Ardmore Shipping

What Ardmore Shipping does

Ardmore Shipping Corporation (NYSE: ASC) is a Bermuda-headquartered, Marshall Islands–incorporated pure-play owner and operator of product and chemical tankers, founded in 2011 and listed on the NYSE in 2013. The company operates a modern fleet of MR (Medium Range) product and chemical tankers in the 25,000–50,000 DWT range, with commercial operations run from Cork (principal operating office), Singapore (regional headquarters for Asia) and Houston (Americas office), and technical management handled primarily through the Anglo Ardmore Ship Management joint venture with Anglo Eastern. Customers include oil majors, national oil companies, oil and chemical traders, and chemical companies, served through a mix of voyage charters, time charters, and commercial pool participations, including the wholly owned Ardmore MR Pool LLC.

The commercial fleet is augmented by an integrated stack of digital and emissions technologies: AI-powered voyage optimization from DeepSea Technologies (Pythia), real-time performance monitoring from Albis Marine (Hybrid Intelligence) and WetterWelt, propulsion optimization from Lean Marine (FuelOpt), computer-vision-based corrosion monitoring from SteelCorr (deployed fleetwide in November 2025), and Value Maritime Filtree exhaust gas cleaning systems with carbon-capture-ready architecture. The company's Energy Transition Plan extends this base into hydrogen fuel cells via the e1 Marine joint venture (with Element 1 Corp and Maritime Partners) and biofuel/methanol cargoes. Reported operational outcomes from these tools include up to 10% main engine fuel savings in DeepSea trials, 4.5% carbon emissions reduction since 2019, and over 11,000 metric tons of CO2 saved through optimized routing.

Ardmore earns revenue from three contract types: time charters (stable, contractually recurring day rates), voyage charters (exposed to spot freight rates), and commercial pool participations (revenue shared based on pool performance). FY2025 revenue was $405.8 million with $158.5 million of EBITDA and $3.09 adjusted EPS, and Q4 2025 revenue of $82.91 million beat expectations of $55.39 million. Spot TCE rates recovered from $33,700/day in Q1 2026 to $50,000/day in Q2 2026 to-date, driving Q1 2026 adjusted earnings to $23.6 million ($0.58/share), up from $5.6 million ($0.14/share) in Q1 2025. The company maintains a 7-member board with 5 independent directors, is ranked #1 for governance among public tanker companies on the Webber Governance Scorecard, and is investing in fleet renewal through three Korean-built MR acquisitions in Q3 2025, a planned sale of the 2014-built Ardmore Engineer for $35.5 million, and a four-vessel Handysize newbuilding order at Wuhu Shipyard with deliveries from late 2028.

Name

Ardmore Shipping

Legal name

Ardmore Shipping Corporation

Website

https://ardmoreshipping.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Ardmore Shipping (NYSE: ASC) owns and operates a modern fleet of MR product and chemical tankers (25,000–50,000 DWT), providing seaborne transportation of petroleum products and chemicals to oil majors, national oil companies, traders, and chemical companies worldwide via voyage charters, time charters, and commercial pools.

Ownership category

akta.pro rank

Product category

Tanker Shipping Services

SIC

Deep Sea Foreign Transportation Of Freight (4412), Water Transportation (4400)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Chemical & Petrochemical Tanker Transport (TLADALAB), Product Tanker Shipping (Clean/Dirty) (EUALADAH)

Keywords

• Product tanker shipping
• Chemical tanker services
• Seaborne transportation
• Voyage charter services
• Maritime logistics

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Time Charter Contracts: Vessels are chartered to customers for fixed periods at predetermined rates, providing stable, recurring revenue with less exposure to spot market volatility.
2. Voyage/Charter Contracts: Revenue earned from transporting cargo on specific voyages, with earnings based on freight rates and voyage duration. Exposes the company to spot market rate fluctuations.
3. Commercial Pool Participation: Vessels participate in commercial pools alongside other owners, with revenue shared based on pool earnings and vessel contribution. Provides revenue diversification and market access.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Ardmore Shipping owns and operates a fleet of high-quality, modern MR (Medium Range) product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes, providing seaborne transportation of refined petroleum products, chemicals, vegetable oils, fatty acids, and emerging alternative fuel cargoes worldwide. The company delivers these transportation services to oil majors, national oil companies, oil and chemical traders, and chemical companies through voyage charters, time charters, and commercial pool participation, supported by a global commercial platform in Cork, Singapore, and Houston and an integrated suite of AI-driven operational technologies for voyage optimization, emissions reduction, and fleet performance management.

