt
80.2 m USD
Equity
634.3 m USD
Total assets
788.7 m USD
Debt / equity
0.20x
Current ratio
4.33x
ROE
6.6%
ROA
5.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
396.0 m
2024
405.8 m
2025
310.2 m

SEC (XBRL)· 06 Mar 2026verified

Interest expense
2023
11.4 m
2024
6.8 m
2025
6.1 m

SEC (XBRL)· 06 Mar 2026verified

Pre-tax income
2023
118.3 m
2024
137.7 m
2025
41.6 m

SEC (XBRL)· 06 Mar 2026verified

Income tax
2023
435.0 k
2024
215.0 k
2025
241.0 k

SEC (XBRL)· 06 Mar 2026verified

Net income
2023
116.8 m
2024
133.0 m
2025
41.0 m

SEC (XBRL)· 06 Mar 2026verified

Diluted EPS
2023
2.71
2024
3.06
2025
0.88

SEC (XBRL)· 06 Mar 2026verified

Weighted average diluted shares
2023
41.8 m
2024
42.0 m
2025
40.8 m

SEC (XBRL)· 06 Mar 2026verified

Dividend per share
2023
1.14
2024
1.11
2025
0.30

SEC (XBRL)· 06 Mar 2026derived

Balance sheet · USD

Cash
2023
46.8 m
2024
47.0 m
2025
46.8 m

SEC (XBRL)· 06 Mar 2026verified

Receivables
2023
56.2 m
2024
60.9 m
2025
47.5 m

SEC (XBRL)· 06 Mar 2026verified

Inventories
2023
12.6 m
2024
11.3 m
2025
8.9 m

SEC (XBRL)· 06 Mar 2026verified

Current assets
2023
126.8 m
2024
126.5 m
2025
111.9 m

SEC (XBRL)· 06 Mar 2026verified

Property, plant & equipment, net
2023
524.0 m
2024
545.6 m
2025
638.1 m

SEC (XBRL)· 06 Mar 2026verified

Total assets
2023
691.0 m
2024
704.8 m
2025
788.7 m

SEC (XBRL)· 06 Mar 2026verified

Short-term debt
2023
6.4 m
2024
—
2025
—

SEC (XBRL)· 15 Mar 2024verified

Long-term debt
2023
39.6 m
2024
38.8 m
2025
127.0 m

SEC (XBRL)· 06 Mar 2026verified

Current liabilities
2023
33.8 m
2024
29.8 m
2025
25.8 m

SEC (XBRL)· 06 Mar 2026verified

Total liabilities
2023
116.5 m
2024
69.4 m
2025
154.4 m

SEC (XBRL)· 06 Mar 2026verified

Equity
2023
537.4 m †
2024
607.6 m †
2025
634.3 m †

SEC (XBRL)· 06 Mar 2026verified

Shares outstanding at year end
2023
41.3 m
2024
40.5 m
2025
40.7 m

SEC (XBRL)· 06 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
159.6 m
2024
160.4 m
2025
81.6 m

SEC (XBRL)· 06 Mar 2026verified

Investing cash flow
2023
-26.8 m
2024
-33.0 m
2025
-121.0 m

SEC (XBRL)· 06 Mar 2026verified

Financing cash flow
2023
-136.5 m
2024
-127.3 m
2025
39.2 m

SEC (XBRL)· 06 Mar 2026verified

Dividends paid
2023
47.2 m
2024
45.1 m
2025
12.2 m

SEC (XBRL)· 06 Mar 2026verified

Share repurchases
2023
—
2024
17.9 m
2025
—

SEC (XBRL)· 07 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-23.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
-11.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-69.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-33.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-71.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-37.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
13.2%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
6.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
34.0%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
80.2 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
4.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
4.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
81.6 m USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
64 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
752.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
832.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
18.3x
computed by olivLawFY 2025
P/E (TTM)
21.0x
computed by olivLawFY 2025
Earnings yield
4.8%
computed by olivLawFY 2025
P/B
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
2.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
2.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
1.6%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

