Company: ASC
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001558370-25-009775
Chunk: 11

Company: Ardmore Shipping Corp
Filing Date: 2025-07-30
Form: 6-K
Chunk 11
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 2025, as compared to 215 for the six months ended June 30, 2024. The increase in revenue days for time-chartered vessels was offset by a decrease in time-charter rates, which resulted in a net decrease in revenue of $1.1 million for the six months ended June 30, 2025. Voyage Expenses.Voyage expenses were $56.2 million for the six months ended June 30, 2025, a decrease of $9.1 million from $65.3 million for the six months ended June 30, 2024. The decrease included a $9.4 million reduction in bunker costs, partially offset by a $0.3 million increase in port and agency costs.

6

TCE Rate. The average TCE rate for our fleet was $21,521 per day for the six months ended June 30, 2025, a decrease of $14,774 per day from $36,295 per day for the six months ended June 30, 2024. TCE rates represent net revenues (or 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.

Vessel Operating Expenses. Vessel operating expenses were $30.6 million for the six months ended June 30, 2025, a decrease of $0.5 million from $31.1 million for the six months ended June 30, 2024. The decrease reflects the timing of vessel operating expenses between quarters. Vessel operating expenses, by their nature, are prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expenses were $11.6 million for the six months ended June 30, 2025, an increase of $0.6 million from $11.0 million for the six months ended June 30, 2024. This increase is as a result of higher charter hire rates during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Total charter hire expenses for the six months ended June 30, 2025 were comprised of an operating expense component of $6.0 million and a vessel lease expense component of $5.6 million (June 30, 2024: $5.7 million and $5.3 million, respectively).

Depreciation. Depreciation expense