Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 9

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 9
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0.7 million from $7.0 million for the three months ended March 31, 2024. This increase is primarily attributable to the purchase of the Ardmore Gibraltar in April 2024 and the Ardmore Seafarerbeing classified as held for sale in February 2024 and subsequently sold in April 2024.

Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended March 31, 2025 was $0.9 million, an increase of $0.1 million from $0.8 million for the three months ended March 31, 2024. The deferred costs of drydockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

General and Administrative Expenses: Corporate.Corporate-related general and administrative expenses for the three months ended March 31, 2025 were $5.0 million, generally consistent with $5.1 million for the three months ended March 31, 2024.

General and Administrative Expenses: Commercial and Chartering.Commercial and chartering expenses are the expenses attributable to our chartering and commercial operations departments in connection with our spot trading activities. Commercial and chartering expenses for the three months ended March 31, 2025 were $1.2 million, generally consistent with $1.1 million for the three months ended March 31, 2024.

Interest Expense and Finance Costs.Interest expense and finance costs for the three months ended March 31, 2025 were $0.9 million, a decrease of $1.6 million from $2.5 million for the three months ended March 31, 2024. The decrease in costs was due to the reduction of the average outstanding debt balance due to the conversion of our term loan into a fully revolving facility in March 2024. The current flexibility of our revolving facilities, with only $20.5 million drawn down as of March 31, 2025, has minimized the impact on the Company of the elevated interest rate environment. Amortization of deferred finance fees for the three months ended March 31, 2025 was $0.3 million, consistent with $0.3 million for the three months ended March 31, 2024.

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