Bermudian-headquartered Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported net income attributable to common stockholders of $128.6 million for the 2024 fiscal year.

That compares with net income attributable to common stockholders of $113.4 million for the 2023 fiscal year.

Ardmore reported net income of $5.1 million in the fourth quarter of the year, which compares with net income of $26.1 million in the prior year quarter.

The board of directors declared a cash dividend of $0.08 per common share for the fourth quarter, payable on March 14 to all shareholders of record on February 28.

Chief executive Gernot Ruppelt said: “Ardmore’s consistent focus on optimising our performance, strengthening our financial position, and maintaining low break-even levels has served us well. With the combination of supportive fundamentals and the close coordination of our teams on shore and at sea, we have harnessed market volatility and delivered another profitable quarter.

“We continue to execute on our capital allocation priorities with a focus on long-term value creation. We are making favourable higher return investments in our vessels, building balance sheet strength to enhance our ability to act decisively when attractive opportunities arise, and returning capital to our shareholders through both a quarterly dividend and recent use of our share repurchase programme.”

He added: “Moving forward, we expect steady growth in underlying demand for refined oil products and expanding biofuel trades that will support product tanker demand, while the MR fleet ages to its oldest level in decades.

“At the same time, the combination of regulatory uncertainty, the expansion of sanctions, and widespread geopolitical instability is underscoring the value of cargo and destination flexibility that is the hallmark of MR product tankers and chemical tankers.”