Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 194

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 194
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orresponding extinguishment of preferred stock was recorded during the year ended December 31, 2023.

The Company paid $3.8million, including $0.3million in premium on the redemption of10,000shares of its Series A Preferred Stock during the year ended December 31, 2024. The Company paid $3.4million in preferred stock dividends during the year ended December 31, 2023. The Company accrued $0.4million and $0.6million of preferred stock dividends as of December 31, 2024 and December 31, 2023 respectively.

10. Gain / (loss) on sale of vessels

In February 2024, the Company agreed to sell the 2010-built Ardmore Seafarerfor $27.1million. Effective February 14, 2024, the Company reclassified the vessel as held for sale and ceased to depreciate it. A gain of $12.3million was recognized when the vessel was delivered to the buyer in April 2024.

F-30

Table of Contents

The gain on the sale of the Ardmore Seafarerfor the year ended December 31, 2024 is calculated as follows:

  In thousands of U. S. Dollars       Seafarer  
  Sales proceeds                        27,100  
  Net book value of vessel           ( 14,583)  
  Sales related costs                   ( 195)  
  Gain on sale of vessel                12,322  

In March 2022, the Company agreed to terms for the sale of the Ardmore Sealeader, Ardmore Sealifterand Ardmore Sealancer. Effective March 28, 2022, the Company reclassified the vessels as held for sale and ceased to depreciate them. The Company repaid the outstanding lease facilities on the Ardmore Sealeaderand Ardmore Sealifterin May 2022 and on the Ardmore Sealancerin July 2022. The sales proceeds received for the vessels were $40.7million, in aggregate, resulting in a loss of $6.9million when the vessels were delivered to the buyer in June 2022 and July 2022.

The loss on the sale of vessels for the year ended December 31, 2022 is calculated as follows:

  In thousands of U. S. Dollars      Sealeader      Sealifter      Sealancer          Total  
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