Product overview

Ardmore Shipping is engaged in the ownership and operation of product and chemical tankers in worldwide trade. The company operates a fleet of MR (Medium Range) product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes, providing seaborne transportation of petroleum products and chemicals to oil majors, national oil companies, and chemical traders. Services are delivered through voyage charters, commercial pools, and time charters. The core fleet offering is supported by an integrated suite of AI-powered operational tools including DeepSea AI voyage optimization, SteelCorr corrosion monitoring, and Value Maritime's Filtree emissions system, along with the Energy Transition Plan (ETP) sub-brand covering transition technologies, transition projects, and sustainable cargoes. Ardmore also holds a joint venture interest in e1 Marine for hydrogen fuel cell technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Product and Chemical Tanker Transportation Services Seaborne transportation of refined petroleum products, chemicals, vegetable oils, fatty acids, and alternative fuel cargoes using a modern fleet of MR (Medium Range) product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Delivered to oil majors, national oil companies, oil and chemical traders, and chemical companies worldwide via voyage charters, time charters, and commercial pool participation.
• Energy Transition Plan (ETP) Strategic framework extending Ardmore's core tanker shipping business into three areas: transition technologies (e.g., Value Maritime Filtree, hydrogen fuel cells via e1 Marine), transition projects, and transportation of sustainable non-fossil fuel cargoes such as biofuels and methanol. Marketed as a distinct offering within Ardmore's portfolio alongside traditional chartering services.

Quantifiable outcome

• Up to 10% main engine fuel savings achieved during DeepSea AI trial on Ardmore Seahawk
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability6 records

Feature6 records

Partnerships

Twelve partnerships are on record, tiered standard and core.

