Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 190

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 190
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 of U. S. Dollars 2024 2023
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CMBFL / Shandong - 54,237
Finance lease obligations - 54,237
Amounts representing interest and deferred finance fees - ( 10,594)
Finance lease obligations, net of interest and deferred finance fees - 43,643
Current portion of finance lease obligations - 2,151
Current portion of deferred finance fees - ( 122)
Non-current portion of finance lease obligations - 42,177
Non-current portion of deferred finance fees - ( 563)
Total finance lease obligations, net of deferred finance fees - 43,643 8. Operating leases
The following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842:
Time charter-in contracts: Long term operating leases
The Company sold the Ardmore Sealeader, the Ardmore Sealifterand Ardmore Sealanceron June 5, 2022, July 16, 2022 and July 31, 2022, respectively and subsequently chartered the vessels back from the buyer for a period of24 months, with an option to extend for a further12 months. On March 8, 2024, the Company exercised its option to extend the charter-in period for the renamed Hansa Sealeaderby an additional12 months, starting from July 5, 2024. In April 2024, the Company exercised its options to extend the charter-in period for the renamed Hansa Sealifterand Hansa Sealancerby an additional 12 months, starting from August 17, 2024 and September 1, 2024 respectively. Chartered-in vessels include both lease and non-lease components. The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel. For time charters-in, the Company has elected to separate lease and non-lease components. During the year ended December 31, 2024, revenue recognized on vessels that have been time-chartered in was $50.0million (2023: $43.6million)
Operating leases are included in operating lease, right-of-use (“ ROU”) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company’s consolidated balance sheets.
The RO