<SEC-DOCUMENT>0001157523-14-003048.txt : 20140729
<SEC-HEADER>0001157523-14-003048.hdr.sgml : 20140729
<ACCEPTANCE-DATETIME>20140729115922
ACCESSION NUMBER:		0001157523-14-003048
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140729
FILED AS OF DATE:		20140729
DATE AS OF CHANGE:		20140729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ardmore Shipping Corp
		CENTRAL INDEX KEY:			0001577437
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36028
		FILM NUMBER:		14998825

	BUSINESS ADDRESS:	
		STREET 1:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM08
		BUSINESS PHONE:		441-405-7800

	MAIL ADDRESS:	
		STREET 1:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM08
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a50914291.htm
<DESCRIPTION>ARDMORE SHIPPING CORPORATION 6-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><u><font style="font-size: 10pt"><br style="font-size: 10pt"></font></u><u><font style="font-size: 10pt"><br style="font-size: 10pt"></font></u><font style="font-size: 10pt; font-family: Times New Roman"><b>FORM
      6-K</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><br><b>REPORT
      OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE</b><br><br><b>SECURITIES
      EXCHANGE ACT OF 1934</b>
    </p>
    <p style="text-align: center">
      For the month of <font style="font-size: 10pt">July 2014</font><br>
    </p>
    <p style="white-space: nowrap; text-align: center">
      Commission File Number:&#160;&#160;001-36028
    </p>
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    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="font-family: Times New Roman; margin-bottom: 0px; font-size: 10pt; margin-top: 0px">
            Ardmore Shipping Corporation
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Translation of registrant&#8217;s name into English)
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="font-family: Times New Roman; margin-bottom: 0px; font-size: 10pt; margin-top: 0px">
            69 Pitts Bay Road, Hamilton, HM08 Bermuda
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Address of principal executive office)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      Indicate by check mark whether the registrant files or will file annual
      reports under cover of Form 20-F or Form 40-F.
    </p>
    <p style="margin-left: 30.0px; white-space: nowrap">
      Form 20-F [X]&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160;]
    </p>
    <p style="white-space: nowrap">
      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(1): [&#160;&#160;].
    </p>
    <p style="white-space: nowrap">
      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(7): [&#160;&#160;].
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
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        <div style="text-align: center">

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        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</b>
    </p>
    <p>
      Attached to this Report on Form 6-K as Exhibit 99.1 is the press release
      of Ardmore Shipping Corporation (the &quot;Company&quot;) dated July 29, 2014,
      announcing&#160;the Company's earnings report for the second quarter of 2014.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

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        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt">
      </font><font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">
      </font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized. </font>
    </p>
    <p>

    </p>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARDMORE SHIPPING CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 33%">

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        <td style="width: 5%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 50%">

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        <td style="padding-left: 0.0px; width: 7%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            July 29, 2014
          </p>
        </td>
        <td style="width: 5%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; width: 7%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

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        <td style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; width: 50%; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Paul Tivnan
          </p>
        </td>
      </tr>
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        <td style="width: 33%">

        </td>
        <td style="width: 5%">

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        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Paul Tivnan
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; width: 7%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer, Treasurer and Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50914291-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Ardmore
      Shipping Corporation Announces Financial Results for the Three and Six
      Months Ended June 30, 2014</b></font>
    </p>
    <p>
      HAMILTON, Bermuda--(BUSINESS WIRE)--July 29, 2014--Ardmore Shipping
      Corporation (NYSE:ASC) (&#8220;Ardmore&#8221; or the &#8220;Company&#8221;) today announced
      results for the three and six months ended June 30, 2014.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reported EBITDA (see Non-GAAP Measures section below) of $5.0 million
        for the three months ended June 30, 2014, an increase of $2.4 million
        from $2.6 million for the three months ended June 30, 2013. The
        Company reported a net profit of $0.1 million for the three months
        ended June&#160;30, 2014, or $0.004 basic and diluted earnings per share,
        as compared to a net loss of $1.2 million, or $0.148 basic and diluted
        net loss per share, for the three months ended June 30, 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Reported adjusted EBITDA (see Non-GAAP Measures section below) of $5.3
        million for the three months ended June 30, 2014, an increase of $2.3
        million from $3.0 million for the three months ended June 30, 2013.
