Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 108

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 108
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 of $11.8 million and a vessel lease expense component of $10.9 million.

Depreciation. Depreciation expense for the year ended December 31, 2024 was $30.2 million, an increase of $2.4 million from $27.8 million for the year ended December 31, 2023. This increase is primarily attributable to the purchase of the Ardmore Gibraltarin April 2024, and the installation of ballast water treatment and scrubber systems on several vessels during their most recent drydock cycle during the year ended December 31, 2024.

Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the year ended December 31, 2024 was $3.6 million, generally consistent with $3.5 million for the year ended December 31, 2023. 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 year ended December 31, 2024 were $23.4 million, an increase of $2.8 million from $20.6 million for the year ended December 31, 2023. The increase in corporate-related general and administrative expenses is primarily due to a one-time expense of $1.5 million associated with the Company’s leadership transition and an increase in variable-based compensation of $0.7 million, in line with strong results during 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 year ended December 31, 2024 were $4.6 million, generally consistent with $4.7 million for the year ended December 31, 2023.

Gain on Vessel Sold. Gain on vessel sold for the year ended December 31, 2024 was $12.3 million, compared to $0 for the year ended December 31, 2023. This relates to the sale of the Ardmore Seafarerin April 2024.

Unrealized gains / (losses) on Derivatives. Unrealized gains on derivatives were $0.7m for the year ended December 31, 2024, as compared to an unrealized loss of $0.