Slide 1: Ardmore Shipping Corporation Second Quarter 2026
Ardmore Shipping Corporation Second Quarter 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shippi
Slide 3: Contents
Contents I. Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 3
Slide 4: Earnings Highlights
Earnings Highlights Strong performance and disciplined execution in a rapidly evolving market Earnings Highlights 2Q 2026 Adjusted Earnings(1) $48.3m EPS(1) $1.18 Dividend per Share $0.79 Ardmore performing well in strong market o Long-term fundamentals driven by energy security and sustained oil
Slide 5: Earnings Highlights: Rates remain elevated into 3Q
Earnings Highlights Rates remain elevated into 3Q; Nearly 3x cash breakeven TCE Rates 2Q 2026 3Q 2026 TD MR TCE: YoY Growth and Nearly 3x Breakeven(1)(2) $29,600 MRs(2) $51,900 (45% fixed) $25,000 $29,600 Chemical Tankers(2) $26,900 (50% fixed) +20% YoY $24,700 Operating cash breakeven of $10,800 /
Slide 6: Capital Allocation Policy
Capital Allocation Policy Returning capital and investing in the business Priority Description Highlights Investing in fleet to drive Realizing strong returns through AI-enabled Maintain fleet over time performance and efficiency performance optimization and vessel efficiency projects Responsible
Slide 7: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 7
Slide 8: Current Market Dynamics
Current Market Dynamics Middle East supply disruptions boosting refining margins and Atlantic exports Tight product supply boosting crack spreads, driving Record U.S. Gulf Clean Exports(2) Atlantic refinery utilization to multi-year highs 8 Trade inefficiencies and long-haul flows supporting 7 p
Slide 9: Inventory Replenishment Boost
Inventory Replenishment Boost Supply growth and energy security concerns to support longer restocking cycle Closure of Strait of Hormuz has displaced ~3.5mbd of Inventories Need to be Replenished…(1) refined product supply 900 48 880 Nearly 100m barrels 46 Inventories drawn down sharply to cover
Slide 10: Russia Diesel Export Ban
Russia Diesel Export Ban Russian export ban boosting demand for compliant tonnage Russia imposed a full diesel export ban amid refinery outages and domestic fuel shortages o Estimated 40% of Russian refining capacity offline o Russian clean product exports fell to multi-year low in July Displace
Slide 11: Demand Fundamentals
Demand Fundamentals Structural refining shifts and sustained oil demand driving ton-mile growth Energy security remains a growing priority, with governments diversifying import sources and securing seaborne supply chains Refining and consumption increasingly dislocated; closures in West replaced
Slide 12: Aging MR Fleet
Aging MR Fleet Oldest MR fleet in decades; half nearing scrapping age MR orderbook 16% of the fleet; in the next five years 50% of MRs will be 20+ years old Handysize orderbook only ~6% of fleet (average fleet age of over 18 years) MR Fleet Age at Historical High (13.5 Years)(1) Global MR Tanker
Slide 13: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 13
Slide 14: Continued Focus on Financial Strength
Continued Focus on Financial Strength Strong balance sheet and disciplined capital structure, supporting newbuild capex coverage Ardmore continues to focus on TCE optimization, Continuing to Build Financial Strength disciplined cost management, and maintaining a strong balance sheet US$ millions,
Slide 15: Financial Highlights
Financial Highlights Strong TCE performance continues to drive high-quality earnings Positioned to capture volatility; every $10,000 / day Key Financial Data additional TCE increases annual EPS by ~$1.90 Three Months Ended Adjusted EBITDAR(1) of $61.1 million in 2Q 2026 US$ millions, unless othe
Slide 16: Operational Highlights
Operational Highlights Optimizing operating performance and earnings Limited drydockings through 2027 Majority of Drydockings Completed o Balance of year existing fleet capex $3 million for 2026 Harnessing AI and digitalization to maximize commercial and operational execution 11 o AI voyage opti
Slide 17: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 17
Slide 18: Summary
Summary Strong execution driving long-term value Strong TCE Leading Performance (1) Governance $51,900 Financially Robust Operating Cash Innovation Breakeven Mindset $10,800 1) Basis MR spot TCE for 2Q 2026 18
Slide 19: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 19
Slide 20: Fleet List
Fleet List Vessel Name Ownership Type Dwt IMO Built Country Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Ardmore Gibraltar Owned Product/Chemical
Slide 21: Time-Charters Out
Time-Charters Out Enhancing the value of our trading book through opportunistic time charters o Active portfolio management—adjusting coverage as markets evolve to ensure high-quality earnings o Prioritizing counterparty quality and duration mix to support long-term performance 83% spot exposure f
Slide 22: Dividend Payment
Dividend Payment In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 2Q 2026 of $0.79 per share o Quarterly dividend calculated as two-thirds of adjusted earnings(1) o The dividend will be paid on September 15, 2026, to all shareholders of record on August 2
Slide 23: Oil and Chemical Value Chain
Oil and Chemical Value Chain Upstream Midstream Downstream 23
Slide 24: Ardmore Focus: MR & Chemical Tankers
Ardmore Focus: MR & Chemical Tankers World Tanker Fleet(1) 7,635 Vessels Crude Tankers Product Tankers Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 924 694 697 75 548 386 2,272 2,039 Ardmore owns and operates MR & Chemical Tankers Workhorses of the Global Tanker Fleet Growing Share of Wor
Slide 25: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1) Region Closures 2025 – 2029 Openings 2025 – 2029 Europe 0.5 - Americas 0.6 0.1 Australia - - Middle East - - Africa - 0.8 China - 0.9 Asia (excl. China) - 1.2 Total (mbd) 1.1 3.0 Seaborne Product Trade Balances(2) 2026F 2027F Reg
Slide 26: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton-Mile Demand(1) 1) Closures based on announcement periods 26
Slide 27: EBITDA + vessel lease expense component (i.e. EBITDAR)
EBITDA + vessel lease expense component (i.e. EBITDAR)(1) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) June 30, 2026 June 30, 2026 In thousands of U.S. Dollars Net income 60,515 109,260 Interest income (286) (1,021) Interest expense and finance costs 1,7
Slide 28: Ardmore Indicative Guidance 3Q 2026
Ardmore Indicative Guidance 3Q 2026(1) MR Combined Spot TCE: $29,600 (45% fixed) Chemical Tanker Spot TCE: $25,000 (50% fixed) Revenue Days: 2,250 Operating Expenses: $18.0 million Charter-In Expenses: $1.2 million Depreciation and Amortization: $11.0 million Overhead (Commercial and Corporate): $6.