Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 22

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 22
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 owned and chartered-in and % of outstanding debt; the required minimum cash and cash equivalents as of March 31, 2025 was $ million;

| ● | ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than 130% of the debt outstanding for the applicable facility; |

| ● | maintain an adjusted net worth of not less than $200 million; and |

| ● | maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months. |

The Company was in compliance with all of its long-term debt financial covenants as of March 31, 2025 and December 31, 2024.

F-11

<div align='center'>Ardmore Shipping Corporation

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

For the three months ended March 31, 2025 and March 31, 2024

(Expressed in thousands of U.S. Dollars, except for shares and as otherwise stated)</div>

5. Leases CMBFL / Shandong On June 25, 2021, twoof ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Seawolfand Ardmore Seahawkwith CMB Financial Leasing Co., Ltd (“CMBFL”) / Shandong, resulting in gross proceeds of $ 49.0million less fees of $ 1.0million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the Ardmore Seawolfand Ardmore Seahawk, which were under sale-leaseback arrangements. The vessel purchases concluded on June 25, 2024, with the Company repaying its remaining finance lease facility associated with those two vessels. Long Term Operating Leases The Company sold the Ardmore Sealeader, the Ardmore Sealifterand the Ardmore Sealanceron June 5, 2022, July 16, 2022 and July 31, 2022, respectively and subsequently chartered the vessels