        The Company reported an adjusted net profit (see Non-GAAP Measures
        section below) of $0.4 million for the three months ended June 30,
        2014, or $0.016 basic and diluted adjusted earnings per share (see
        Non-GAAP Measures section below), as compared to an adjusted net loss
        of $0.7 million, or $0.081 basic and diluted adjusted loss per share,
        for the three months ended June 30, 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed the acquisition of the <i>Ardmore Endeavour</i>, a 49,997
        Dwt Eco-design product and chemical tanker built at STX Offshore &amp;
        Shipbuilding Co. Ltd, Korea in July 2013 for a purchase price of $36
        million. The vessel was delivered to Ardmore on June 25, 2014 and
        immediately commenced employment in the spot market.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed the acquisition of the <i>Ardmore Sealifter, </i>a 47,472
        Dwt product tanker built at Onomichi Dockyard Co. Ltd, Japan in July
        2008 for a purchase price of $23 million. The vessel was delivered to
        Ardmore on July 22, 2014 and immediately commenced employment in the
        spot market.
      </li>
      <li style="margin-bottom: 10.0px">
        Agreed to acquire a 47,463 Dwt product tanker built at Onomichi
        Dockyard Co. Ltd, Japan in August 2008 (to be renamed <i>Ardmore
        Sealeader)</i>, for a purchase price of $23 million. The vessel is
        expected to deliver to Ardmore in August 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed a senior debt facility with Credit Agricole for $39 million
        on May 22, 2014 to finance two of our existing 25,000 Dwt IMO2 product
        and chemical vessels currently under construction at Fukuoka
        Shipbuilding Co. Ltd in Japan. The first of these vessels is expected
        to deliver in November 2014, with the second scheduled to deliver in
        March 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed a $53 million increase to the existing $172 million debt
        facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and
        Skandinaviska Enskilda Banken AB on July 24, 2014, under the
        facility&#8217;s accordion option. The total amount available under the
        facility is now approximately $225 million and the increased amount is
        expected to be used to finance up to 65% of the purchase price of the
        three recently acquired MR product and chemical tankers.
      </li>
      <li style="margin-bottom: 10.0px">
        Declared a cash dividend, on July 15, 2014, of $0.10 per share for the
        quarter ended June 30, 2014.
      </li>
    </ul>
    <p>
      Anthony Gurnee, the Company&#8217;s Chief Executive Officer commented:
    </p>
    <p>
      <i>&#8220;We are pleased with the Company&#8217;s profitable second quarter results.
      The vessels delivered year-to-date have contributed meaningfully to
      earnings growth, and the Company&#8217;s employment strategy has ensured
      stability in cashflow and earnings. During the quarter, we have
      continued to execute our growth strategy, expanding our fleet with the
      acquisition of three fuel-efficient MR product tankers in a disciplined
      manner that is accretive to earnings. We have already taken delivery of
      two of these vessels and, following delivery of the third vessel, the
      Ardmore Sealeader, in August 2014, 58% of our fleet will be in the water
      and contributing to earnings.&#8221;</i>
    </p>
    <p>
      Mr. Gurnee continued:
    </p>
    <p>
      <i>&#8220;We are also pleased to have completed financing for the three most
      recent acquisitions with our existing banking group. We look forward to
      finalizing the debt facility for the Ardmore Seamariner in the near
      term, at which point our entire fleet including those on order will have
      committed debt financing in place. Our conservative balance sheet and
      proven ability to finance accretive acquisitions position us well to
      capitalize on attractive opportunities in order to benefit from the
      strong, long-term fundamentals of the product and chemical tanker
      sectors.&#8221;</i>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Summary of Recent and Second Quarter 2014 Events</b>
    </p>
    <p>
      <b>Fleet</b>
    </p>
    <p>
      <i><b>Acquisitions</b></i>
    </p>
    <p>
      On May 27, 2014, Ardmore acquired the <i>Ardmore Endeavour</i> a 49,997
      Dwt Eco-design MR product &amp; chemical tanker built at STX Offshore &amp;
      Shipbuilding Co. Ltd, in Korea in 2013, for a purchase price of $36
      million. Ardmore took delivery of this vessel on June 25, 2014, and it
      is now employed in the spot market.
    </p>
    <p>
      On June 10, 2014, Ardmore acquired the <i>Ardmore Sealifter, </i>a
      47,472 Dwt MR product tanker built at Onomichi Dockyard in Japan in
      2008, for a purchase price of $23 million. Ardmore took delivery of this
      vessel on July 22, 2014, and it is now employed in the spot market.
    </p>
    <p>
      On June 5, 2014, Ardmore agreed to acquire a 47,463 Dwt MR product
      tanker built at Onomichi Dockyard in Japan in 2008 and to be renamed <i>Ardmore
      Sealeader</i> for a purchase price of $23 million. This vessel is
      expected to deliver to Ardmore in August 2014.
