Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 102

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 102
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 Kelleher, was also appointed as our President.

Preferred Stock Redemption

On December 10, 2024, the Company completed the redemption of 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to 103% of the liquidation preference per share, plus any accumulated and unpaid dividends.

Share Repurchase Plan

In December 2024, the Company repurchased 1.56 million shares, or approximately 4% of its common stock, under Ardmore’s share repurchase plan, at a weighted average price of $11.49 per share, for a total cost of approximately $17.9 million.

Geopolitical Conflicts

The ongoing conflict in Ukraine has disrupted supply chains, caused instability and significant volatility in the global economy and resulted in extensive economic sanctions by several nations. The ongoing conflict has contributed significantly to increases in spot tanker rates, primarily due to trade pattern changes related to sanctions on Russia and replacement long-haul Europe-Asia/Middle East trade routes.

Geopolitical tensions in the middle east have escalated since the commencement of the Israel-Hamas war in October 2023. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area.

As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks have decreased in the first quarter of 2025, Houthi activity level remains uncertain given the unpredictable nature of this group. Further escalation or expansion of hostilities of such crises could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for or services, and our business, results of operations, financial condition and cash flows.

Table of Contents

A. Operating Results

Important Financial and Operational Terms and Concepts

We use a variety of financial and operational terms and concepts. These include the following:

Revenue. Revenue is generated from spot charter arrangements and time charter arrangements. Revenue is affected by hire rates and the number of days a vessel operates.

Revenue is also affected by the mix of business among spot charter arrangements and time charter arrangements. Revenue from vessels employed in the spot market is more volatile, as it is typically tied to prevailing market rates.

Voyage Expenses. Voyage expenses are all expenses related to a particular voyage, which include, among other things, bunkers and port/canal costs. These expenses are subtracted from