Ardmore Shipping Corporation
- Open
- 13.81
- Day high
- 14.37
- Day low
- 13.81
- Prev close
- 14.01
- Volume
- 280K
- Mkt cap
- $583M
- P/E (TTM)
- 10.7
- EPS (TTM)
- $1.33
- P/B
- 0.9
- P/S
- 1.8
- Yield
- 4.55%
- Per share
- $0.65
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
Ardmore Shipping Corporation (ASC) is a Industrials company listed on NYSE. The stock is up 44% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Ardmore Shipping Corporation (ASC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ASC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.51 | $0.58 | +12.8% | $88M | +51.4% |
| Feb 12, 2026 | $0.27 | $0.28 | +3.7% | $83M | +54.7% |
| Nov 5, 2025 | $0.33 | $0.31 | -6.1% | $81M | +49.9% |
| Jul 30, 2025 | $0.18 | $0.22 | +22.2% | $72M | +48.9% |
| Feb 13, 2025 | $0.21 | $0.25 | +19.0% | $82M | +90.6% |
| Jul 31, 2024 | $1.02 | $1.13 | +10.8% | $121M | +63.4% |
| Feb 15, 2024 | $0.62 | $0.63 | +1.6% | $99M | +33.2% |
| Aug 1, 2023 | $0.56 | $0.57 | +1.8% | $92M | +37.8% |
| Feb 14, 2023 | $1.24 | $1.30 | +4.8% | $133M | +51.3% |
| Nov 2, 2022 | $1.43 | $1.54 | +7.7% | $142M | +58.7% |
| Jul 27, 2022 | $0.68 | $0.81 | +19.1% | $107M | +77.2% |
| May 4, 2022 | $-0.07 | $-0.03 | +57.1% | $63M | +92.9% |
ASC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | de Jong Helen Johannadirector | Sell | 1,534 | $18.93 |
| May 19, 2026 | McWilliams Curtis Bdirector | Sell | 848 | $19.01 |
| May 19, 2026 | McWilliams Curtis Bdirector | Sell | 16,277 | $19.38 |
| May 14, 2026 | McWilliams Curtis Bdirector | Sell | 2,572 | $19.05 |
| May 14, 2026 | McWilliams Curtis Bdirector | Sell | 303 | $19.02 |
| May 14, 2026 | de Jong Helen Johannadirector | Sell | 1,966 | $19.02 |
| May 13, 2026 | Tikka Kirsidirector | Sell | 12,000 | $18.93 |
| May 13, 2026 | O'Driscoll Aideen Siobhanofficer: SVP & Sr. Dir. of Corp. Svcs | Sell | 15,848 | $18.96 |
| May 6, 2026 | Kelleher Bart Bofficer: President | Sell | 8,000 | $19.07 |
Source: ASC SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
See the full ASC insider & 13F page →Ardmore Shipping Corporation company profile
Overview
Ardmore Shipping Corporation (NYSE:ASC) is a Bermuda-based marine transportation company founded in 2010 and publicly traded since 2013. The company operates a fleet of 25 double-hulled tanker vessels specializing in the seaborne transportation of petroleum products and chemicals worldwide. Ardmore has established itself as a mid-sized player in the product and chemical tanker markets, serving major oil companies, chemical manufacturers, and trading houses across global shipping routes.
Business
Ardmore Shipping operates in the marine transportation industry, specifically focusing on the movement of refined petroleum products and chemicals via ocean-going tankers. The company's business centers around two main vessel categories that serve distinct but overlapping markets. MR (Medium Range) Product Tankers comprise the majority of Ardmore's fleet and are designed to transport refined petroleum products such as gasoline, diesel fuel, jet fuel, and heating oil. These vessels typically range from 25,000 to 55,000 deadweight tons and are essential for moving refined products from refineries to distribution terminals worldwide. The MR tanker market serves the global demand for transportation of clean petroleum products, which are consumed daily by industries, transportation sectors, and residential users. Chemical Tankers represent Ardmore's specialized segment, designed to carry various liquid chemicals including industrial solvents, acids, vegetable oils, and other specialty chemicals. These vessels require more sophisticated cargo handling systems, specialized tank coatings, and enhanced safety equipment due to the diverse and often hazardous nature of chemical cargoes. Chemical tankers typically command higher day rates than product tankers due to their specialized nature and more limited supply. The company's fleet consists of modern, double-hulled vessels that meet international safety and environmental standards. Double-hull construction provides an additional layer of protection against oil spills by creating a space between the cargo tanks and the outer hull. All vessels are equipped with advanced navigation systems, and over 50% of the MR fleet features scrubber technology for emissions compliance. Based on recent earnings data, MR tankers appear to generate approximately 70-75% of total revenue, while chemical tankers contribute 25-30%, though these proportions can vary based on market conditions and charter rates in each segment.