    </p>
    <p>
      <i><b>Fleet Operations and Employment</b></i>
    </p>
    <p>
      As of this date, we have thirteen vessels in operation, are awaiting
      delivery of a recently acquired vessel (to be renamed <i>Ardmore
      Sealeader</i>) scheduled for August, and have ten Eco-design vessels
      under construction delivering in 2014 and 2015. Our thirteen vessels in
      operation comprise: five Eco-design MR product and chemical tankers;
      five Eco-mod product tankers; and three Eco-mod chemical tankers.
    </p>
    <p>
      <i><b>Eco-design MR</b></i>
    </p>
    <p>
      During the quarter, four of our five Eco-design MR&#8217;s were employed on
      time charters at an average rate of $15,859 / day. The average expiry of
      these time charters is seven months from June 30, 2014. One of these
      time charters contains a market-based profit share component. We took
      delivery of our fifth Eco-design MR <i>Ardmore Endeavour</i> on June 25,
      2014, which has commenced trading in the spot market.
    </p>
    <p>
      For the third quarter of 2014, we expect to have 80% of our revenue days
      for the five Eco-design MR&#8217;s covered by time charter employment at an
      average rate of approximately $15,800 / day before profit share and 20%
      of revenue days employed in the spot market.
    </p>
    <p>
      <i><b>Eco-mod MR</b></i>
    </p>
    <p>
      During the quarter, we had four Eco-mod MR&#8217;s employed on time charters
      at an average rate of $14,710 / day. The average expiry of the time
      charters is seven months from June 30, 2014, and three of our charters
      are at escalating rates over the period. We took delivery of our fifth
      Eco-mod MR <i>Ardmore Sealifter </i>on July 22, 2014 and commenced
      trading in the spot market, and we expect to take delivery of our sixth
      unit, TBN <i>Ardmore Sealeader</i>, in August after which it will be
      engaged in either the spot market, in a pool, or on time charter.
    </p>
    <p>
      For the third quarter of 2014, we expect to have 71% of our revenue days
      for the first five Eco-mod MR&#8217;s covered by time charter employment at an
      average rate of approximately $13,800 / day and 29% of revenue days
      employed in the spot market. The time charter rate in the third quarter
      reflects the first part of rate escalation on three, seven month, time
      charters and the average rate over the duration of the charters will be
      $14,200 / day.
    </p>
    <p>
      <i><b>Chemical</b></i>
    </p>
    <p>
      During the quarter, we had one 29,000 Dwt chemical tanker employed on a
      time charter at a rate of $13,549 / day, and we had two 17,500 Dwt
      chemical tankers employed in a pool earning an average rate of $9,893 /
      day. The expected expiry of the time charter is six months from June 30,
      2014.
    </p>
    <p>
      For the third quarter of 2014, we expect to have 33% of our revenue days
      for the chemical tankers covered by time charter employment at a rate of
      approximately $13,500 / day and 67% of revenue days employed in a pool
      whose earnings are derived from the spot market.
    </p>
    <p>
      <i><b>Drydocking</b></i>
    </p>
    <p>
      The <i>Ardmore Seafarer</i> completed its second special survey on June
      23, 2014, and the <i>Ardmore Seamaster </i>entered drydock in July 2014
      for its second special survey. We expect that drydock days for both
      vessels will be approximately 38 days in the aggregate.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Financing</b>
    </p>
    <p>
      On May 22, 2014, Ardmore signed a loan agreement for a new&#160;$39
      million&#160;credit facility with Credit Agricole CIB. The proceeds from the
      new facility will be used to finance up to 65% of the purchase price of
      two 25,000 Dwt IMO2 product and chemical vessels currently under
      construction at Fukuoka Shipbuilding Co. Ltd in Japan. The facility has
      a margin of 3.05% above LIBOR and will be an amortizing senior term loan
      with a final maturity seven years from the date of drawdown. The two
      vessels are expected to deliver in November 2014 and March 2015.
    </p>
    <p>
      On July 24, 2014, Ardmore completed an increase of its facility with ABN
      AMRO Bank N.V., Nordea Bank Finland Plc and Skandinaviska Enskilda
      Banken AB (&#8220;SEB&#8221;) in the amount of approximately $53 million. The
      proceeds will be used to finance up to 65% of the purchase price of
      Ardmore&#8217;s three recent secondhand vessel acquisitions. The margin is
      2.95% above LIBOR. The total amount available for borrowing under this
      facility is now approximately $225 million.
