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Ardmore Shipping Corporation Announces Financial Results For The Three and Nine Months Ended September 30, 2021

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  • ASC
Cision

HAMILTON, Bermuda, Nov. 10, 2021 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three and nine months ended September 30, 2021.

Highlights and Recent Activity

  • Reported a net loss of $12.8 million for the three months ended September 30, 2021, or $0.37 loss per basic and diluted share. This compares to net loss of $6.6 million, or $0.20 loss per basic and diluted share, for the three months ended September 30, 2020. Reported EBITDA (see Non-GAAP Measures section) of $1.3 million for the three months ended September 30, 2021 as compared to $7.2 million for the three months ended September 30, 2020.

  • Reported a net loss of $29.5 million for the nine months ended September 30, 2021 or $0.88 loss per basic and diluted share, which includes deferred finance fees written off and unrealized gains on derivatives; losses adjusted for these items (see Adjusted (loss) / earnings in the Non-GAAP Measures section) are $29.0 million, or $0.86 Adjusted loss per basic and diluted share. This compares to net income of $13.5 million, or $0.41 basic and $0.40 diluted earnings per share for the nine months ended September 30, 2020. Adjusted earnings were $13.6 million, or $0.41 Adjusted earnings per basic and diluted share for the nine months ended September 30, 2020. Reported EBITDA (see Non-GAAP Measures section) of $11.2 million for the nine months ended September 30, 2021, as compared to $56.1 million for the nine months ended September 30, 2020

  • MR tankers earned an average TCE rate of $10,904 per day for the three months ended September 30, 2021 and $11,237 per day for the nine months ended September 30, 2021. Chemical tankers earned an average TCE rate of $8,400 per day (comprising average rates of $10,387 per day on chemical cargos and $6,652 per day on Clean Petroleum Product ("CPP") cargos) for the three months ended September 30, 2021 and $10,882 per day for the nine months ended September 30, 2021.

  • In September 2021, Ardmore extended its sustainability-linked finance facility with ABN AMRO for a further year until June 2023; the facility contains a pricing adjustment feature linked to Ardmore's performance on carbon emission reduction and other environmental and social initiatives. The facility's performance targets for carbon emission reduction align with the International Maritime Organization's targets for GHG emissions reduction.

  • In July 2021, Ardmore extended an agreement to time charter-in a 2010 Japanese-built MR product tanker for one year at a net rate of $11,500 per day, plus a one-year extension option.

  • In October, e1 Marine completed its first sale of a hydrogen generator to a leading US based global marine engine manufacturer for a pilot project. The sale is on profitable terms and expected to lead to a commercial licensing agreement for e1 Marine. In addition, Element 1 Corp. is entering into a joint research agreement with Aramco Americas to apply a carbon capture system to Element 1's hydrogen generator.

Anthony Gurnee, the Company's Chief Executive Officer, commented:

"While our earnings through the first nine months of 2021 reflect the very tough prevailing market conditions during the period, our strong balance sheet and low-cost structure have enabled us to hold our own and we believe that we have now reached a turning point, with the product and chemical tanker markets showing signs of real recovery.

Having experienced an unprecedentedly sharp drop in tanker demand earlier in the pandemic, a full oil demand recovery is now well underway, and an extensive global oil inventory destocking seems to be reaching its logical end-point. As a consequence, we believe that we are now very close to an inflection point for product and chemical tanker demand, beyond which rates should rebound strongly.

At the moment, we are seeing improved spot performance, as well as higher period and FFA (futures) rates being taken by charterers looking to secure cover in what is expected to be a much stronger market. Our spot MR voyages booked over the last two weeks have averaged $15,300 / day and our chemical tankers $17,400 / day, while Eco-Design MR one-year TC rates have improved to $15,500 / day, and the FFA Atlantic triangulation TCE rates for December through March now stand at $16,200 / day.

On this basis, we expect a much improved second half of the fourth quarter and a good run through the winter, where many additional factors may be in play that provide a further boost to tonne-mile demand, such as low Atlantic Basin refined product inventories, an end to oil inventory de-stocking, "energy crisis" spill over in the form of gas-to-oil switching for power generation, and typical winter weather disruptions and supply dislocations. Longer term, we are very positive given the fundamentals of demand growth and the visibility that we have on highly constrained product and chemical tanker supply growth.

