Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 59

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 4
Chunk 59
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 mbpd of existing refinery capacity in OECD countries expected to be phased out. From 2025 to 2029, the anticipated additions to refinery capacity (illustrated in the chart below) is 2.14 mbpd, or 2.0% of the global refinery capacity at the end of 2024.

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Planned Additions to Global Refining Capacity(1)

(Million Barrels Per Day)

(1) Assumes all announced plans go ahead as scheduled

Source: IEA

In developed economies, refinery capacity is declining and is expected to continue this trend. New refinery developments are focused in regions like Asia and the Middle East, or near oil-producing centers, primarily for export purposes. These new refineries are more competitive as they can process sour crude oil and are more technically advanced and environmentally friendly compared to existing refineries in Europe and other developed economies.

Chinese and Indian refinery capacities have grown faster than any other global region in the last decade, driven by strong domestic oil consumption and the construction of export-oriented refineries. From 2014 to 2024, Chinese refining capacity increased by 30.0%, while India's grew by 28.3%.

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China and India - Refining Capacity(1)

(‘000 Barrels Per Day)

  (1)      Capacity for 2023 to 2027 assumes all announced plans go ahead as scheduled  
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Source: BP, IEA

Product Tanker Supply

The global product tanker fleet is classified as any non-stainless steel/specialized tanker between 10,000 dwt and 55,000 dwt, as well as coated and other ‘product-capable’ vessels over 55,000 dwt. As of December 31, 2024, the world product tanker fleet consisted of 3,290 vessels with a combined capacity of 192.3 million dwt. MR vessels account for 57.2% of the product tanker fleet with a total capacity of 110.0 million dwt.

As of December 31, 2024, the MR product tanker orderbook was 323 vessels totaling 15.8 million dwt. The MR orderbook as a percentage of the existing MR fleet, in terms of dwt, was 14.4% compared with close to 50% at the last peak in 2008. Based on scheduled deliveries, 5.0 million dwt of