    </p>
    <p>
      We are currently in discussions to finalize a senior debt facility for
      the <i>Ardmore Seamariner</i>, and, once completed, Ardmore&#8217;s entire
      fleet will have committed financing in place.
    </p>
    <p>
      <i><b>Dividend</b></i>
    </p>
    <p>
      On July 15, 2014, Ardmore&#8217;s Board of Directors announced a cash dividend
      of $0.10 per share for the quarter ended June 30, 2014. The cash
      dividend is payable on August 14, 2014 to all shareholders of record on
      July 31, 2014.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Results for the three months ended June 30, 2014 and 2013</b>
    </p>
    <p>
      For the three months ended June 30, 2014, the Company reported EBITDA
      (see Non-GAAP Measures section below) of $5.0 million, an increase of
      $2.4 million from $2.6 million for the three months ended June 30, 2013.
      The Company reported a net profit of $0.1 million, or $0.004 basic and
      diluted earnings per share, for the three months ended June 30, 2014, as
      compared to a net loss of $1.2 million, or $0.148 basic and diluted loss
      per share, for the three months ended June 30, 2013.
    </p>
    <p>
      For the three months ended June 30, 2014, the Company reported adjusted
      EBITDA (see Non-GAAP Measures section below) of $5.3 million, an
      increase of $2.3 million from $3.0 million for the three months ended
      June 30, 2013. Adjusted net profit (see Non-GAAP Measures section below)
      amounted to $0.4 million, or $0.016 basic and diluted adjusted earnings
      per share (see Non-GAAP Measures section below), for the three months
      ended June 30, 2014, as compared to an adjusted net loss of $0.7
      million, or $0.081 basic and diluted adjusted loss per share for the
      three months ended June 30, 2013. Results were adjusted for share based
      compensation (non-cash item) in each period, as applicable, along with
      IPO costs and deferred finance fee write-offs for the three months ended
      June 30, 2013.
    </p>
    <p>
      <b>Results for the six months ended June 30, 2014 and 2013</b>
    </p>
    <p>
      For the six months ended June 30, 2014, the Company reported EBITDA (see
      Non-GAAP Measures section below) of $9.0 million, an increase of $3.8
      million from $5.2 million for the six months ended June 30, 2013. The
      Company reported a net loss of $0.3 million, or $0.014 basic and diluted
      loss per share, for the six months ended June 30, 2014, as compared to a
      net loss of $1.2 million, or $0.153 basic and diluted loss per share,
      for the six months ended June 30, 2013.
    </p>
    <p>
      For the six months ended June 30, 2014, the Company reported adjusted
      EBITDA (see Non-GAAP Measures section below) of $9.7 million, an
      increase of $4.2 million from $5.5 million for the six months ended June
      30, 2013. Adjusted net profit (see Non-GAAP Measures section below)
      amounted to $0.4 million, or $0.016 basic and diluted adjusted earnings
      per share (see Non-GAAP Measures section below), for the six months
      ended June 30, 2014, as compared to an adjusted net loss of $0.7
      million, or $0.086 basic and diluted adjusted net loss per share for the
      six months ended June 30, 2013. Results were adjusted for share based
      compensation (non-cash item) in each period, as applicable, along with
      IPO costs and deferred finance fee write offs for the six months ended
      June 30, 2013.
    </p>
    <p>
      <i>Management&#8217;s Discussion and Analysis of Financial Results</i>
    </p>
    <p>
      Revenue for the three months ended June&#160;30, 2014 was $13.8 million, an
      increase of $5.5 million from $8.3 million for the three months ended
      June&#160;30, 2013. The increase primarily relates to additional revenue
      attributable to the <i>Ardmore Seavantage</i>, <i>Ardmore Seamariner</i>,
      <i>Ardmore Seavanguard</i> and <i>Ardmore Endeavour,</i> which commenced
      trading on January 18, 2014, February 1, 2014, February 17, 2014 and
      June 26, 2014 respectively. Fleet time charter equivalent per day was
      $14,169 for the three months ended June 30, 2014, as compared to $12,706
      for the three months ended June 30, 2013.
    </p>
    <p>
      Commissions and voyage related costs were $0.3 million for the three
      months ended June&#160;30, 2014, as compared to $0.1 million for the three
      months ended June&#160;30, 2013. This increase is due to increases in revenue
      days in line with additional vessel deliveries in the first quarter of
      2014.
