Ardmore Shipping Sells Tanker and Expands Newbuilding Program in China to Six Vessels

Ardmore Shipping Corporation, headquartered in New York, agreed during the third quarter of 2026 to sell the tanker Ardmore Endeavour for USD 34.3 million and, in parallel, expanded its newbuilding program at the Chinese shipyard Wuhu to six 40,500 DWT handysize tankers, after exercising its last two options in August.

The Ardmore Endeavour is a 49,859 DWT MR tanker built in 2013 at the South Korean shipyard STX and not fitted with a scrubber. The deal was agreed in the third quarter and completed in October, when the vessel was delivered to its buyer. Although the buyer's identity was not disclosed, S&P sources linked the vessel, now operating under the name MRC Beril, to the Turkish Mercan Group. The sale follows that of the Ardmore Engineer, built in 2014, which was acquired earlier this year by India's Great Eastern Shipping for USD 35.5 million.

The order at the Wuhu shipyard, which had been expanded to four units in June, was increased to six vessels after the exercise of the last two options in August. According to Splash 247, the total investment for the six-vessel program is around USD 269 million, while Baird Maritime specified that the remaining installments to be paid total approximately USD 257.8 million. The first vessel in the series is scheduled for delivery by late 2028.

The company reported net income attributable to common shareholders of USD 16.3 million in the third quarter, equivalent to USD 0.40 per basic and diluted share, compared with USD 12.1 million and USD 0.30 per share in the same period of 2025. Baird Maritime added that quarterly revenue rose to USD 87.7 million from USD 81.2 million. For the nine months ended September, Ardmore reported net income of USD 100.4 million, or USD 2.46 per basic share and USD 2.45 per diluted share, compared with USD 26.7 million and USD 0.66 per share a year earlier, along with adjusted earnings of USD 88.2 million for the period.

The company's MR tankers achieved an average spot TCE rate of USD 27,031 per day in the third quarter, while its chemical tankers averaged USD 23,266 per day. For the fourth quarter, Ardmore has already fixed around 45% of its MR spot revenue days at an average of USD 57,600 per day, and about 60% of its chemical tanker spot days at approximately USD 30,100 per day. CEO Gernot Ruppelt noted that MR spot bookings stand at a high multiple of the company's cash breakeven level, with available liquidity of USD 301.1 million as of September 30.