Ardmore Shipping Corporation (NYSE: ASC) signed contracts to build two 40,500 deadweight ton product and chemical tankers at Wuhu Shipyard for $44.9 million each, according to a company statement. The vessels include IMO2 specifications and MarineLine tank coatings, with deliveries scheduled from late 2028. The agreement includes options for two additional vessels on identical terms.

The company announced it will double its dividend payout ratio to two-thirds of adjusted earnings, effective first quarter 2026. Adjusted earnings excludes gains or losses on vessel sales and write-offs of deferred finance fees.

Ardmore agreed to sell a 2014-built MR tanker for $35.5 million, with delivery scheduled for June 2026.

The company reported preliminary first quarter 2026 Time Charter Equivalent rates of $33,700 per day for spot MR tankers across 1,310 revenue days and $22,300 per day for spot chemical tankers across 319 revenue days. For the second quarter to date, spot MR tankers averaged $50,000 per day with 50% fixed rates, while spot chemical tankers averaged $32,100 per day with 65% fixed rates.

"Ardmore continues to execute on a clear, long-term strategy with targeted fleet investment while simultaneously increasing capital returns," said CEO Gernot Ruppelt in the statement.

Ardmore operates product and chemical tankers, providing transportation services for refined products, chemicals and other liquid goods through voyage and time charter arrangements.