In the meantime, Ardmore remains well positioned in terms of both market upside and financial strength, is maintaining its low-cost structure and strong relative chartering performance and is making good progress in our energy transition plan including multiple positive developments with e1 Marine alongside world-class commercial partners."

Summary of Recent and Third Quarter 2021 Events

Fleet

Fleet Operations and Employment

As at September 30, 2021, the Company had 27 vessels in operation, including 21 MR tankers ranging from 45,000 deadweight tonnes (Dwt) to 49,999 Dwt (15 Eco-Design and six Eco-Mod) and six Eco-Design IMO 2 product / chemical tankers ranging from 25,000 Dwt to 37,800 Dwt.

MR Tankers (45,000 Dwt – 49,999 Dwt)

At the end of the third quarter of 2021, the Company had 21 MR tankers trading in the spot market or on time charters. The MR tankers earned an average TCE rate of $10,904 per day in the third quarter of 2021. In the third quarter of 2021, the Company's 15 Eco-Design MR tankers earned an average TCE rate of $11,051 and the Company's six Eco-Mod MR tankers earned an average TCE rate of $10,422 per day.

In the fourth quarter of 2021, the Company expects to have 30% of its revenue days for its MR Eco-Design tankers on time charter. The remaining 70% of days for its MR Eco-Design and all of its MR Eco-Mod tankers are expected to be employed in the spot market. As of November 10, 2021, the Company had fixed approximately 50% of its total MR revenue days for the fourth quarter of 2021 at an average TCE rate of approximately $10,450 per day.

Product / Chemical Tankers (IMO 2: 25,000 Dwt – 37,800 Dwt)

At the end of the third quarter of 2021, the Company had six Eco-Design IMO 2 product / chemical tankers in operation, all of which were trading in the spot market. During the third quarter of 2021, the Company's six Eco-Design product / chemical vessels earned an average TCE rate of $8,400 per day (comprising average rates of $10,387 per day on chemical cargos and $6,652 per day on Clean Petroleum Product ("CPP") cargos).

In the fourth quarter of 2021, the Company expects to have all revenue days for its Eco-Design IMO 2 product / chemical tankers employed in the spot market. As of November 10, 2021, the Company had fixed approximately 60% of its Eco-Design IMO 2 product / chemical tankers spot revenue days for the fourth quarter of 2021 at an average TCE rate of approximately $11,400 per day.

Drydocking

The Company had 80 drydock days (including repositioning) in the third quarter of 2021. The Company expects to have no drydock days in the fourth quarter of 2021.

Capital Allocation Policy

Consistent with the Company's capital allocation policy, the Company is not declaring a dividend, in respect of its common shares, for the third quarter of 2021.

Financing

In September 2021, the Company extended its sustainability-linked finance facility with ABN AMRO for a further year until June 2023; the facility was originally completed in July 2020 on a two-year term and contains a pricing adjustment feature linked to the Company's performance on carbon emission reduction and other environmental and social initiatives. The facility's performance targets for carbon emission reduction align with the International Maritime Organization's targets for GHG emissions reduction. The facility reflects Ardmore's current strong performance on Environmental Social and Governance ("ESG") initiatives, including (a) carbon emission levels which significantly outperform the targets set out under the Poseidon Principles, (a global framework for responsible ship finance to help incentivize decarbonization in the shipping industry) and (b) having a very diverse organization with employees representing 10 nationalities and of which 59% are female. The pricing structure in the facility will reward the Company for maintaining its carbon emission reduction trajectory and overall performance on ESG.

Chartered-in Vessel

In July 2021, the Company extended an agreement to time charter-in a 2010 Japanese-built MR product tanker for one year at a net rate of $11,500 per day, plus a one-year extension option.

Investments: e1 Marine and Element 1 Corp

In October, e1 Marine (the Company owns 33% of e1 Marine) completed its first sale of a hydrogen generator to a leading US based global marine engine manufacturer for a pilot project. The sale is on profitable terms and expected to lead to a commercial licensing agreement for e1 Marine. In addition, Element 1 Corp. (the Company owns 10% of Element 1 Corp.) is entering into a joint research agreement with Aramco Americas to apply a carbon capture system to Element 1's hydrogen generator.

