Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — Q2 2025 Earnings Presentation
25 slides from Ardmore Shipping's earnings presentation, Jul 30, 2025
Slide 1: Ardmore Shipping Second Quarter 2025
Ardmore Shipping Second Quarter 2025
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. Operating and Financial Performance IV. Summary V. Appendix 3
Slide 4: Earnings Highlights
Earnings Highlights Ardmore is financially robust and continues to deliver strong earnings Earnings Highlights 2Q 2025 Counter-Seasonal Strength in TCE Rates $25,450 Adjusted Earnings(1) $9.0m $23,450 $21,550 $21,650 $20,400 EPS(1) $0.22 $15,000 TCE rates continued to increase during the Current c
Slide 5: Transaction Highlights
Transaction Highlights Expanding earnings power while boosting earnings quality Vessel Acquisitions Agreed to acquire 3 x high-quality, Korean-built MR tankers o One 2020-built, scrubber fitted: $38.3m o Two 2017-built: $32.8m per vessel Delivery third quarter 2025 Refinancing Refinanced debt
Slide 6: Capital Allocation Policy
Capital Allocation Policy Consistent approach to capital allocation with focus on long-term value Priority Description Highlights MarineLine coatings increasing cargo flexibility and boosting earnings power Investing in fleet to boost Maintain fleet over time performance and reduce emissions Inv
Slide 7: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 7
Slide 8: Industry Fundamentals
Industry Fundamentals Positive fundamentals bolstered by current geopolitical uncertainty OPEC+ ramping up production increases in anticipation of Cumulative OPEC+ Production Increases in 2025(1) stronger oil demand +2.5m o Higher crack spreads boosting trading activity 2.5 OPEC+ to add 2.5m o Ref
Slide 9: Continued Refinery Shifts
Continued Refinery Shifts New refineries in the East boosting ton-miles to the Atlantic 1. Ongoing Refinery Shift from West to East(1) 2. Expansions in Asia, Outstripping Closures in U.S. / Europe(1) 10.0 +9.3 Openings (2025 & 2026) Closures (2025 & 2026) 8.0 Capacity Capacity Million barrels 6.0 Re
Slide 10: Positive Supply-Side Dynamics
Positive Supply-Side Dynamics Oldest MR fleet in decades; limited new ordering Ordering activity has decelerated (down 87% YoY) MR orderbook reduced to 14% MR Fleet Age at Historical High (14.2 Years)(1) Global MR Tanker Fleet Aging Rapidly(1) 8 Scrapping Window in 5 years Orderbook 60% 7 2007 2
Slide 11: Positive Supply-Side Dynamics
Positive Supply-Side Dynamics LR2 product tanker orderbook being absorbed by crude market LR2s represent over 30% of product tanker orderbook o Significant portion to be absorbed by crude Aframax sector (same size, negligible orderbook) Over 50% of Aframax fleet now over 15 years old LR2s trad
Slide 12: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 12
Slide 13: Continued Focus on Financial Strength
Continued Focus on Financial Strength Strong balance sheet positions Ardmore to perform well through market cycles Refinanced existing debt facilities into one $350m fully Continuing to Build Financial Strength revolving facility; attractive terms supporting low cash breakeven levels US$ millions,
Slide 14: Financial Highlights
Financial Highlights Delivering high-quality earnings through continued TCE strength and cost discipline Ardmore continues to optimize TCE performance, tightly Focus on Cost Control & Efficiency manage costs, and maintain a strong balance sheet Three Months Ended Positioned to capture volatility
Slide 15: Fleet and Operational Highlights
Fleet and Operational Highlights Optimizing operating performance and earnings, while investing in fleet Drydockings broadly completed through 2027 Majority of Drydockings Completed Estimated 2025 fleet capex of $35-38m, including elective 1 capex of $15-17m o Includes coating upgrades on full c
Slide 16: Case Study: MarineLine Tank Coatings
Case Study: MarineLine Tank Coatings Already boosting earnings through access to premium cargos and cost savings MarineLine coating upgrades now completed on five of six Representative Voyages at $5,500 / Day Average Premium chemical tankers Cargo Biofuel feedstocks Access to wider cargo slate a
Slide 17: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 17
Slide 18: Summary
Summary Delivering on strategy to create long-term value Strong TCE Leading Performance Governance $23,450 (1) Financially Robust Low Cash Breakeven Innovation $11,900 Mindset 1) TCE Performance basis MR Eco-Des TCE for 2Q 2025
Slide 19: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 19
Slide 20: Fleet List (Pro-Forma June 30, 2025)
Fleet List (Pro-Forma June 30, 2025) Vessel Name Ownership Type Dwt IMO Built Country Specification Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Eco-design Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Eco-design Ardmore Pursuit Owned Product/Chemical 49,70
Slide 21: Dividend Payment
Dividend Payment In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 2Q 2025 of $0.07 per share o Quarterly dividend calculated as one-third of Adjusted earnings(1) o The dividend will be paid on September 12, 2025, to all shareholders of record on August 29
Slide 22: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1)(2) Region Closures 2020 - 2026 Openings 2020 - 2026 Europe 1.3 0.1 America 2.1 0.7 Australia 0.4 - Middle East - 1.9 Africa 0.2 1.0 China 1.4 2.7 Asia (excl. China) 1.4 6.6 Total (mbd) 6.8 12.9 Seaborne Product Trade Balances(3)
Slide 23: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton-Mile Demand(1) 1) Closures based on announcement periods 23
Slide 24: EBITDA + vessel lease expense component (i.e. EBITDAR)
EBITDA + vessel lease expense component (i.e. EBITDAR) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) June 30, 2025 June 30, 2025 In thousands of U.S. Dollars Net income 9,599 46,931 Interest income (306) (1,075) Interest expense and finance costs 1,043 4,
Slide 25: Ardmore Indicative Guidance 3Q 2025
Ardmore Indicative Guidance 3Q 2025(1) MR Eco-Design Spot TCE: $25,450 (50% fixed) Chemical Tanker Fleet TCE: $21,650 (65% fixed) Revenue Days: 2,200 Operating Expenses: $17.0 million Charter-In Expenses: $4.0 million Depreciation and Amortization: $10.0 million Overhead (Commercial and Corporate):