Ardmore Shipping provides capital allocation update and TCE guidance

Ardmore Shipping (ASC) provided the an update on capital allocation, vessel sale, and latest TCE guidance. The Company signed contracts for the construction of two highly-efficient and versatile 40,500 dwt Handysize product/chemical tankers at Wuhu Shipyard, at a price of $44.9M per vessel, inclusive of approximately $3M for full IMO2 specification and MarineLine tank coatings. In addition, the Company is commissioning various performance and safety upgrades. The agreement also includes options to acquire two additional vessels on the same terms. Deliveries are scheduled from late 2028. Effective 1Q, Ardmore is doubling its dividend payout ratio to common shareholders to two-thirds of adjusted earnings. The Company agreed to sell a 2014-built MR tanker for $35.5 million, with delivery scheduled for June 2026. The Company provided the following preliminary update on its estimated Time Charter Equivalent market performance. Q1 Spot MR Tankers $33,700 / day for 1,310 revenue days; and Spot Chemical Tankers $22,300 / day for 319 revenue days. Q2 To-Date Spot MR Tankers $50,000 / day with 50% fixed; Spot Chemical Tankers $32,100 / day with 65% fixed.