Company: ASC
Filing Date: 2025-11-05
Form Type: 6-K
Source: 0001104659-25-106687
Chunk: 8

Company: Ardmore Shipping Corp
Filing Date: 2025-11-05
Form: 6-K
Chunk 8
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 2025, as compared to the three months ended September 30, 2024. We had four product tankers and one chemical tanker employed under time charters as of September 30, 2025, compared to one product tanker as of September 30, 2024. We had 378 revenue days derived from time charters for the three months ended September 30, 2025, as compared to 92 revenue days for the three months ended September 30, 2024. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of $4.7 million for the three months ended September 30, 2025. Voyage Expenses.Voyage expenses were $28.5 million for the three months ended September 30, 2025, a decrease of $6.1 million from $34.6 million for the three months ended September 30, 2024. The decrease is primarily due to a reduction in bunker costs.

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TCE Rate. The average TCE rate for our fleet was $23,475 per day for the three months ended September 30, 2025, a decrease of $3,153 per day from $26,628 per day for the three months ended September 30, 2024. TCE rates represent net revenues (a non-GAAP measure representing revenue less voyage expenses) divided by revenue days. Net revenue utilized to calculate TCE is determined on a discharge-to-discharge basis, which is different from how we record revenue under U.S. GAAP.

Vessel Operating Expenses. Vessel operating expenses were $16.4 million for the three months ended September 30, 2025, an increase of $2.5 million from $14.0 million for the three months ended September 30, 2024. The increase reflects the timing of vessel operating expenses between quarters and is also partly attributable to the addition of three vessels to the Ardmore fleet during the three months ended September 30, 2025. Vessel operating expenses, by their nature, can be prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expenses were $4.6 million for the three months ended September 30, 2025, a decrease of $1.3 million from $5.9 million for the three months ended September 30, 2024. This decrease is a result of two chartered-in vessels redelivered at the end of their charter periods during the three months