Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 192

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 192
---
 cost of borrowing since the rate implicit in the lease cannot be determined. The Company has used a weighted average discount rate of4% as a basis for determining the lease liability.
Lease costs recorded in the consolidated statement of operations
There was $15.1million of operating lease costs and $8.2million of short-term lease costs recorded during the year ended December 31, 2024 (2023: $13.4million and $6.8million respectively and 2022: $6.5million and $9.0million respectively). Of this, $22.7million was recorded in charter-hire costs (2023: $19.6million and 2022: $15.0million), and $0.6million was recorded in General and administrative expenses (2023: $0.6million and 2022: $0.5million) in the consolidated statements of operations.

F-28

Table of Contents

The liabilities described below are denominated in various currencies. The weighted average remaining term of the office leases as of December 31, 2024 was2.6years. Under ASC 842, the right-of-use asset is a nonmonetary asset and is remeasured using the exchange rate as of the commencement date of the lease. The operating lease liability is a monetary liability and is remeasured quarterly using the current exchange rates, with changes recognized in a manner consistent with other foreign-currency-denominated liabilities in general and administrative expenses in the consolidated statements of operations.

                                                                          As of December 31             
  In thousands of U. S. Dollars                                                        2024       2023  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Non-Current Assets                                                                                    
  Operating lease, right-of-use asset - Time Charter in Vessels                       4,418      3,492  
  Operating lease, right-of-use asset - Offices                                       1,159      1,007  
                                                                                      5,577      4,499  
  Lease liabilities - Current portion                                                                   
  Current portion of lease liabilities - Time Charter in Vessels                      4,418      3,492  
  Current portion of lease liabilities - Offices                                        547        315  
                                                                                      4,965      3,807  
  Lease liabilities - Non-current portion                                                               
  Non-current portion of lease liabilities - Time Charter in Vessels                      —          —  
  Non-current