Company: ASC
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001558370-25-009775
Chunk: 13

Company: Ardmore Shipping Corp
Filing Date: 2025-07-30
Form: 6-K
Chunk 13
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 revolving facility in March 2024 as well as the repayment of our last remaining finance lease facility in June 2024. The current flexibility of our revolving facilities, with only $25.0 million drawn down as of June 30, 2025, has minimized the impact of the interest rate environment. Amortization of deferred finance fees for the six months ended June 30, 2025 was $0.5 million, consistent with $0.6 million for the six months ended June 30, 2024.

Gain on Extinguishment of Finance Leases.We recorded no gain or loss on extinguishment of finance leases during the six months ended June 30, 2025. Gain on extinguishment of finance leases for the six months ended June 30, 2024 was $1.4 million and related to the prepayment of finance leases in connection with our exercises of the vessel purchase options for the Ardmore Seawolf and Ardmore Seahawk in June 2024.

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LIQUIDITY AND CAPITAL RESOURCES

Our primary sources of liquidity are cash and cash equivalents, cash flows provided by our operations, our undrawn credit facilities and capital raised through financing transactions. As of June 30, 2025, we had $243.3 million in liquidity available, with cash and cash equivalents of $49.5 million (December 31, 2024: $47.0 million) and amounts available and undrawn under our revolving credit facilities of $193.8 million (December 31, 2024: $196.4 million).

We believe that our working capital, together with expected cash flows from operations, will be sufficient for our present requirements.

Our short-term liquidity requirements include the payment of operating expenses (including voyage expenses and bunkers from spot chartering our vessels), drydocking expenditures, debt servicing costs, operating lease payments, quarterly preferred and common stock cash dividends, as well as funding our other working capital requirements. In addition, our short-term capital needs include payments for the three Korean-built MR tankers we have agreed to purchase, which are expected to be delivered during the third quarter of 2025.

Our short-term and spot charters contribute to the volatility of our net operating cash flows, and thus our ability to generate sufficient cash flows to meet our short-term liquidity needs. Historically, the tanker industry has been cyclical, experiencing volatility in profitability and asset values resulting from changes in the supply of, and