    </p>
    <p>
      Vessel operating expenses were $6.6 million for the three months ended
      June&#160;30, 2014, an increase of $2.2 million from $4.4 million for the
      three months ended June&#160;30, 2013. This increase is primarily due to an
      increase in the number of vessels in operation for the three months
      ended June&#160;30, 2014, in addition to the timing of operating expenses
      between quarters. Fleet operating costs per day, including technical
      management fees, were $6,470 for the three months ended June 30, 2014,
      as compared to $6,443 for the three months ended June 30, 2013.
    </p>
    <p>
      Depreciation expense for the three months ended June&#160;30, 2014 was $3.4
      million, an increase of $1.4 million from $2.0 million for the three
      months ended June&#160;30, 2013. The increase is due to an increase in the
      average number of owned vessels to 11.1 for the three months ended June
      30, 2014, from 7.2 for the three months ended June&#160;30, 2013.
    </p>
    <p>
      Amortization of deferred dry dock expenditure for the three months ended
      June&#160;30, 2014 was $0.5 million, as compared with $0.4 million for the
      three months ended June&#160;30, 2013. The capitalized costs of drydocking
      are depreciated on a straight line basis to the next scheduled
      drydocking.
    </p>
    <p>
      General and administrative expenses for the three months ended June&#160;30,
      2014 were $1.9 million, as compared to $1.2 million for the three months
      ended June&#160;30, 2013. The increase is primarily due to costs associated
      with being a publicly listed company.
    </p>
    <p>
      Interest expense and finance costs, which include loan interest, capital
      lease interest and amortization of deferred financing fees, were&#160;$1.0
      million&#160;for the three months ended 30 June, 2014, a decrease of&#160;$0.4
      million&#160;from&#160;$1.4 million&#160;for the three months ended June&#160;30, 2013. Cash
      interest expense increased by $0.3 million as a result of an increase in
      the average debt balance following the delivery of vessels since June
      30, 2013. The overall interest expense charge has decreased as a result
      of an increase in the amount of capitalized interest which offsets the
      cash interest expense. Capitalized interest amounted to $0.9 million for
      the three months ended June 30, 2014, an increase of $0.7 million from
      $0.2 million for the three months ended June 30, 2013. Capitalized
      interest has increased in line with deposits paid for Ardmore&#8217;s current
      vessels on order. There was also a write-off of deferred finance fees in
      the second quarter of 2013 related to the capital lease facility for the <i>Ardmore
      Calypso</i> and <i>Ardmore Capella</i> that was entered into in April
      2013.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Liquidity</b>
    </p>
    <p>
      As of June&#160;30, 2014, the Company had $66.0 million (December 31, 2013:
      $56.9 million) available in cash and cash equivalents.
    </p>
    <p>
      The following debt and capital lease liabilities were outstanding as of:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="4" valign="middle">
          <b>As of</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="middle">
          <b>Dec 31, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          128,606,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          88,860,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Capital Leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          29,620,415
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          30,379,015
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>158,226,415</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>119,239,015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company plans to have a conference call on Tuesday, July 29, 2014 at
      10:00 a.m. Eastern Time to discuss its results for the quarter ended
      June 30, 2014. All interested parties are invited to listen to the live
      conference call and slide presentation by choosing from the following
      options:
    </p>
    <ol>
      <li style="margin-bottom: 10.0px">
        By dialing 888-430-8709 (U.S.) or 719-325-2354 (International) and
        entering the conference participant passcode 2951568.
      </li>
      <li style="margin-bottom: 10.0px">
        By accessing the live webcast at Ardmore Shipping&#8217;s website at <u>www.ardmoreshipping.com</u>.
      </li>
    </ol>
    <p>
      Participants should dial into the call 10 minutes before the scheduled
      time.
    </p>
    <p>
      If you are unable to participate at this time, a replay of the call will
      be available for two weeks at 888-203-1112 or 719-457-0820. Enter the
      passcode 2951568 to access the audio replay. The information provided on
      the teleconference is only accurate at the time of the conference call,
      and the Company will take no responsibility for providing updated
      information.
    </p>
    <p>
      <b>About Ardmore Shipping Corporation</b>
    </p>
    <p>
      Ardmore Shipping owns and operates a fleet of mid-size product and
      chemical tankers ranging from 17,500 Dwt to 50,300 Dwt. We provide
      seaborne transportation of petroleum products and chemicals worldwide to
      oil majors, national oil companies, oil and chemical traders, and
      chemical companies, with our modern, fuel-efficient fleet of tankers.
