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Overview

12 Months Ended

Dec. 31, 2024

Overview

Overview

1. Overview

1.1. Background

Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore”), together with its subsidiaries (collectively the “Company”), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in one operating segment, the transportation of refined petroleum products and chemicals. As of December 31, 2024, the Company had 22 owned vessels and four chartered-in vessels in operation. The average age of the Company’s owned fleet as of December 31, 2024 was 10.3 years.

1.2. Management and organizational structure

Ardmore was incorporated in the Republic of the Marshall Islands on May 14, 2013. Ardmore commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010.

As of December 31, 2024, Ardmore had (a) 79 wholly owned subsidiaries, a significant number of which represent single ship-owning companies for Ardmore’s fleet, (b) one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to the Ardmore fleet, and (c) a 10% equity stake in Element 1 Corp. which is included in Investments and other assets, net in the consolidated balance sheet as of December 31, 2024. Equity investments are disclosed below in Note 4.

Ardmore Maritime Services (Asia) Pte. Limited, a wholly owned subsidiary incorporated in Singapore, carries out the Company’s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company’s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company.

1.3. Vessels

As of December 31, 2024, the Company owned and operated a modern fleet of 22 product/chemical vessels (21 with Marshall Island flags and one with a Singapore flag), with a combined carrying capacity of 973,181 deadweight tonnes (“dwt”) and an average age of approximately 10.3 years.

Vessel Name

Type

Dwt

IMO⁽¹⁾

Built

Country

Specification

Ardmore Gibraltar

Product/Chemical

49,999

2/3

Apr-17

S. Korea

Eco-Design

Ardmore Seahawk

Product/Chemical

49,999

2/3

Nov-15

S. Korea

Eco-Design

Ardmore Seawolf

Product/Chemical

49,999

2/3

Aug-15

S. Korea

Eco-Design

Ardmore Seafox

Product/Chemical

49,999

2/3

Jun-15

S. Korea

Eco-Design

Ardmore Sealion

Product/Chemical

49,999

2/3

May-15

S. Korea

Eco-Design

Ardmore Engineer

Product/Chemical

49,420

2/3

Mar-14

S. Korea

Eco-Design

Ardmore Seavanguard

Product/Chemical

49,998

2/3

Feb-14

S. Korea

Eco-Design

Ardmore Exporter

Product/Chemical

49,466

2/3

Feb-14

S. Korea

Eco-Design

Ardmore Seavantage

Product/Chemical

49,997

2/3

Jan-14

S. Korea

Eco-Design

Ardmore Encounter

Product/Chemical

49,478

2/3

Jan-14

S. Korea

Eco-Design

Ardmore Explorer

Product/Chemical

49,494

2/3

Jan-14

S. Korea

Eco-Design

Ardmore Endurance

Product/Chemical

49,466

2/3

Dec-13

S. Korea

Eco-Design

Ardmore Enterprise

Product/Chemical

49,453

2/3

Sep-13

S. Korea

Eco-Design

Ardmore Endeavour

Product/Chemical

49,997

2/3

Jul-13

S. Korea

Eco-Design

Ardmore Seaventure

Product/Chemical

49,998

2/3

Jun-13

S. Korea

Eco-Design

Ardmore Seavaliant

Product/Chemical

49,998

2/3

Feb-13

S. Korea

Eco-Design

Ardmore Defender

Product/Chemical

37,791

2

Feb-15

S. Korea

Eco-Design

Ardmore Dauntless

Product/Chemical

37,764

2

Feb-15

S. Korea

Eco-Design

Ardmore Chippewa

Product/Chemical

25,217

2

Nov-15

Japan

Eco-Design

Ardmore Chinook

Product/Chemical

25,217

2

Jul-15

Japan

Eco-Design

Ardmore Cheyenne

Product/Chemical

25,217

2

Mar-15

Japan

Eco-Design

Ardmore Cherokee

Product/Chemical

25,215

2

Jan-15

Japan

Eco-Design

Total

22

973,181

(1) International Maritime Organization (“IMO”) cargo classification.