Ardmore Shipping Q3 revenue beats estimates on higher spot charter rates

Ardmore Shipping

03/11/2026 13:10

Overview
Bermuda tanker operator's Q3 revenue rose and beat analyst expectations
Q3 adjusted EPS missed analyst expectations
Higher spot charter rates drove revenue growth

Outlook
Company sees Q4 2026 MR tanker spot TCE rate at $57,600 per day for 45% fixed days
Company sees Q4 2026 chemical tanker spot TCE rate at $30,100 per day for 60% fixed days
Company says ongoing geopolitical conflicts are causing market volatility and uncertainty for tanker demand

Result Drivers
HIGHER SPOT CHARTER RATES - Co said higher spot charter rates were the main driver of revenue growth in Q3
MORE TIME CHARTERS - Increased use of time charters contributed to higher revenue, per co
HIGHER BUNKER COSTS - Co said voyage expenses rose due to higher bunker prices

Company press release: ID:nPnvRNjra

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$87.70 mln
$63.66 mln (3 Analysts)
Q3 Adjusted EPS
Miss
$0.40
$0.66 (3 Analysts)
Q3 EPS
 
$0.40
 
Q3 Adjusted Net Income
Miss
$16.30 mln
$24.70 mln (3 Analysts)
Q3 Net Income
 
$16.30 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Ardmore Shipping Corp is $22.50, about 15% above its November 2 closing price of $19.56
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
Nov 2 - Borr Drilling retrieves fourth body after Gabon rig sinking, one person missing
Nov 2 - Diamondback Energy Q3 revenue beats on higher oil output

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)