Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 106

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 106
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350%          
  Interest expense and finance costs                                  (6,778)       (11,408)         4,630      41%           
  Gain on extinguishment                                                1,432              —         1,432      100%          
  Interest income                                                       1,817          1,818           (1)      0%            
  Income before taxes                                                 137,735        118,278        19,457      16%           
  Income tax                                                            (215)          (435)           220      51%           
  Loss from equity method investments                                 (4,514)        (1,035)       (3,479)      (336%)        
  Net Income                                                         $133,006        116,808        16,198      14%           
  Preferred dividends                                                 (3,660)        (3,400)         (260)      (8%)          
  Extinguishment of preferred stock                                     (739)              —         (739)      (100%)        
  Net Income attributable to common stockholders                      128,607        113,408        15,199      13%           

Revenue, net. Revenue, net for the year ended December 31, 2024 was $405.8 million, an increase of $9.8 million from $396.0 million for the year ended December 31, 2023.

Our average number of operating vessels decreased to 26.0 for the year ended December 31, 2024, from 26.2 for the year ended December 31, 2023.

We had one product tanker employed under long-term time charter (i. e. greater than three months duration) as of December 31, 2024 as compared to none as of December 31, 2023.

Revenue days derived from time charters were 399 for the year ended December 31, 2024, as compared to none for the year ended December 31, 2023. The increase in revenue days for long term time-chartered vessels resulted in an increase in revenue of $13.6 million in 2024.

We had 8,832 spot revenue days for the year ended December 31, 2024, as compared to 9,159 for the year ended December 31, 2023. We had 25 and 26 vessels employed directly in the spot market as December 31, 2024