Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 8

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 8
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, 2024. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of $1.7 million for the three months ended March 31, 2025. Voyage Expenses.Voyage expenses were $31.0 million for the three months ended March 31, 2025, an increase of $0.5 million from $30.5 million for the three months ended March 31, 2024. The net increase is primarily due to a $3.6 million increase in port, agency and broker commission costs, and a $3.1 million decrease from lower bunker consumption. TCE Rate.The average TCE rate for our fleet was $20,542 per day for the three months ended March 31, 2025, a decrease of $14,178 per day from $34,720 per day for the three months ended March 31, 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.

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Vessel Operating Expenses. Vessel operating expenses were $15.2 million for the three months ended March 31, 2025, an increase of $0.3 million from $14.9 million for the three months ended March 31, 2024. The increase reflects the timing of vessel operating expenses between quarters. Vessel operating expenses, by their nature, can be prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expenses were $5.8 million for the three months ended March 31, 2025, an increase of $0.4 million from $5.4 million for the three months ended March 31, 2024. This increase is as a result of higher charter hire rates during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Total charter hire expenses in the first quarter of 2025 were comprised of an operating expense component of $3.0 million and a vessel lease expense component of $2.8 million (March 31, 2024: $2.8 million and $2.6 million, respectively).

Depreciation. Depreciation expense for the three months ended March 31, 2025 was $7.7 million, an increase of $