Ardmore Shipping reports $23.6 million in Q1 adjusted earnings
Ardmore Shipping reported first-quarter adjusted earnings of $23.6 million, or $0.58 per share, and raised its dividend policy to pay out two-thirds of adjusted earnings.
The company’s management noted that disruptions in the Middle East are tightening the product tanker market, supporting stronger second-quarter momentum.
Ardmore ordered two new handysize tankers for $44.9 million each and expects capital spending to fall sharply this year, giving the company more flexibility to increase shareholder returns.