HAMILTON, Bermuda, Nov. 6, 2024 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and nine months ended September 30, 2024.

Highlights and Recent Activity

Reported net income and Adjusted earnings of $23.3 million for the three months ended September 30, 2024, or $0.55 earnings and Adjusted earnings per basic share and diluted share, compared to net income attributable to common stockholders and Adjusted earnings of $20.3 million, or $0.49 earnings and Adjusted earnings per basic share and diluted share for the three months ended September 30, 2023. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section.)Reported net income of $123.5 million for the nine months ended September 30, 2024, or $2.96 earnings per basic share and $2.93 earnings per diluted share, compared to net income attributable to common stockholders of $87.3 million, or $2.12 earnings per basic share and $2.09 earnings per diluted share, for the nine months ended September 30, 2023. We reported Adjusted earnings of $109.3 million for the nine months ended September 30, 2024, or $2.62 Adjusted earnings per basic share and $2.60 Adjusted earnings per diluted share, compared to Adjusted earnings of $87.3 million for the nine months ended September 30, 2023, or $2.12 Adjusted earnings per basic share and $2.09 Adjusted earnings per diluted share. (See reconciliation of net income to Adjusted earnings in the Non-GAAP Measures section with the main driver of the variance being the gain on the sale of the Ardmore Seafarer of $12.3 million.)Consistent with the Company's variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, the Board of Directors declared a cash dividend on November 6, 2024, of $0.18 per common share for the quarter ended September 30, 2024. The dividend will be paid on December 13, 2024, to all shareholders of record on November 29, 2024.MR Eco-Design tankers earned an average spot TCE rate of $28,481 per day for the three months ended September 30, 2024. Chemical tankers earned an average TCE rate of $21,604 per day for the three months ended September 30, 2024. Based on approximately 50% of total revenue days currently fixed for the fourth quarter of 2024, the average spot TCE rate is approximately $25,000 per day for MR Eco-Design tankers; based on approximately 55% of revenue days fixed for the fourth quarter of 2024, the average TCE rate for chemical tankers is approximately $25,150 per day.