18.47 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 752.3 m USD

Key indicators

Market capitalisation
752.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
21.0x
computed by olivLawFY 2025
P/B
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
6.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
13.2%
computed by olivLawFY 2025
Revenue growth (YoY)
-23.6%
computed by olivLawFY 2025
Dividend yield
1.6%
computed by olivLawFY 2025

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 06 Mar 2026
verified 361derived 10

Score by group

44% · Insufficient data

Estimated value range

Low
3.57
USD per share
Mid
5.27
USD per share
High
8.54
USD per share
Price: 18.47 USD
The price is above the range
Potential to the central value: -71.5% (value / price − 1)
Margin of safety: -250.8% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.20 – 11.80 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E3.20 – 11.80 (Mid 6.02)
    26 companies used · median multiple 6.8x · quartiles 3.6x – 13.4x
    CCEC, CISS, CMBT, CMRE, CTRM, DAC, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, NVGS, PANL, PSHG, SHIP, STNG, TEN, TOPS, ZIM
  • Dividend discount (DDM)3.93 – 5.29 (Mid 4.51)
Multiple comparisons use the SIC vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality13.2%39 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-11.4%0 (on a fixed band)19%
EPS CAGR 3Y · Growth-37.0%0 (on a fixed band)19%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.3x100 (on a fixed band)10%
P/E (TTM) · Valuation21.0x21 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns4.0%57 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality· partial39/100 · 1/3 factors with a value
  • Returns· partial57/100 · 1/2 factors with a value
  • Valuation· partial21/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ardmore Shipping Corp (ASC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 310.2 m USD in 2025; YoY growth -23.6%; net margin 13.2%; ROE 6.6%.

The estimated value range is 3.57–8.54 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.27 USD, the price of 18.47 USD leaves a potential of -71.5% (value / price − 1) and a margin of safety of -250.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 4.3x

What contradicts it

  • Revenue CAGR 3Y: -11.4%
  • EPS CAGR 3Y: -37.0%
  • P/E (TTM): 21.0x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
21.0x
vertical median 7.3x
above median (+188.1%)
EV/EBITDA
—
vertical median 6.9x
P/S
2.4x
vertical median 1.8x
above median (+32.9%)
P/B
1.2x
vertical median 1.0x
above median (+19.7%)
ROE
6.6%
vertical median 9.9%
below median (−33.0%)
Net margin
13.2%
vertical median 18.1%
below median (−27.1%)
EBIT margin
—
vertical median 27.4%
Revenue YoY
-23.6%
vertical median 0.8%
below median (−3,218.5%)
Net debt/EBITDA
—
vertical median 1.6x
Dividend yield
1.6%
vertical median 2.3%
below median (−28.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FROFrontline plc10.8 bn28.515.6%19.2%−8.8%+106% / +144%
CMBTCmb.tech NV5.4 bn3.849.1%92.6%−23.9%+56% / −5%
STNGScorpio Tankers Inc.4.4 bn12.111.4%36.7%−24.6%+48% / +57%
DHTDht Holdings, Inc.3.5 bn16.819.4%42.4%−12.8%+69% / +121%
ZIMZim Integrated Shipping Services Ltd.3.4 bn7.111.9%6.9%−18.1%+39% / +306%
SBLKStar Bulk Carriers Corp.3.1 bn37.33.4%8.1%−17.6%+37% / +28%
ECOOkeanis Eco Tankers Corp.3.0 bn22.525.0%31.4%−0.4%+130% / +252%
DACDanaos Corporation2.8 bn5.713.7%47.4%+2.8%+56% / +117%
NMMNavios Maritime Partners L.P.2.5 bn8.6—21.2%+0.8%+57% / +232%
LPGDorian Lpg Ltd.2.1 bn6.528.3%55.0%+36.3%+99% / +17%
SFLSFL Corporation Ltd.1.7 bn—-2.5%-3.6%−18.9%+42% / +3%
CMRECostamare Inc.1.6 bn4.615.9%41.5%−1.2%−14% / +30%
GSLGlobal Ship Lease, Inc.1.4 bn3.525.5%54.3%+7.8%+14% / +118%
TENTsakos Energy Navigation Limited1.4 bn10.59.1%20.1%−0.7%+91% / +132%
NVGSNavigator Holdings Ltd1.3 bn13.98.2%17.1%+3.6%+14% / +40%
CCECCapital Clean Energy Carriers Corp.1.2 bn7.312.0%—+62.0%+2% / +57%
GNKGenco Shipping & Trading Limited1.1 bn13.98.9%15.5%−19.1%+31% / +59%
SHIPSeanergy Maritime Holdings Corp.987.8 m14.37.8%13.4%−5.6%+37% / +98%
ASCArdmore Shipping Corp752.3 m21.06.6%13.2%−23.6%+50% / +35%
HSHPHimalaya Shipping Ltd.719.3 m40.611.2%13.4%+6.7%+72% / +157%
PANLPangaea Logistics Solutions Ltd.491.7 m10.111.0%6.7%+17.8%+7% / +7%
ESEAEuroseas Ltd.459.1 m3.333.1%60.1%+7.0%+8% / +172%
GASSStealthgas Inc.308.3 m5.19.2%35.0%+3.5%+21% / +24%
DSXDiana Shipping Inc.276.7 m21.73.5%8.3%−6.4%+21% / −30%
SMHISEACOR Marine Holdings Inc.241.4 m—-14.0%-17.6%−16.0%+25% / −23%