    </p>
    <p>
      Ardmore&#8217;s core strategy is to develop a modern, high-quality fleet of
      product and chemical tankers, build key long-term commercial
      relationships, maintain our cost advantage in assets, operations and
      overhead, while creating significant synergies and economies of scale as
      the Company grows. We provide our services to customers through voyage
      charters, commercial pools and time charters and enjoy close working
      relationships with key commercial and technical management partners. We
      view the continued development of these relationships as crucial to our
      long-term success.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ardmore Shipping Corporation</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Condensed Interim Consolidated Balance Sheet</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Expressed in U.S. dollars, unless otherwise stated)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="4" valign="bottom">
          <b>As at</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Dec 31, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          65,986,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          56,860,845
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Receivables, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,472,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          743,406
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Working capital advances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          500,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          534,571
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Prepayments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          495,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          471,563
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Advances and deposits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,653,322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,894,317
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          425,637
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          321,810
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,680,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,131,466
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>72,214,181</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>61,957,978</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Non-current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Vessels and vessel equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          341,157,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          201,700,229
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Deferred dry dock expenditure, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,913,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,339,238
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Vessels under construction
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          74,843,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          89,015,139
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Other non-current assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          162,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          158,308
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Deferred finance charges, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          6,810,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          3,794,741
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total non-current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>425,888,015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>296,007,655</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>TOTAL ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>498,102,196</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>357,965,633</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>LIABILITIES AND EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Payables, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,338,603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,999,311
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Charter revenue received in advance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          796,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,806,600
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Other payables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          31,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,436
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Accrued interest on loans
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          712,229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          557,160
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,916,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,100,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Current portion of capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,639,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,578,686
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>22,434,560</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>17,047,193</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Non-current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Non-current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          116,690,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          79,760,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Non-current portion of capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          27,980,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          28,800,329
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total non-current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>144,670,759</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>108,560,329</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Share capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          261,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          180,500
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Additional paid in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          343,579,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          244,702,577
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (12,843,673)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (12,524,966)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>330,996,877</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>232,358,111</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>TOTAL LIABILITIES AND EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>498,102,196</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>357,965,633</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ardmore Shipping Corporation</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Condensed Statement of Operations</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Expressed in U.S. dollars, unless otherwise stated)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Three months ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>REVENUE</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,828,598
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,345,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,214,862
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,620,366
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>OPERATING EXPENSES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Commissions and voyage related costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          299,085
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          148,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          545,684
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          324,082
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Vessel operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,606,327
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          4,353,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          12,506,318
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,230,152
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,401,368
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,024,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,423,130
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,728,926
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Amortization of deferred dry dock expenditure
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          514,253
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          365,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          955,838
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          714,422
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,907,557
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,235,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          4,196,823
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,897,536
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>12,728,590</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>8,127,644</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>24,627,793</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>14,895,118</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>Profit from operations</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>1,100,008</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>217,637</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>1,587,069</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>725,248</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Interest expense and finance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,000,036)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,400,413)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,890,022)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,942,949)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,278
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,310
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          10,300
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,191
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>Profit/(loss) before taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>108,250</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1,181,466)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(292,653)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1,215,510)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Income tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,505)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (7,734)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (26,054)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (14,382)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>Net profit/(loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>94,745</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1,189,200)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(318,707)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1,229,892)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Earnings/loss per share, basic and diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.004
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.148)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.014)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.153)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Weighted average number of shares, basic and diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,100,000
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,049,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          22,996,409
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,049,633
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ardmore Shipping Corporation</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Condensed Interim Statement of Cash Flows</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Expressed in U.S. dollars, unless otherwise stated)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="4" valign="bottom">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>OPERATING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (318,707)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,229,892)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Non-cash items:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,423,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,728,926
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Amortization of deferred dry dock expenditure
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          955,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          714,422
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Share based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          687,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,625
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Amortization of deferred finance charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          412,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          420,882
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Receivables, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (728,720)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (10,605)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Working capital advances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          34,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          634,836
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Prepayments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (24,432)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (148,865)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Advances and deposits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          240,995
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (563,892)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (103,827)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          299,768
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (548,946)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (311,454)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Payables, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,339,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,826,265
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Charter revenue received in advance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,010,017)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          390,381
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Other payables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,382
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Accrued interest on loans
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          155,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          91,489
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Deferred dry dock expenditure