Competitive moat
Ardmore's competitive moat is relatively modest in the highly commoditized shipping industry, but the company has developed several defensive characteristics. The primary moat comes from its operational expertise and commercial platform, which enables superior vessel utilization and rate capture compared to less sophisticated operators. The company's integrated approach to fleet management, including strategic positioning, cargo optimization, and customer relationships, allows it to consistently achieve rates above market averages. The company's modern, well-maintained fleet provides some competitive advantage, as customers increasingly prefer newer vessels with better safety records and environmental compliance. Ardmore's investment in technology, including AI-assisted optimization tools and Starlink connectivity across the fleet, enhances operational efficiency and customer service capabilities. However, the shipping industry faces significant competitive pressures. The barrier to entry is primarily capital rather than operational complexity, meaning well-funded competitors can acquire similar vessels and compete directly. The industry is cyclical and fragmented, with hundreds of operators worldwide. Customers often make chartering decisions based primarily on price and vessel availability rather than operator relationships. Potential disruption could come from several sources: new vessel supply from shipyards during favorable market cycles, consolidation among larger competitors with greater scale advantages, regulatory changes that favor certain vessel types or operators, and long-term shifts toward alternative energy sources that could reduce petroleum product transportation demand. The company's moat is best described as operational rather than structural, requiring continuous execution excellence to maintain competitive positioning.
Risks & safety
Ardmore demonstrates a strong margin of safety with robust financial metrics and conservative capital structure. • Liquidity and Solvency: $47 million in cash, current ratio of 4.24x, minimal debt with debt-to-equity ratio of only 7%. No significant solvency risk given strong cash generation and low leverage. • Cash Generation: Strong free cash flow of $99 million in 2024, operating cash flow of $160 million. Low cash breakeven of $11,500 per day provides substantial downside protection. • Valuation Metrics: Trading at attractive multiples with P/E of 3.8x (2024), EV/EBITDA of 2.8x, and price-to-book of 0.80x. Graham number of $33 suggests significant undervaluation at current $9.87 price. • Dividend Coverage: Sustainable dividend policy with quarterly payments well-covered by earnings and free cash flow generation. • Other Considerations: Cyclical industry creates earnings volatility risk, but current strong balance sheet provides cushion during market downturns. Fleet age and maintenance requirements manageable with current cash generation levels.
Recent development
Over the past few years, Ardmore has executed several strategic initiatives to enhance its competitive position and operational efficiency. The company has undergone a leadership transition, with Anthony Gurnee retiring and Gernot Ruppelt taking over as CEO, while maintaining strategic continuity in the business approach. Technology and Innovation has become a key focus area, with Ardmore implementing AI-assisted optimization tools across its fleet operations. The company has deployed Starlink satellite internet connectivity across all vessels, enabling real-time data analytics and improved decision-making. Management reports reviewing over 200 technologies and implementing 20 initiatives, resulting in annual fuel savings exceeding $5 million through AI optimization of routing and operations. Fleet Modernization efforts have included strategic vessel acquisitions and disposals to optimize the fleet composition. The company acquired the 2017-built Eco-Design MR tanker Ardmore Gibraltar while selling older vessels like the 2010-built Ardmore Seafarer. Over 50% of the MR fleet now features second-generation scrubber technology for emissions compliance, positioning the company well for evolving environmental regulations. Capital Allocation Strategy has evolved to include regular dividend payments, with the company declaring eight consecutive quarterly dividends and implementing a share repurchase program that bought back 4% of shares in Q4 2024. The company has also focused on debt reduction and maintaining financial flexibility for opportunistic investments. Operational Improvements include upgrading tank coatings on the chemical fleet, investing in energy-saving devices, and achieving 99% on-hire availability. The company has successfully reduced its cash breakeven level from higher historical levels to the current $11,500 per day through various efficiency initiatives.
ASC company profile · for informational purposes only — not investment advice.
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