Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 113

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 113
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,445        159,609  
  Net cash (used in) investing activities        $                                       (32,973)       (26,836)  
  Net cash (used in) financing activities        $                                      (127,289)      (136,537)  

Cash provided by operating activities

Changes in net cash flow from operating activities primarily reflect changes in fleet size, fluctuations in spot tanker rates, changes in interest rates, fluctuations in working capital balances, and the timing and the amount of drydocking expenditures, repairs and maintenance activities. Our exposure to the highly cyclical spot tanker market and the growth of our fleet have contributed significantly to historical fluctuations in operating cash flows.

For the year ended December 31, 2024, cash flow provided by operating activities was $160.4 million. The movement in net cash provided by operating activities was primarily due to net income of $133.0 million for the year ended December 31, 2024, which included a gain on the sale of the Ardmore Seafarerof $12.3 million, and debt extinguishment of $1.4 million, partially offset by working capital changes, particularly receivables during the year ended December 31, 2024.

For the year ended December 31, 2023, cash flow provided by operating activities was $159.6 million, primarily due to net income of $116.8 million which was partially offset by non-cash items such as depreciation of $27.8 million and a decrease in receivables of $23.6 million, which was partially offset by an increase in deferred drydock payments of $12.3 million.

Cash (used in) investing activities

For the year ended December 31, 2024, the net cash used in investing activities was $33.0 million. Payments for the acquisition of vessel and vessel equipment of $61.0 million. Proceeds from the sale of the Ardmore Seafarerwere $26.8 million. Payments received for equity investments were $1.7 million and payments for other non-current assets were $0.4 million.

For the year ended December 31, 2023, the net cash used in investing activities was $26.8 million, primarily due to advances for ballast water and scrubber systems of $4.8 million, payments for vessels and vessel equipment of $20.6 million, as well as payments in relation to equity investments and other non-current assets of $1.4 million.

Cash