COVID-19

In response to the COVID-19 pandemic, many countries, ports and organizations, including those where Ardmore conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have caused severe trade disruptions. In addition, the pandemic has resulted and may continue to result in a significant decline in global demand for refined oil products. As Ardmore's business is the transportation of refined oil products on behalf of oil majors, oil traders and other customers, any significant decrease in demand for the cargo Ardmore transports could adversely affect demand for its vessels and services. The extent to which the pandemic may impact Ardmore's results of operations and financial condition, including possible impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including, among others, new information which may emerge concerning the virus and of its variants and the level of the effectiveness and delivery of vaccines and other actions to contain or treat its impact. Accordingly, an estimate of the impact on the Company cannot be made at this time.

Results for the three months ended September 30, 2021 and 2020

The Company reported a net loss of $12.8 million for the three months ended September 30, 2021, or $0.37 loss per basic and diluted share, as compared to a net loss of $6.6 million, or $0.20 loss per basic and diluted share for the three months ended September 30, 2020. The Company reported EBITDA (see Non-GAAP Measures section) of $1.3 million for the three months ended September 30, 2021, as compared to $7.2 million for the three months ended September 30, 2020.

Results for the nine months ended September 30, 2021 and 2020

The Company reported a net loss of $29.5 million for the nine months ended September 30, 2021, or $0.88 loss per basic and diluted share, as compared to net income of $13.5 million, or $0.41 basic and $0.40 diluted earnings per share for the nine months ended September 30, 2020. The Company reported EBITDA (see Non-GAAP Measures section) of $11.2 million for the nine months ended September 30, 2021.

The Company reported an Adjusted loss (see Non–GAAP Measures section) of $29.0 million for the nine months ended September 30, 2021, or $0.86 Adjusted loss per basic and diluted share, as compared to Adjusted earnings of $13.6 million, or $0.41 Adjusted earnings per basic and diluted share, for the nine months ended September 30, 2020.

Management's Discussion and Analysis of Financial Results for the three months ended September 30, 2021 and 2020

Revenue. Revenue for the three months ended September 30, 2021 was $47.2 million, an increase of $2.0 million from $45.2 million for the three months ended September 30, 2020.

The Company's average number of operating vessels increased to 27 for the three months ended September 30, 2021, from 25.5 for the three months ended September 30, 2020.

The Company had 4 product tankers employed under time charters as at September 30, 2021, compared with none as at September 30, 2020. Revenue days derived from time charters were 362 for the three months ended September 30, 2021, as compared to none for the three months ended September 30, 2020. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of $5.0 million.

The Company had 2,024 spot revenue days for the three months ended September 30, 2021, as compared to 2,334 for the three months ended September 30, 2020. The Company had 23 and 26 vessels employed directly in the spot market as of September 30, 2021 and 2020, respectively. The decrease in spot revenue days resulted in a decrease in revenue of $6.0 million, while changes in spot rates resulted in an increase in revenue of $2.8 million for the three months ended September 30, 2021 as compared to the three months ended September 30, 2020.

Voyage Expenses. Voyage expenses were $23.1 million for the three months ended September 30, 2021, an increase of $6.3 million from $16.8 million for the three months ended September 30, 2020. Voyage expenses increased primarily due to the increase in bunker prices resulting in an increase of $8.5 million, partially offset by a decrease in spot revenue days of $2.2 million for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020.

TCE Rate. The average TCE rate for the Company's fleet was $10,319 per day for the three months ended September 30, 2021, a decrease of $2,113 per day from $12,432 per day for the three months ended September 30, 2020. The decrease in average TCE rate was the result of lower spot rates for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020. TCE rates represent net revenues (or revenue less voyage expenses) divided by revenue days.

Vessel Operating Expenses. Vessel operating expenses were $15.5 million for the three months ended September 30, 2021, a decrease of $0.6 million from $16.1 million for the three months ended September 30, 2020. This decrease is due to the timing of vessel operating expenses between quarters. Vessel operating expenses, by their nature, are prone to fluctuations between periods. Average fleet operating expenses per day, including technical management fees, were $6,373 per vessel for the three months ended September 30, 2021, as compared to $6,714 per vessel for the three months ended September 30, 2020.

Charter Hire Costs. Charter hire costs were $2.3 million for the three months ended September 30, 2021, an increase of $2.1 million from $0.2 million for the three months ended September 30, 2020. Ardmore chartered-in one vessel in September 2020 and another in June 2021.

Depreciation. Depreciation expense for the three months ended September 30, 2021, was $8.0 million, consistent with $8.1 million for the three months ended September 30, 2020.

Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended September 30, 2021, was $1.1 million, a decrease of $0.6 million from $1.7 million for the three months ended September 30, 2020. The deferred costs of drydockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

General and Administrative Expenses: Corporate. Corporate-related general and administrative expenses for the three months ended September 30, 2021, were $4.3 million, an increase of $0.2 million from $4.1 million for the three months ended September 30, 2020.

General and Administrative Expenses: Commercial and Chartering. Commercial and chartering expenses are the expenses attributable to Ardmore's chartering and commercial operations departments in connection with its spot trading activities. Commercial and chartering expenses for the three months ended September 30, 2021, were $0.8 million, consistent with $0.8 million for the three months ended September 30, 2020.

Interest Expense and Finance Costs. Interest expense and finance costs include loan interest, finance lease interest, and amortization of deferred finance fees. Interest expense and finance costs for the three months ended September 30, 2021, were $4.4 million, an increase of $0.4 million from $4.0 million for the three months ended September 30, 2020. Cash interest expense increased by $0.3 million to $3.9 million for the three months ended September 30, 2021, from $3.6 million for the three months ended September 30, 2020, primarily due to an increased average LIBOR during the three months ended September 30, 2021, as compared to the three months ended September 30, 2020. Amortization of deferred finance fees for the three months ended September 30, 2021 was $0.4 million, consistent with $0.4 million for the three months ended September 30, 2020.

Liquidity

As at September 30, 2021, the Company had $61.4 million in liquidity available, with cash and cash equivalents of $54.5 million (December 31, 2020: $58.4 million) and amounts available and undrawn under its revolving credit facilities of $6.9 million (December 31, 2020: $0.0 million). During the third quarter of 2021, the Company decreased the outstanding amounts under its revolving credit facilities through a $20.3 million repayment. The following debt and lease liabilities (net of deferred finance fees) were outstanding as at the dates indicated:



As at



September 30, 2021


December 31, 2020

Cash


$

54,476,651


$

58,365,330








Finance leases (net of sellers' credit)



228,660,086



194,824,384

Senior Debt



118,617,745



157,710,865

Revolving Credit Facilities



33,332,031



53,631,491

Total debt



380,609,862



406,166,740








Total net debt


$

326,133,211


$

347,801,410

Conference Call

The Company plans to have a conference call on November 10, 2021 at 10:00 a.m. Eastern Time to discuss its results for the quarter ended September 30, 2021. All interested parties are invited to listen to the live conference call and review the related slide presentation by choosing from the following options:

  1. By dialing 844–492–3728 (U.S.) or 412–542–4189 (International) and referencing "Ardmore Shipping."

  2. By accessing the live webcast at Ardmore Shipping's website at www.ardmoreshipping.com.

Participants should dial into the call 10 minutes before the scheduled time.

If you are unable to participate at this time, an audio replay of the call will be available through November 17, 2021 at 877–344–7529 or 412–317–0088. Enter the passcode 10161121 to access the audio replay. A recording of the webcast, with associated slides, will also be available on the Company's website. 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.

About Ardmore Shipping Corporation

Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Ardmore 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 tankers.

Ardmore's core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the company grows. Ardmore provides its services to customers through voyage charters, commercial pools, and time charters, and enjoys close working relationships with key commercial and technical management partners.

Ardmore's Energy Transition Plan ("ETP") focusses on three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos. The ETP is an extension of Ardmore's strategy, building on its core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance. Ardmore has established Ardmore Ventures as Ardmore's holding company for existing and future potential investments related to the Energy Transition Plan and completed its first projects under the ETP in June 2021.

Ardmore Shipping Corporation

Unaudited Interim Condensed Consolidated Balance Sheets

(Expressed in U.S. Dollars, except for shares)




As at



September 30, 2021


December 31, 2020

ASSETS





Current assets





Cash and cash equivalents


54,476,651


58,365,330

Receivables, net of allowance for bad debts of $0.8 million (2020: $0.5 million)


