Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 107

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 107
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 and 2023, respectively.

Table of Contents

We consider employment under voyage charters, trip charters and time charters of less than three months duration as being employed in the spot market. Favorable changes in spot rates resulted in an increase of revenue of $10.7 million in 2024, while the decrease in spot revenue days resulted in a decrease in revenue of $14.5 million.

Voyage Expenses. Voyage expenses were $132.6 million for the year ended December 31, 2024, an increase of $0.7 million from $131.9 million for the year ended December 31, 2023. Port and commission costs increased by $5.2 million, in 2024, but were offset by a decrease in bunker prices and spot revenue days of $4.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.

TCE Rate. The average TCE rate for our fleet was $30,261 per day for the year ended December 31, 2024, an increase of $999 per day from $29,262 per day for the year ended December 31, 2023. The increase in average TCE rate was the result of higher spot rates for the year ended December 31, 2024, as compared to the year ended December 31, 2023.

Vessel Operating Expenses. Vessel operating expenses were $60.3 million for the year ended December 31, 2024, an increase of $0.5 million from $59.8 million for the year ended December 31, 2023. Vessel operating expenses, by their nature, are prone to fluctuations between periods. Average fleet operating expenses per day, including technical management fees, were $7,264 for the year ended December 31, 2024, as compared to $7,115 for the year ended December 31, 2023.

Charter Hire Costs. Total charter hire expenses were $22.7 million for the year ended December 31, 2024, an increase of $3.1 million from $19.6 million for the year ended December 31, 2023. This increase is the result of higher charter rates for the year ended December 31, 2024, compared to the year ended December 31, 2023. Total charter hire expenses in 2024 were comprised of an operating expense component