1- and 3-year price returns: for ASC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
11.30
Total return -38% · Per year -38%
20.08
Total return 10% · Per year 10%
30.38
Total return 67% · Per year 67%
3 years
8.97
Total return -48% · Per year -20%
18.12
Total return 3% · Per year 1%
30.38
Total return 71% · Per year 20%
5 years
7.12
Total return -56% · Per year -15%
16.35
Total return -3% · Per year -1%
30.38
Total return 75% · Per year 12%
What moves the 3-year price the most
  • Exit P/E± 4.53
  • Net margin± 3.17
  • Annual revenue growth± 2.86
  • Annual dilution± 0.27

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (29 Jul 2026), 6-K (16 Jun 2026), 6-K (07 May 2026).

In brief

Ardmore Shipping Corporation carries petroleum products and chemicals by sea with a modern, fuel-efficient fleet of mid-size product and chemical tankers serving oil majors, national oil companies and traders. In fiscal 2025 net revenue fell 24% from 2024 as tanker markets stayed volatile and conflicts in the Middle East and Red Sea rerouted trade.

SWOT

Strengths

  • Modern, fuel-efficient fleet built in high-quality yards in South Korea and Japan.
  • Commercial independence through an in-house chartering team, with no blanket third-party management contracts.
  • Lean cost structure and a financial base that allows planned fleet growth through acquisitions.

Weaknesses

  • High exposure to the spot market, which makes earnings volatile and dependent on current rates.
  • Net revenue fell sharply in 2025, showing how sensitive results are to the industry cycle.
  • Reliance on technical management through a partly owned joint venture rather than full in-house control.

Opportunities

  • Long-haul demand could rise if trading routes remain altered.
  • Acquisitions of modern second-hand vessels could expand the fleet without lowering quality.
  • Efficiency regulations could favour modern vessels over older ones.

Threats

  • Conflicts in the Middle East and Red Sea could disrupt routes and raise costs.
  • Higher vessel supply could reduce charter rates and vessel values.
  • Trade restrictions and sanctions could shift demand and affect vessel employment.

Risks

  • Industry cyclicalityhigh

    The tanker industry is cyclical, and rates could fall sharply enough to make operating some vessels unprofitable.

  • Spot market dependencehigh

    Many vessels are employed on the spot market, so revenue could swing sharply from one quarter to the next.

