Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 186

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 186
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4.

5. Accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following as of December 31, 2024 and 2023:

                                                             As of December 31              
  In thousands of U. S. Dollars                                           2024        2023  
 ────────────────────────────────────────────────────────────────────────────────────────────
  Accrued vessel operating expenses and voyage expenses                 11,794      12,961  
  Other accrued expenses                                                 6,519       5,304  
  Total accrued expenses                                                18,313      18,265  

6. Debt

As of December 31, 2024, the Company hadthreeloan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction, or to refinance such original financings, and also for working capital. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under the loan facilities, which totaled19vessels as of December 31, 2024. Ardmore and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and Ardmore has granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. These guarantees can be called upon following a payment default.

The outstanding principal balances in the table below approximate the fair value for the Company’s variable-rate debt, which is considered to be a Level 2 item for fair value purposes as the Company considers the estimate of rates it could obtain for similar debt. The fair value of an asset or liability is based on assumptions that market participants would use in pricing the asset or liability.

The outstanding principal balances on each loan facility as of December 31, 2024 and 2023 were as follows:

                                                As of December 31              
  In thousands of U. S. Dollars                 2024                     2023  
 ───────────────────────────────────────────────────────────────────────────────
  Nordea/SEB Revolving Facility                 37,500                      —  
  ABN/CACIB Joint Bank Facility                 —                      45,872  
  ABN/CACIB Revolving Facility                  —                           —  
  ABN AMRO Revolving Facility                   1,296                     932  
  Total debt                                    38,796                 46,804  
  Deferred finance fees                         —                      (