New York-listed Ardmore booked a gain of $7.9m for the three months to the end of June, beating the modest $108,250 profit of a year ago and 50% up on the first three months of this year.
Earnings per share of $0.32 came in five cents clear of consensus.
Anthony Gurnee, chief executive of Ardmore, said: “This performance is attributable to market strength combined with well-timed fleet growth, as well as a flexible chartering strategy placing emphasis on spot trading and a highly efficient operating platform.
“We expect that our performance will continue to strengthen through the year as a result of a continuing robust charter market and fleet growth, with our final three tankers delivering by year-end.
“In light of this strong performance, our board is evaluating a dividend increase commencing with the third quarter, which we expect to announce in the coming weeks.”
Gurnee says product tanker demand will continue to be supported by “the new oil market”, which is characterised by heightened oil demand, storage inefficiencies, and long-haul oil trading activity.
Ardmore now has 21 vessels in the water and three newbuildings under construction.