• Smart Maritime CouncilstandardStrategic or Co-development Partner · 1 July 2025Industry council bringing together stakeholders across maritime supply chain to promote collaboration, interoperability, and development of practical digital standards. Ardmore contributes practical experience in AI adoption and digitalization.
• All Aboard AlliancestandardStrategic or Co-development Partner · 1 May 2022Initiative created by maritime industry leaders following conversations at Global Maritime Forum, focused on diversity, equity, and inclusion in shipping.
• e1 Marine (with Maritime Partners and Element One Corp)coreStrategic or Co-development Partner · 1 March 2021Joint venture for methanol-to-hydrogen generation technology for onboard fuel-cell grade hydrogen. Represents commitment to innovation and alternative fuel development as part of Energy Transition Plan.
• Anglo Eastern (Anglo Ardmore Ship Management)coreStrategic or Co-development PartnerJoint venture for ship management operations. Anglo Ardmore Ship Management Limited provides technical management services for Ardmore vessels, combining Anglo Eastern's ship management expertise with Ardmore's commercial operations.
• DeepSea TechnologiescoreTechnology or IntegrationProvides AI-powered voyage optimization solutions (Pythia) that enable dynamic voyage planning, fuel optimization, and real-time trade-off decisions between cost-saving and revenue opportunities.
• Albis Marine PerformancecoreTechnology or IntegrationProvides Hybrid Intelligence service for real-time monitoring and improvement of ship performance across the fleet.
• WetterWeltstandardTechnology or IntegrationProvides route optimization services analyzing weather patterns and sea conditions to plot safest and most efficient courses.
• Value MaritimecoreTechnology or IntegrationSupplier of Filtree emissions-reducing systems including Clean Loop technology. Systems filter sulphur, CO2 and particulate matter from exhaust streams and are carbon capture ready. Ordered for initial six MR tankers with additional orders placed.
• SteelCorrcoreTechnology or IntegrationAI-powered application for fleetwide corrosion monitoring and paint maintenance. Crew members upload images for automatic analysis, corrosion report generation, trend identification, and maintenance optimization.
• INTERTANKOstandardStrategic or Co-development PartnerArdmore participates in INTERTANKO's Commercial and Markets Committee and uses the Payment Performance System for charterer payment benchmarking. CEO Gernot Ruppelt serves as Committee Chair.
• Lean MarinecoreTechnology or IntegrationProvider of FuelOpt propulsion optimization technology deployed across the fleet. Automates propulsion control, preventing fuel overconsumption and ensuring effective engine load management.
• Thome GroupcoreImplementation/ SI/ Consulting PartnerTechnical management partner providing ship management services for portions of the Ardmore fleet, working alongside the Anglo Ardmore joint venture.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Torm: Torm is one of the world's largest operators of MR product tankers, directly comparable to Ardmore in vessel size, customer base (oil majors, traders, NOCs), and revenue model (voyage charters, time charters, pools). Torm is publicly listed in Copenhagen and serves as the most direct public-market peer for Ardmore's core MR product tanker exposure.
• Scorpio Tankers: Scorpio Tankers is a large publicly-listed product tanker company operating a fleet predominantly of MR tankers, with similar exposure to oil majors and traders. The company offers a directly comparable product/chemical tanker business model and is a key reference for MR spot TCE and pool economics.
• Hafnia: Hafnia is a leading product tanker owner-operator with a fleet of MR and LR1 vessels, part of the BW Group. Hafnia's pool structure and customer mix (oil majors, NOCs, traders) closely mirror Ardmore's commercial model, and the two companies compete directly for cargoes in the global product tanker market.
• Odfjell: Odfjell is one of the world's largest operators of chemical tankers (stainless steel IMO2), making it Ardmore's most direct peer in the chemical tanker segment. Odfjell's customer base of chemical majors overlaps significantly with Ardmore's chemical company clients, and both companies emphasize hazardous and specialty chemical cargoes.
• Stolt-Nielsen: Stolt-Nielsen is a major chemical tanker operator (Stolt Tankers) with a global network and deep chemical company relationships. It is the most prominent global chemical tanker peer, and Ardmore's IMO2 chemical tanker operations compete directly with Stolt's stainless steel fleet for chemical cargoes.
• d'Amico International Shipping: d'Amico International Shipping is a product tanker company operating MR and LR1 vessels globally, with an Italian commercial platform. The company is comparable to Ardmore in vessel size mix, customer base, and exposure to Atlantic Basin and Mediterranean product flows.
• Capital Product Partners: Capital Product Partners is a publicly-traded shipping MLP with a fleet that includes MR product tankers and chemical tankers, directly comparable to Ardmore's vessel mix. The MLP structure and time-charter-heavy revenue model differ, but the underlying product/chemical tanker operations are directly competitive.
• Concordia Maritime: Concordia Maritime is a Swedish product tanker owner-operator with a fleet of MR and LR2 product tankers. The company is comparable to Ardmore in vessel size and customer base, though smaller in scale; useful as a regional/Swedish-listed reference point for MR product tanker economics.

Broad incumbents

• International Seaways: International Seaways operates a diversified fleet spanning VLCC, Suezmax, Aframax/LR2, and MR product tankers, with public listing on NYSE. While broader than Ardmore's product/chemical focus, INSW is a relevant comparable for tanker capital allocation, dividend policy, and public-market governance benchmarking.
• Mitsui O.S.K. Lines: Mitsui O.S.K. Lines is a Japanese global shipping conglomerate with a large product/chemical tanker fleet among its diversified portfolio. While far larger and broader than Ardmore, MOL is a useful broad incumbent reference for product/chemical tanker deployment, technology adoption (LNG/methanol), and global commercial platform benchmarking.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ardmoreshipping
• LinkedInlinkedin.com/company/ardmore-shipping
• Instagraminstagram.com/ardmoreshipping

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ardmore Shipping