Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 105

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 105
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 vessels. During 2022, we sold the Ardmore Sealeader, Ardmore Sealifter, and Ardmore Sealancerand subsequently chartered-in all three vessels for a period of 24 months. During 2023, we did not sell or purchase any vessels. During 2024 we sold the Ardmore Seafarerand purchased the Ardmore Gibraltar.

Table of Contents

Operating Results

Year Ended December 31, 2024 Compared With Year Ended December 31, 2023

The table below presents our operating results for the years ended December 31, 2024 and 2023 and includes related disclosure about year-to-year changes.

Consolidated Statements of Operations Data for the Years Ended December 31, 2024 and December 31, 2023

                                                      Year Ended December 31,                     Variance      Variance (%)  
  In thousands of U. S. Dollars                                          2024           2023                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue, net                                                       $405,784        395,978         9,806      2%            
  Voyage expenses                                                   (132,612)      (131,904)         (708)      (1%)          
  Vessel operating expenses                                          (60,254)       (59,770)         (484)      (1%)          
  Time charter-in                                                                                                             
  Operating expense component                                        (11,828)       (10,194)       (1,634)      (16%)         
  Vessel lease expense component                                     (10,883)        (9,380)       (1,503)      (16%)         
  Depreciation                                                       (30,244)       (27,817)       (2,427)      (9%)          
  Amortization of deferred drydock expenditures                       (3,636)        (3,542)          (94)      (3%)          
  General and administrative expenses                                                                                         
  Corporate                                                          (23,439)       (20,565)       (2,874)      (14%)         
  Commercial and chartering                                           (4,601)        (4,676)            75      2%            
  Gain on vessel sold                                                  12,322              —        12,322      100%          
  Unrealized gains / (losses) on derivatives                              655          (262)           917