Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 184

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 184
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 operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers.
The Company’s CODM is the senior management team that includes the chief executive officer, president and chief financial officer, chief operating officer, senior vice president of commercial and the senior director of corporate services.

F-22

Table of Contents

The CODM uses consolidated net income to analyze income generated by the Company’s assets and how to allocate the corresponding cash flow according to the Company’s capital and resources focusing on maintaining the Company’s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders.
The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management’s discretionary compensation.
The following table presents the Company’s revenue contributions by nature of vessel employment.
For the years ended December 31
In thousands of U. S. Dollars 2024 2023 2022
────────────────────────────────────────────────────────────────────────────────────────────────
Spot charters (1) 392,107 395,577 437,189
Time charters (2) 13,635 - 7,917
Pooling arrangements (3) - - 3
Other revenue (4) 42 401 632
405,784 395,978 445,741
(1) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 606.
(2) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 842.
(3) Represents revenue recognized by the Company associated with pooling arrangements that were accounted for in accordance with the guidance for collaborative arrangements.
(4) Represents revenue recognized by the Company associated with the management of one third-party chemical tanker employed under spot charters that was accounted for in accordance with ASC 606. 4. Equity Investments
Element 1 Corp. - On June 17, 2021, the Company purchased a10% equity stake in Element 1 Corp. (“ E1”), a developer of advanced hydrogen generation systems used to power fuel cells, in exchange for $4.0million in cash and $5.3million through the issuance of the Company’s common shares. The Company’s10% equity stake consists of581,795shares of E