Using the tools of kinetic theory, we derive a hydrodynamic model for self-propelled particles of an arbitrary shape from first principles, in a sufficiently dilute suspension limit, moving in a 3-dimensional space inside a viscous solvent. The model is then restricted to particles with ellipsoidal geometry to quantify the interplay of the long-range excluded volume and the short range self-propulsion effects. The expression for the constitutive stresses, relating the kinetic theory with the momentum transport equations, are derived using a combination of the virtual work principle (for extra elastic stresses) and symmetry arguments (for active stresses).