AI-extracted from the 20-F filed 2026-03-06 — FY2025 (year ended December 31, 2025). Every figure is machine-verified against the filing text on SEC EDGAR.
Net income fell 69% to $41.0M on 24% lower revenue of $310.2M, driven by weak spot tanker rates offsetting modest fleet growth from three vessel acquisitions.
Biggest Revenue Drivers
Spot charter revenue$310.2M-24% YoY
Decline driven by softer product tanker spot rates in 2025 versus strong rates in 2024, partially offset by increased time charter coverage with five MR tankers and one chemical tanker.
Biggest Revenue Drivers
Total revenue: $310.2M-24% YoY
Spot charter revenue$310.2M-24% YoY
Decline driven by softer product tanker spot rates in 2025 versus strong rates in 2024, partially offset by increased time charter coverage with five MR tankers and one chemical tanker.
Largest Expense Items
Voyage expenses$114.4M-14% YoY
Decreased proportionally with lower voyage activity; includes bunkers, port costs, and commissions.
Vessel operating expenses$66.2M+10% YoY
Increased due to inflationary pressures on crew and maintenance costs as fleet expanded.
Depreciation$33.8M+12% YoY
Higher due to vessel acquisitions in 2025 and depreciation on three newly acquired vessels.
Margins: Gross margin compressed significantly in 2025; after voyage and operating expenses, the company generated lower earnings despite operational expense control. Operating leverage was offset by lower TCE rates reflecting softer spot market conditions in 2025 versus exceptional 2024 market.
Watch Items from the Filing
Fleet composition shift: Five MR tankers on time charters plus one chemical tanker reduces spot market exposure but locks in fixed lower rates during peak market; 21 vessels in volatile spot market create earnings volatility.
Geopolitical exposure: Red Sea attacks, Strait of Hormuz disruptions, Russia-Ukraine conflict, and U.S. Venezuela operations impact shipping routes, rates, and voyage costs; filing states these conflicts 'significantly affected trading patterns, freight rates, and voyage expenses.'
Leverage: $127.0M outstanding debt with $46.8M cash (7 December 2025); $350M new revolving facility closed July 2025 at SOFR+1.80% maturing 2031 provides liquidity for vessel acquisitions but increases debt burden.
Fleet age management: Average fleet age 11.0 years (March 2026); 14 of 25 vessels equipped with scrubbers; high orderbook (13.4% of MR fleet) poses supply risk if rates remain depressed and demolition activity accelerates.
Regulatory headwinds: IMO Net-Zero Framework adoption delayed to 2026; EU ETS and FuelEU Maritime compliance costs rising; EEXI/CII regulations in effect; alternative fuel uncertainty constrains newbuild ordering and may depress older vessel values.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
12 transactions in ASC reported by 1 member of Congress under the STOCK Act, most recent trade Dec 6, 2024. Reported transactions, not recommendations.
About Ardmore Shipping Corp (ASC): stock profile, AI score and financials
Ardmore Shipping Corp (ASC) stock profile, AI quality score, and SEC EDGAR financial data, a Industrials sector company. 13F Pro's AI-powered ranking engine scores ASC at 49.0/100 on a composite quality score built from its SEC filings, placing it at rank #1,707 of 2,925 stocks — the bottom half of the AI-ranked universe. ASC scores in the top quartile across free cash flow (80.5), balance sheet strength (80.3). Areas of concern include revenue growth (10.1) and revenue scale (30.9), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), Ardmore Shipping Corp reports quarterly revenue of $87.9M, net income of $23.6M, an operating margin of 26.9%. Top institutional holders of ASC by reported 13-F value include BlackRock, DIMENSIONAL FUND ADVISORS, WELLINGTON MANAGEMENT GROUP LLP, based on the most recent SEC filings. ASC trades on the NYSE exchange and files with the SEC under CIK 1577437. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ASC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Ardmore Shipping Corp directly from SEC EDGAR.