Bermudian-based Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported a net loss of $8.5 million, or 26 cents per diluted share, for the first quarter.

This compares to net income and adjusted earnings of $6.5 million, or 20 cents per share, a year ago.

Revenue for the three-month period was $45.6 million, down $19.6 million compared to the same period in 2020.

Voyage expenses were $20.4 million in the first quarter, a year-over-year decrease of $3.3 million.

The average time charter equivalent rate for the company's fleet was $11,349 per day, a decrease of $8,041 per day compared to the same quarter a year ago.

Vessel operating expenses were $14.5 million, a year-over-year decrease of $1.2 million.

The company had 40 dry dock days, including repositioning days, in the quarter, and expects to have 42 dry dock days in the second quarter.

As part of its energy transition plan, on March 15 Ardmore announced that it signed a letter of intent for the establishment of e1 Marine, a joint venture to apply the technology of Element 1 Corp, a leading developer of advanced hydrogen generation systems used to power fuel cells, to the marine industry; an investment in Ardmore preferred stock by Maritime Partners of up to $40 million; and a strategic investment of 10 per cent in Element 1 Corp. The transactions are expected to close in the second quarter.

On March 1, Ardmore announced a new partnership with shipping company Carl Büttner GmbH & Co by taking on the commercial management of four of Carl Büttner's chemical tankers, which doubles the number of similar sized chemical tankers under Ardmore's management.

In January, Ardmore completed the previously announced sale of the Ardmore Seamariner, a 2006-built tanker, which was sold for $10 million.