Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 7

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 7
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 is because under time charters the customer typically pays the voyage expenses, while under voyage charters, also known as spot market charters, the shipowner usually pays the voyage expenses. Accordingly, the discussion of revenue below focuses on TCE rates where applicable, as TCE provides meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it allows Ardmore to evaluate its revenue on a consistent basis, regardless of whether Ardmore chooses to employ its vessels on voyage charters or time charters. Our calculation of TCE may not be comparable to that reported by other companies. Net revenues, a non-GAAP financial measure, represents revenues less voyage expenses. Voyage expenses are all expenses related to a particular voyage, which include, among other things, bunkers and port/canal costs. 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. Under discharge to discharge, revenue is recognized beginning from the discharge of cargo from the prior voyage to the anticipated discharge of cargo in the current voyage, and voyage expenses are recognized as incurred.

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Statements of Operations for the Three Months Ended March 31, 2025 and March 31, 2024 The following table presents our operating results for the three months ended March 31, 2025 and March 31, 2024.

| ​                                              
 ​                                              | ​                            
 ​                            
 In thousands of U.S. Dollars | ​                  
 Three Months Ended |              ​ 
 March 31, 2025 | ​ | ​ |              ​ 
 March 31, 2024 | ​ 
 ​ | ​ |        ​ 
        ​ 
 Variance | ​ 
 ​ | ​    
 ​    |
|:-----------------------------------------------|:-----------------------------|:-------------------|---------------:|:--|:--|---------------:|:--|:--|---------:|:--|:-----|
| Revenue, net                                   | ​                            | $                  |         73,996 | ​ | ​ |        106,301 | ​ | ​ |  -32,305 | ​ | -30% |
| ​                                              | ​                            | ​                  |              ​ | ​ | ​ |              ​ | ​ | ​ |        ​ | ​ | ​    |
| Voyage expenses                                | ​                            |                    |        -31,032 | ​ | ​ |        -30,548 | ​ | ​ |