Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 166

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 166
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  o       Obtained from the Company’s management the vessel assets impairment indicators analysis and the assumptions used in the legal environment, the business climate, employment, charter hire rates, ...  

/s/Deloitte & Touche LLP

New York, New York

March 7, 2025

We have served as the Company's auditor since 2019.

F-4

Table of Contents

Ardmore Shipping Corporation

Consolidated Balance Sheets

(Expressed in Thousands of U. S. Dollars, except shares and per share information)

                                                                                                                                                                                                                       As of December 31                 
                                                                                                                                                                                                            Notes                   2024           2023  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                                                                                 
  Current assets                                                                                                                                                                                                                                         
  Cash and cash equivalents                                                                                                                                                                                                       46,988         46,805  
  Receivables, net of allowance for bad debts of $ 1.9 million (2023: $ 1.6 million)                                                                                                                                              60,871         56,234  
  Prepaid expenses and other assets                                                                                                                                                                                                4,298          4,348  
  Advances and deposits                                                                                                                                                                                                            3,084          6,833  
  Inventories                                                                                                                                                                                                                     11,308         12,558  
  Total current assets                                                                                                                                                                                                           126,549        126,778  
  Non-current assets                                                                                                                                                                                                                                     
  Investments and other assets, net of accumulated depreciation of $ 2.5 million (2023: $ 2.3 million)                                                                                                          4                  5,236         11,186  
  Vessels and vessel equipment, net of accumulated depreciation of $ 264.4 million (2023: $ 237.5 million)                                                                                                                       545,594        524,044  
  Deferred drydock expenditures, net of accumulated amortization of $ 25.8 million (2023: $ 22.3 million)                                                                                                                         14,252         12,022  
  Advances for ballast water treatment and scrubber systems                                                                                                                                                                        4,845          9,587  
  Deferred finance fees, net                                                                                                                                                                                                       2,746          2,835  
  Operating lease, right-of-use assets                                                                                                                                                                          8                  5,577          4,499  
  Total non-current assets