Ardmore Shipping is kick-starting dividend payments in buoyant product markets.

The US-listed, Ireland-based company announced record net profit of $62m on Wednesday for the third quarter, up from a loss of $12.2m a year ago.

The board has approved dividends, starting with the fourth quarter.

The quarterly payments will see 33% of adjusted earnings being handed over to shareholders.

Chief executive Anthony Gurnee said the company had made important progress in maintaining the fleet and optimising earnings, materially reducing leverage.