Company: ASC
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001558370-25-009775
Chunk: 8

Company: Ardmore Shipping Corp
Filing Date: 2025-07-30
Form: 6-K
Chunk 8
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 was offset by a decrease in time-charter rates, which resulted in a decrease in revenue of $2.6 million for the three months ended June 30, 2025. Voyage Expenses.Voyage expenses were $25.2 million for the three months ended June 30, 2025, a decrease of $9.5 million from $34.7 million for the three months ended June 30, 2024. The decrease is primarily due to a $6.6 million reduction in bunker costs and a $2.9 million decrease in port, agency, and broker commission costs.

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TCE Rate. The average TCE rate for our fleet was $22,468 per day for the three months ended June 30, 2025, a decrease of $15,294 per day from $37,762 per day for the three months ended June 30, 2024. TCE rates represent net revenues (a non-GAAP measure representing 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 $15.4 million for the three months ended June 30, 2025, a decrease of $0.8 million from $16.2 million for the three months ended June 30, 2024. The decrease reflects the timing of vessel operating expenses between quarters. Vessel operating expenses, by their nature, can be prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expenses were $5.7 million for the three months ended June 30, 2025, generally consistent with $5.6 million for the three months ended June 30, 2024. Total charter hire expenses in the second quarter of 2025 were comprised of an operating expense component of $3.0 million and a vessel lease expense component of $2.7 million (June 30, 2024: $2.9 million and $2.7 million, respectively).

Depreciation. Depreciation expense for the three months ended June 30, 2025 was $7.9 million, an increase of $0.3 million from $7.6 million for the three months ended June 30, 2024. This increase is primarily attributable to the installation of energy saving devices and other upgrades on several vessels during their most recent dryd