Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 114

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 5
Chunk 114
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 (used in) financing activities

For the year ended December 31, 2024, the net cash used in financing activities was $127.3 million. Repayments under our revolving credit facilities totaled $111.2 million and proceeds from borrowings under our revolving credit facilities were $104.9 million. Payments of cash dividends on our shares of common stock were $45.1 million, and repayments of finance leases were $42.3 million. Payments for the repurchase of our shares of common stock were $17.9 million, and payment for the partial redemption of shares a of our Series A Redeemable Preferred Stock was $10.0 million. The dividend payment on shares of our Series A Preferred Stock was $3.8 million. Repayments of long-term debt amounted to $1.7 million, and payments for deferred finance fees were $0.2 million.

For the year ended December 31, 2023, the net cash used in financing activities was $136.5 million. Net repayment of long-term debt was $84.0 million. Payment of common stock dividends amounted to $47.2 million. Preferred stock dividend payments amounted to $3.4 million, and repayments of finance lease arrangements were $2.0 million.

Table of Contents

Capital Expenditures

Drydock

Five of our vessels completed drydock surveys in 2024. The drydocking schedule through December 31, 2028 for our vessels that were in operation as of December 31, 2024 is as follows:

                                                                 For the Years Ending December 31,                                
                                                                                              2025      2026      2027      2028  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Number of vessels in drydock (excluding in-water surveys)                                     10      —            1         7  

We intend to continue to seek to stagger drydockings across the fleet. As our fleet matures, our drydock expenses are likely to increase. Ongoing costs for compliance with environmental regulations and society classification surveys (including ballast water treatment systems) are a component of our vessel operating expenses.

Scrubber System Installation

The installation schedule for scrubber systems on our vessels that were in operation as of December 31, 2024 is as follows:

                                               For the Years Ending December 31,                                
                                                                            2025      2026      2027      2028  
  Number