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (2,530,169)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (251,058)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>7,010,931</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>5,611,210</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>INVESTING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Payments for acquisition of vessels and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (114,292,560)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (59,097,783)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Payments for vessels under construction
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (17,388,717)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,253,266)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Payments for other non-current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (31,903)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (26,108)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(131,713,180)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(67,377,157)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>FINANCING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Proceeds from long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          45,000,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          47,030,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Repayments of long term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,254,000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (20,720,000)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Proceeds from capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          31,500,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Repayments of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (758,600)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (359,601)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Payments for deferred finance charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,428,827)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,162,625)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net proceeds from equity offering
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          102,684,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Payment of dividend
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (4,415,000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Net cash provided by financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>133,828,092</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>56,287,774</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>Net increase/(decrease) in cash and cash equivalents</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>9,125,843</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(5,478,173)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Cash and cash equivalents at the beginning of the year
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          56,860,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,334,123
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          <b>Cash and cash equivalents at the end of the period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>65,986,688</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>9,855,950</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ardmore Shipping Corporation</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Other Operating Data</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Expressed in U.S. dollars, unless otherwise stated)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Three months ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>ADJUSTED EBITDA<sup>(1)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,349,728
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,966,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,653,991
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,526,721
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>AVERAGE DAILY DATA</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Fleet time charter equivalent per day<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,169
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          12,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,231
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          12,932
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Fleet operating costs per day<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,122
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,138
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,081
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Technical management fees per day<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          348
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          356
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          390
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,470
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,494
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,471
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          MR Tankers &#8220;Eco-Design&#8221;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          TCE per day<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,859
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          16,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,710
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          16,556
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Vessel operating costs per day<sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,043
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,960
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,049
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          MR Tankers &#8220;Eco-Mod&quot;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          TCE per day<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,710
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,581
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,726
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Vessel operating costs per day<sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,858
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,127
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,654
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Chemical Tankers &#8220;Eco-Mod&#8221;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          TCE per day<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,206
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          10,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,852
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,170
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="middle">
          Vessel operating costs per day<sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,580
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,285
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,400
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>FLEET</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Average number of owned operating vessels
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11.1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          10.5
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted EBITDA is reconciled under the &#8220;Non-GAAP Measures&#8221; section
          below.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          (2)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Time Charter Equivalent (&#8220;TCE&#8221;) daily rate is the gross charter rate
          or gross pool rate, as appropriate, per revenue day plus
          Communication Victualing and Entertainment Income (&#8220;CVE&#8221;). For
          vessels employed on voyage charters, TCE is the net rate after
          deducting voyage costs incurred by commercial managers.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          (3)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Fleet operating costs per day are routine operating expenses and
          comprise, crewing, repairs and maintenance, insurance, stores, lube
          oils, communication costs. They do not include additional costs
          related to upgrading or enhancement of the vessels that are not
          capitalized.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          (4)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Technical management are fees paid to third-party technical managers.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          (5)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Vessel operating costs per day includes technical management fees.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="22" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ardmore Shipping Corporation</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fleet List as at July&#160;29, 2014</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>Vessel Name</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>Type</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>Dwt</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>IMO</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Month</b><br><b>Constructed</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Country</b><br><b>Constructed</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>Flag</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="bottom">
          <b>Specification</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>In Operation</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seavaliant</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          49,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Feb-13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seaventure</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          49,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jun-13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seavantage</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          49,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jan-14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seavanguard</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          49,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Feb-14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Endeavour</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          49,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jul-13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seafarer</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          45,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Aug-04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seatrader</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          47,141
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Dec-02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seamaster</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          45,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Sep-04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Seamariner</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          45,726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Oct-06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Sealifter</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          47,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jul-08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod<sup>(1)</sup>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Centurion</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          29,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Nov-05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Calypso</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          17,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jan-10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Capella</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          17,567
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Jan-10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Awaiting Delivery</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>Ardmore Sealeader</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          47,463
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Aug-08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-mod<sup>(2)</sup>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Under Construction</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>SPP Hull S-1162</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          50,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          1Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>SPP Hull S-1163</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          50,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          2Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>SPP Hull S-1171</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          50,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          2Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>SPP Hull S-1172</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          50,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          3Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>HMD Hull H-2480</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          37,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          4Q14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>HMD Hull H-2481</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          37,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          1Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Korea
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>FKA Hull N-2062</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          25,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          4Q14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>FKA Hull N-2063</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          25,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          1Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>FKA Hull N-2065</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          25,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          3Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <i>FKA Hull N-2067</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Product/Chemical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          25,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          4Q15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Japan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          MI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          Eco-design
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" colspan="2" valign="bottom">
          <b>24</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          <b>968,736</b>
        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      (1) <i>Ardmore Sealifter</i> delivered on July 22, 2014 and is currently
      being upgraded to Eco-mod.<br>(2) Expecting delivery on in August 2014.
