Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 115

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 115
---
 of scrubber system installations                                      4      —         —         —     
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Scrubber system installations are timed to coincide with the drydocking schedule.

As of December 31, 2024, we had installed scrubbers on nine of our owned vessels, with four further installations scheduled in 2025.

Newbuildings

We currently have no newbuildings on order. However, our growth strategy contemplates expansion of our fleet through vessel acquisitions and newbuildings.

Upgrades

We intend to continue our investment program for vessel upgrades, primarily following acquisition of second-hand vessels, where feasible to maintain operational efficiency, optimum commercial performance and preservation of asset value.

Dividends

Pursuant to our capital allocation policy, our board of directors declared the following cash dividends:

  Fiscal Quarter              Dividend Amount (Per Common Share)      Date of Payment     
  Fourth Quarter of 2022                                   $0.45      March 15, 2023      
  Fourth Quarter of 2023                                   $0.21      March 15, 2024      
  Fourth Quarter of 2024                                   $0.08      March 14, 2025      
 ──────────────────────────────────────────────────────────────────────────────────────────
  First Quarter of 2023                                    $0.35      June 15, 2023       
  Second Quarter of 2023                                   $0.19      September 15, 2023  
  Third Quarter of 2023                                    $0.16      December 15, 2023   
  First Quarter of 2024                                    $0.31      June 14, 2024       
  Second Quarter of 2024                                   $0.38      September 13, 2024  
  Third Quarter of 2024                                    $0.18      December 13, 2024   

Table of Contents

The declaration and payment of dividends is subject to the discretion of our board of directors.

C. Research and Development, Patent and Licenses, etc.

Not applicable.

D. Trend Information

Our results of operations depend primarily on the charter hire rates that we are able to realize for our vessels, which primarily depend on the demand and supply dynamics characterizing the tanker market at any given time, and on the size of our fleet. The oil tanker industry has been highly cyclical in recent years, experiencing volatility in charter hire rates and vessel values resulting from changes