18,523,409


17,808,496

Prepaid expenses and other assets


3,161,888


3,683,910

Advances and deposits


3,779,031


2,516,646

Inventories


10,267,752


10,274,062

Vessel held for sale



9,895,000

Total current assets


90,208,731


102,543,444






Non-current assets





Investments and other assets, net


11,009,518


678,632

Vessels and vessel equipment, net


610,733,088


631,458,305

Deferred drydock expenditures, net


10,089,582


10,216,090

Advances for ballast water treatment systems


2,032,894


2,568,874

Amount receivable in respect of finance leases


2,880,000


2,880,000

Non-current portion of derivative assets


255,139


Operating lease, right-of-use asset


1,348,032


1,662,510

Total non-current assets


638,348,253


649,464,411






TOTAL ASSETS


728,556,984


752,007,855






LIABILITIES AND EQUITY





Current liabilities





Accounts payable


7,929,529


9,125,321

Accrued expenses and other liabilities


12,378,288


11,233,767

Deferred revenue


1,364,185


Accrued interest on debt and finance leases


708,130


769,304

Current portion of long-term debt


15,076,992


22,456,396

Current portion of finance lease obligations


20,724,948


18,454,222

Current portion of derivative liabilities


402,469


397,418

Current portion of operating lease obligations


332,868


463,559

Total current liabilities


58,917,409


62,899,987






Non-current liabilities





Non-current portion of long-term debt


136,470,315


188,054,568

Non-current portion of finance lease obligations


210,815,138


179,250,162

Non-current portion of derivative liabilities



433,974

Non-current portion of operating lease obligations


790,420


1,034,218

Total non-current liabilities


348,075,873


368,772,922






TOTAL LIABILITIES


406,993,282


431,672,909






Preferred Stock





Cumulative Series A 8.5% redeemable preferred stock


23,041,348


Total preferred stock


23,041,348







Stockholders' equity





Common stock


363,839


352,067

Additional paid in capital


425,312,334


418,180,983

Accumulated other comprehensive loss


(151,159)


(729,135)

Treasury stock


(15,635,765)


(15,635,765)

Accumulated deficit


(111,366,895)


(81,833,204)

Total stockholders' equity


298,522,354


320,334,946






Total stockholders' equity and preferred stock


321,563,702


320,334,946






TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY


728,556,984


752,007,855

Ardmore Shipping Corporation

Unaudited Interim Condensed Consolidated Statements of Operations

(Expressed in U.S. Dollars, except for shares)




Three months ended


Nine months ended



September 30, 2021


September 30, 2020


September 30, 2021


September 30, 2020

Revenue, net


47,199,860


45,206,271


140,025,232


178,332,280










Voyage expenses


(23,100,685)


(16,830,964)


(63,985,687)


(61,365,121)

Vessel operating expenses


(15,511,136)


(16,124,919)


(45,091,468)


(46,124,309)

Charter hire costs


(2,281,452)


(155,550)


(4,845,334)


(155,550)

Depreciation


(7,978,252)


(8,117,971)


(23,693,915)


(23,918,364)

Amortization of deferred drydock expenditures


(1,134,332)


(1,708,215)


(3,884,365)


(4,485,885)

General and administrative expenses









Corporate


(4,293,560)


(4,116,490)


(12,730,427)


(12,054,616)

Commercial and chartering


(750,472)


(791,220)


(2,197,189)


(2,546,319)

Unrealized (losses) / gains on derivatives


(25,394)


11,289


54,655


(88,003)

Interest expense and finance costs


(4,383,322)


(4,023,165)


(12,471,055)


(14,252,270)

Interest income


9,000


37,652


38,991


255,842

Loss on vessel held for sale





Loss on sale of vessels














(Loss) / income before taxes


(12,249,745)


(6,613,282)


(28,780,562)


13,597,685










Income tax


(44,792)


(19,715)


(136,006)


(128,478)










Net (loss) / income


(12,294,537)


(6,632,997)


(28,916,568)


13,469,207










Preferred dividend


(535,616)



(617,123)











Net (loss) / income attributable to common stockholders


(12,830,153)


(6,632,997)


(29,533,691)


13,469,207



















(Loss) / earnings per share, basic


(0.37)


(0.20)


(0.88)


0.41

(Loss) / earnings per share, diluted


(0.37)


(0.20)


(0.88)


0.40










Adjusted (loss) / earnings (1)


(12,804,759)


(6,644,286)


(29,019,508)


13,557,210

Adjusted (loss) / earnings per share, basic


(0.37)


(0.20)


(0.86)


0.41

Adjusted (loss) / earnings per share, diluted


(0.37)


(0.20)


(0.86)


0.41










Weighted average number of shares outstanding, basic


34,363,884


33,285,255


33,720,853


33,243,493

Weighted average number of shares outstanding, diluted


34,363,884


33,285,255


33,720,853


33,426,412










_______________________

(1)

Adjusted (loss) / earnings is a non-GAAP measure and is defined and reconciled under the "Non-GAAP Measures" section. Adjusted (loss) / earnings has been calculated as Earnings per share reported under US GAAP as adjusted for unrealized and realized gains and losses (see Non-GAAP Measures Section).

