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Capital leases (Tables)

12 Months Ended

Dec. 31, 2013

Capital leases [Abstract]

Capital Lease Obligations

On March 28, 2013 two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a capital lease arrangement) of the Ardmore Calypso  and  Ardmore Capella . The capital lease arrangement was executed on April 2, 2013. This transaction is treated as a financing transaction. As part of this arrangement the senior debt outstanding on the vessels was repaid in full on April 2, 2013. The amount repaid was $17.9 million. The capital lease is scheduled to expire in 2018 and includes a mandatory purchase obligation to repurchase the vessels. ASC’s subsidiary, Ardmore Shipholding Limited, has provided a guarantee in respect of this financing arrangement.

	As at
	Dec 31,2013
Current portion of capital lease obligations			1,578,686
Non-current portion of capital lease obligations			28,800,329
Total capital lease obligations			30,379,015

Future Minimum Lease Payments for Capital Leases

The future minimum lease payments required under the capital leases at December 31, 2013, are as follows:

		As at
		Dec 31,2013
2014			3,834,690
2015			3,834,690
2016			3,845,196
2017			3,834,690
2018			23,705,540
Total minimum lease payments			39,054,806
Less amount representing interest			(8,675,791	)
Net minimum lease payments			30,379,015

Vessels and Vessels Equipment Recorded Under Capital Leases

Assets recorded under capital leases and included in vessels and vessel equipment, net consist of the following at December 31, 2013:

	As at
	Dec 31,2013
Vessels and equipment			41,326,198
Accumulated depreciation			(4,009,872	)
			37,316,326

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- Definition

Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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- Definition

Tabular disclosure of the components of the investment in leveraged leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 30

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25496975&loc=d3e45424-112738

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Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (b)

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