Company: ASC
Filing Date: 2025-11-05
Form Type: 6-K
Source: 0001104659-25-106687
Chunk: 11

Company: Ardmore Shipping Corp
Filing Date: 2025-11-05
Form: 6-K
Chunk 11
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 and the decrease in spot revenue days resulted in a decrease in revenue of $32.3 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. We had four product tankers and one chemical tanker employed under time charters as of September 30, 2025 compared to one product tanker as of September 30, 2024. We had 686 revenue days derived from time charters for the nine months ended September 30, 2025, as compared to 307 for the nine months ended September 30, 2024. The increase in revenue days for time-chartered vessels was partially offset by a decrease in time-charter rates, which resulted in a net increase in revenue of $3.7 million for the nine months ended September 30, 2025.

6

Voyage Expenses. Voyage expenses were $84.7 million for the nine months ended September 30, 2025, a decrease of $15.2 million from $99.8 million for the nine months ended September 30, 2024. The decrease included a $15.9 million reduction in bunker costs, partially offset by a $0.7 million increase in port and agency costs.

TCE Rate. The average TCE rate for our fleet was $22,219 per day for the nine months ended September 30, 2025, a decrease of $10,602 per day from $32,821 per day for the nine months ended September 30, 2024. TCE rates represent net revenues (or revenue less voyage expenses) divided by revenue days. Net revenue utilized to calculate TCE is determined on a discharge-to-discharge basis, which is different from how we record revenue under U.S. GAAP.

Vessel Operating Expenses. Vessel operating expenses were $47.0 million for the nine months ended September 30, 2025, an increase of $1.9 million from $45.1 million for the nine months ended September 30, 2024. The increase reflects the timing of vessel operating expenses between quarters and is also partly attributable to the addition of three vessels to the Ardmore fleet during the three months ended September 30, 2025. Vessel operating expenses, by their nature, are prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expenses were $16.1 million for the nine months ended September 30, 2025,