Ardmore Shipping Corporation

Unaudited Interim Condensed Consolidated Statements of Cash Flows

(Expressed in U.S. Dollars)




Nine months ended



September 30, 2021


September 30, 2020

CASH FLOWS FROM OPERATING ACTIVITIES










Net (loss) / income


(28,916,568)


13,469,207

Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:





Depreciation


23,693,915


23,918,364

Amortization of deferred drydock expenditures


3,884,365


4,485,885

Share-based compensation


1,823,123


2,437,422

Amortization of deferred finance fees


1,797,865


1,301,183

Unrealized (gains) / losses on derivatives


(54,655)


88,003

Foreign exchange


(60,011)


39,538

Deferred drydock expenditures


(4,948,073)


(4,535,473)

Changes in operating assets and liabilities:





Receivables


(714,913)


10,358,259

Prepaid expenses and other assets


522,022


323,816

Advances and deposits


(1,262,385)


1,232,291

Inventories


6,310


1,237,496

Accounts payable


(150,015)


(936,126)

Accrued expenses and other liabilities


812,594


(6,422,257)

Deferred revenue


1,364,185


Accrued interest on debt and finance leases


(104,187)


(81,654)

Net cash (used in) / provided by operating activities


(2,306,428)


46,915,954






CASH FLOWS FROM INVESTING ACTIVITIES





Proceeds from sale of vessels


9,895,000


Payments for acquisition of vessels and vessel equipment


(1,985,816)


(17,664,815)

Advances for ballast water treatment systems


(157,879)


(2,248,826)

Payments for other non-current assets


(80,308)


(121,425)

Payments for equity investments


(5,112,593)


Net cash provided by / (used in) investing activities


2,558,404


(20,035,066)






CASH FLOWS FROM FINANCING ACTIVITIES





Proceeds from long-term debt



7,801,248

Repayments of long-term debt


(60,254,615)


(12,579,795)

Proceeds from finance leases


49,000,000


Repayments of finance leases


(14,691,204)


(13,948,978)

Payments for deferred finance fees


(980,000)


Payment of dividend



(1,659,308)

Issuance of preferred stock, net


23,041,348


Payment of preferred dividend


(256,184)


Net cash used in financing activities


(4,140,655)


(20,386,833)






Net (decrease) / increase in cash and cash equivalents


(3,888,679)


6,494,055






Cash and cash equivalents at the beginning of the year


58,365,330


51,723,107






Cash and cash equivalents at the end of the period


54,476,651


58,217,162

Ardmore Shipping Corporation

Unaudited Other Operating Data

(Expressed in U.S. Dollars, unless otherwise stated)




Three months ended


Nine months ended



September 30, 2021


September 30, 2020


September 30, 2021


September 30, 2020

EBITDA (1)


1,262,555


7,187,128


11,175,127


56,086,365










AVERAGE DAILY DATA


















MR Tankers Eco-Design Spot TCE per day (2)


10,281


13,036


10,900


18,040










Fleet TCE per day (2)


10,319


12,432


11,153


17,224










Fleet operating expenses per day (3)


5,922


6,257


5,909


6,052

Technical management fees per day (4)


451


457


461


458



6,373


6,714


6,370


6,510










MR Tankers Eco-Design









TCE per day (2)


11,051


13,036


11,462


18,040

Vessel operating expenses per day (5)


6,430


6,901


6,408


6,520










MR Tankers Eco-Mod









TCE per day (2)


10,422


12,291


10,547


16,724

Vessel operating expenses per day (5)


6,233


6,770


6,357


6,604










Prod/Chem Tankers Eco-Design (25k - 38k Dwt)









TCE per day (2)


8,400


11,037


10,882


15,442

Vessel operating expenses per day (5)


6,325


6,205


6,285


6,420










FLEET









Average number of owned operating vessels


25.0


25.5


25.0


25.2

...