Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 52

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 4
Chunk 52
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ated               Non IMO         Refined Products          Crude                     
  Medium Range (MR)            25,000 - 54,999        Coated               IMO 2           Refined Products          Chemicals/Veg Oils        
                               25,000 - 54,999        Coated               IMO 3           Refined Products          Chemicals/Veg Oils        
                               25,000 - 54,999        Coated               Non IMO         Refined Products                                    
                               25,000 - 54,999        Uncoated             Non IMO         Refined Products                                    
  Small Range (SR)             10,000 - 24,999        Coated               Non IMO         Refined Products                                    
                               10,000 - 24,999        Coated               IMO 2           Refined Products          Chemicals/Veg Oils        
  Stainless Steel Tankers      10,000 +               Stainless            IMO 2           Chemicals/Veg Oils        Refined Products          
  Specialist Tankers           10,000+                Uncoated/Coated      Non IMO         Various e.g. Bitumen                                
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Source: Drewry

In the product and chemical sectors, there are a number of vessels that can carry products as well as some chemicals, representing a ‘swing’ element in supply in both of these markets. However, in practice, many vessels will tend to trade in either refined products or chemicals/vegetable oils and fats.

The Product Tanker Industry

Crude tankers are used to transport crude oil from production sites to consumption points, typically oil refineries in consuming countries. On the other hand, product tankers can carry both refined and unrefined petroleum products. This includes some crude oil, fuel oil, and vacuum gas oil (often called 'dirty products'), as well as gas oil, gasoline, jet fuel, kerosene, and naphtha (often referred to as 'clean products'). Tankers with no IMO certification, but with coated cargo tanks are designed to carry clean products, while tankers with IMO certification (normally IMO 2 or IMO 3) and coated cargo tanks are capable of carrying both clean products and chemicals/vegetable oils and fats. Given the facts mentioned above, a tanker with IMO 2 certification and with an average tank size in excess of 3,000 cubic meters (“cbm”) is normally classified as a product tanker