Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 189

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 189
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 of commitment fees, if applicable:

                                                          For the years ended December 31                                          
                                                          2024                                 2023                2022            
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Effective interest rate, excluding commitment fees      7.54%                                7.83%               4.38%           
  Range of interest rates (SOFR)                          4.69% to 5.37%                       4.50% to 5.36%      0.10% to 4.50%  

The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate swap agreements designated as hedging instruments and excluding commitment fees, if applicable, for the years ended December 31, 2024, 2023 and 2022.

                                                          For the years ended December 31                        
                                                                                     2024       2023       2022  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Effective interest rate, excluding commitment fees                                7.54%      5.80%      1.61%  

7. Finance lease

On June 25,2021, twoof Ardmore’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Seawolfand Ardmore Seahawkwith CMB Financial Leasing Co., Ltd (“ CMBFL”) / Shandong, resulting in gross proceeds of $49.0million less fees of $1.0million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the Ardmore Seawolfand Ardmore Seahawk, which were under sale-leaseback arrangements. The vessel purchases, which were effectively refinancings, concluded on June 25, 2024, with the Company repaying the remaining $41.0million outstanding under the finance lease facility associated with those two vessels.

F-26

Table of Contents

The outstanding principal balances pertaining to the finance lease facility as of December 31, 2024 and 2023 were as follows:
As of December 31
In thousands