      Eco-mod upgrades will commence on delivery.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Non-GAAP Measures</b>
    </p>
    <p>
      This press release describes EBITDA, adjusted EBITDA, adjusted net
      profit/(loss) and adjusted net earnings/(loss) per share, which are not
      measures prepared in accordance with U.S. GAAP. These Non-GAAP measures
      are presented in this press release as we believe that they provide
      investors with a means of evaluating and understanding how Ardmore&#8217;s
      management evaluate operating performance. These Non-GAAP measures
      should not be considered in isolation from, as substitutes for, or
      superior to financial measures prepared in accordance with U.S. GAAP.
      All amounts are expressed in U.S. dollars, unless otherwise stated.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="middle">
          <b>EBITDA &amp; Adjusted EBITDA</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Three months ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net profit/(loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          94,745
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,189,200)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (318,707)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,229,892)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,278)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,310)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (10,300)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,191)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Interest expense and finance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,000,036
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,400,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,890,022
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,942,949
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Income tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,505
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,734
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,054
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,382
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,401,368
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,024,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,423,130
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,728,926
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Amortization of deferred dry dock expenditure
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          514,253
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          365,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          955,838
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          714,422
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          EBITDA
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,015,629
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,608,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,966,037
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,168,596
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          IPO related fees and expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          352,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          352,500
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Share based compensation (non-cash)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          334,099
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          687,954
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,625
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,349,728
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          2,966,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          9,653,991
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,526,721
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="middle">
          <b>Adjusted net loss</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Three months ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2014</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="middle">
          <b>Jun 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net profit/(loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          94,745
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,189,200)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (318,707)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,229,892)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          IPO related fees and expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          352,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          352,500
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Deferred finance fee write off
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          179,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          179,816
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Share based compensation (non-cash)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          334,099
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          687,954
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,625
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="middle">
          Adjusted net profit/(loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          428,844
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (651,259)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          369,247
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (691,951)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Adjusted net earnings/(loss) per share, basic and diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.081)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.086)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Weighted average number of shares, basic and diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,100,000
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,049,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          22,996,409
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,049,633
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      Matters discussed in this press release may constitute forward-looking
      statements. The Private Securities Litigation Reform Act of 1995
      provides safe harbor protections for forward-looking statements in order
      to encourage companies to provide prospective information about their
      business. Forward-looking statements include statements concerning
      plans, objectives, goals, strategies, future events or performance, and
      underlying assumptions and other statements, which are other than
      statements of historical facts. The Company desires to take advantage of
      the safe harbor provisions of the Private Securities Litigation Reform
      Act of 1995 and is including this cautionary statement in connection
      with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221;
      &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;
      &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions identify
      forward-looking statements.
    </p>
    <p>
      The forward-looking statements in this press release are based upon
      various assumptions, many of which are based, in turn, upon further
      assumptions, including without limitation, our management&#8217;s examination
      of historical operating trends, data contained in our records and other
      data available from third parties. Although we believe that these
      assumptions were reasonable when made, because these assumptions are
      inherently subject to significant uncertainties and contingencies which
      are difficult or impossible to predict and are beyond our control, we
      cannot assure you that we will achieve or accomplish these expectations,
      beliefs or projections.
    </p>
    <p>
      In addition to these important factors, other important factors that, in
      our view, could cause actual results to differ materially from those
      discussed in the forward-looking statements include the failure of
      counterparties to fully perform their contracts with us, the strength of
      world economies and currencies, general market conditions, including
      fluctuations in charter rates and vessel values, changes in demand for
      tanker vessel capacity, changes in our operating expenses, including
      bunker prices, drydocking and insurance costs, the market for our
      vessels, competition in the tanker industry, availability of financing
      and refinancing, charter counterparty performance, ability to obtain
      financing and comply with covenants in such financing arrangements,
      changes in governmental rules and regulations or actions taken by
      regulatory authorities, potential liability from pending or future
      litigation, general domestic and international political conditions,
      potential disruption of shipping routes due to accidents, piracy or
      political events, vessels breakdowns and instances of off-hires and
      other factors. Please see our filings with the Securities and Exchange
      Commission for a more complete discussion of these and other risks and
      uncertainties.
    </p>
    <p>
      CONTACT:<br><b>Investor Relations Enquiries:</b><br>The IGB Group<br>Mr.&#160;Leon
      Berman, 212-477-8438<br>Fax: 212-477-8636<br><u>lberman@igbir.com</u>
    </p>
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