  • Geopolitical riskmedium

    Conflicts and attacks on vessels could reroute traffic and change costs in ways that are hard to predict.

  • Financing and debtmedium

    Debt and restrictive covenants in credit facilities could limit financial flexibility, particularly if vessel values decline.

  • Environmental regulationlow

    Emissions and climate rules could create unexpected costs for the fleet.

Investment thesis

What would need to be true (bull case)

  • If product oil demand stays solid and long routes persist, the company's modern fleet could benefit from higher rates.
  • The five fixed-rate charter vessels provide part of the revenue on a more predictable basis, which could support cash flow stability.
  • Efficiency regulations could favour modern ships, and the company's fleet is oriented toward that segment.

What would break the thesis

  • If spot rates fall again, revenue and profitability could drop quickly, as seen in 2025.
  • The energy transition could reduce long-term demand for oil product shipping, weighing on fleet values.
  • Dependence on a limited number of vessels and on technical management through a joint venture could raise operational risk.

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (29 Jul 2026), 6-K (16 Jun 2026), 6-K (07 May 2026).

The business

As of March 6, 2026 the company operates 25 owned tankers and one chartered-in vessel, all in service, with an average age of its owned fleet of 11.0 years. Its strategy centres on modern, fuel-efficient mid-size tankers built in South Korean or Japanese yards. It markets its services directly through an in-house chartering and commercial team, with no blanket commercial management arrangements with third parties or related parties.

Technical management of the fleet is provided mainly through its 50 percent joint venture AASML, and about 940 seafarers serve the fleet according to the annual report. The company states that it believes its corporate and operating costs are among the lowest of its peers, a claim the filing does not quantify.

Segments

Product and chemical tankers (spot)

Most vessels are employed directly in the spot market by the in-house team, with five on time charter as of early 2026. Spot earnings are more volatile because they follow prevailing market rates at the time.

Time-charter coverage

Five vessels carry fixed-rate coverage, including four MR tankers and one chemical tanker on a three-year charter. This reduces exposure to spot swings but also limits gains in periods of high rates.

Market context

The product and chemical tanker market depends on world oil demand and trade, refinery capacity, oil prices, sanctions and transport alternatives. Conflicts in the Middle East, Ukraine and Venezuela have changed trading patterns and routes, creating swings in freight rates.

The company expects continued product tanker demand growth in the year ahead, supported by global economic growth and refineries located away from consumption points. Pressure could emerge if the energy transition reduces long-term demand.

Trends

  • Geopolitical conflicts and reroutingmixed

    Attacks in the Red Sea and tensions around the Strait of Hormuz have led many companies to avoid those routes, lengthening voyages and supporting longer-haul demand. The effect on fuel costs and voyage durations remains uncertain.

  • Energy transition and regulationtailwind

    Energy efficiency and carbon intensity rules are constraining newbuilding orders and could pressure older vessels. The company's modern, efficient fleet could benefit from this if the trend continues.

  • Charter rate volatilityheadwind

    Charter rates are cyclical and can fall quickly if vessel supply rises or demand weakens, which contributed to lower revenue in 2025. This directly affects vessels employed on the spot market.

  • Global trade uncertaintyheadwind

    New tariffs and port fees have increased uncertainty about vessel demand, trade routes and operating costs. The longer-term effect is hard to estimate.

Competitive position

Competition is based on price, vessel location, size, age, condition and reputation, and ownership of tankers is highly fragmented among listed companies, state-controlled owners and private shipowners. The company competes with other product and chemical tanker operators without holding a dominant position.

  • Listed tanker companies

    Publicly listed competitors, referred to generically in the filing without being named.

  • State-controlled owners

    State-controlled operators that compete in the same market segments.

  • Private shipowners

    Private vessel owners that form a large part of industry supply.

  • Commercial pool operators

    Pooling service providers that compete for the same customers and cargoes.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ardmore Shipping Corporation · 06 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.