Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 101

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 101
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─────────────────────────────────────────────────────────────────────────────────────────────────
  Voyage expenses (2)                Charterer pays      Pool pays                         We pay         
  Vessel operating expenses (3)      We pay              We pay                            We pay         
  Off-hire (4)                       We pay              We pay                            We pay         

  (1)      “ Hire rate” refers to the basic payment from the charterer for the use of the vessel.  

  (2)      “ Voyage expenses” are all expenses related to a particular voyage, which include, among other things, bunkers and port/canal costs.  

  (3)      “ Vessel operating expenses” are costs of operating a vessel that are incurred during a charter, including costs of crewing, repairs and maintenance, insurance, stores, lube oils, communication...  

  (4)      “ Off-hire” refers to the time a vessel is not available for service, due primarily to scheduled and unscheduled repairs or drydocking.  

Table of Contents

Recent Developments

Fleet

In February 2024, we provided notice to exercise our purchase options for both the Ardmore Seawolfand Ardmore Seahawk, which were previously under sale-leaseback arrangements. These vessel purchases, which were effectively refinancings, were completed in June 2024.

In April 2024, we delivered the 2010-built Ardmore Seafarerto its buyer and, in a separate transaction, acquired a 2017 Korean-built MR product tanker, the Ardmore Gibraltar.

Financing

In March 2024, we amended our term loan agreement with ABN AMRO Bank NV and Credit Agricole Investment Bank by converting it to an $88.4 million revolving credit facility.

Publication of 2023 Sustainability Report

On June 13, 2024, we published our 2023 Sustainability Report, highlighting our progress on our commitment to reducing our environmental footprint, enhancing our fleet’s energy efficiency, and further adding to our financial performance. The Sustainability Report is available on our website at www. ardmoreshipping. com/about/progress. Neither the information in the Sustainability Report nor on our website is incorporated by reference into this Annual Report.

Leadership Transition

Effective September 16, 2024, Founder and CEO Anthony Gurnee retired from his executive and board positions. Our former Chief Commercial Officer, Gernot Ruppelt, was appointed our new CEO, and our Chief Financial Officer, Bart