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• Maersk, but for refined oil and chemical products.
• Like Kinder Morgan or Enterprise Products Partners, but for ocean transport of refined fuels and chemicals.

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• Product Tanker Services: Ardmore Shipping transports refined petroleum products such as gasoline, diesel, and jet fuel across international waters for energy companies and traders.
• Chemical Tanker Services: The company provides global transportation for a diverse range of chemicals, including caustic soda, methanol, and vegetable oils, along with clean petroleum products.

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Ardmore Shipping (symbol: ASC) primarily sells its services (transportation of refined petroleum products and chemicals) to other companies rather than individuals.

Based on its latest financial filings, Ardmore Shipping maintains a diversified customer base. For the fiscal years ended December 31, 2023, and 2022, no single customer accounted for more than 10% of the company's revenues. Therefore, Ardmore Shipping does not identify specific "major customers" by name in its public disclosures due to a lack of significant revenue concentration from any single client.

The company's customers generally fall into the following categories:

• National, regional, and international oil companies
• Oil traders
• Chemical companies

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Anglo-Eastern (Hong Kong) Ltd.

Wallem Shipmanagement Pte. Ltd.

WSM Hong Kong Ltd.

Zeaborn Ship Management (Singapore) Pte. Ltd.

V.Ships UK Ltd.

V.Ships Ireland Ltd.

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Gernot Ruppelt Chief Executive Officer

Gernot Ruppelt was appointed Chief Executive Officer of Ardmore Shipping in September 2024. Prior to this, he served as the Chief Commercial Officer (CCO) at Ardmore since 2013, where he was responsible for building, leading, and developing the company's global commercial platform. He possesses 23 years of experience across various maritime industry sectors, having worked in five countries across three continents. Before joining Ardmore, Mr. Ruppelt spent five years in New York as a Tanker Projects Broker with Poten & Partners. His career began at Maersk, where he progressed through various roles up to Trade Manager in Germany, Singapore, Denmark, and the US. He previously served on the board of Anglo Ardmore Ship Management and chaired INTERTANKO's Commercial Markets Committee from 2018 to 2024.

Bart Kelleher Chief Financial Officer and President

Bart Kelleher serves as Chief Financial Officer and was appointed President of Ardmore Shipping in July 2024. He joined Ardmore in September 2022 as CFO and brings over 25 years of experience in the maritime, finance, energy, and industrials sectors. Before Ardmore, he was the Chief Executive Officer of Chembulk Tankers, a stainless-steel chemical tanker company, and also served as Chief Operating Officer at Principal Maritime, a Suezmax crude carrier company. Mr. Kelleher previously held positions as Chief Strategy Officer and Chief Financial Officer at Chembulk Tankers. His earlier career includes roles in investment banking, commercial banking, equity research, and capital markets at Bear Stearns and HSH Nordbank. He also worked as a deck officer on U.S.-flag crude oil tankers and held management positions in the cruise industry and at a naval architecture firm. Mr. Kelleher is an Advisory Board Member for OrbitMI.

Mark Cameron Executive Vice President and Chief Operating Officer

Mark Cameron joined Ardmore Shipping in June 2010 as Executive Vice President and Chief Operating Officer and was appointed an Executive Director of Ardmore Shipping Services (Ireland). He is also the past Chair of an industry organization.

Robert Gaina Senior Vice President, Commercial

Robert Gaina joined the Ardmore Senior Management Team as Senior Vice President, Commercial, effective September 16, 2024, succeeding Gernot Ruppelt upon his advancement to CEO. He joined Ardmore ashore in August 2015 after serving as Master on Ardmore vessels. He has held multiple commercial roles within the company, including being promoted to Director, Commercial Operations, in 2017. His extensive seagoing career involved sailing on oil and chemical tankers chartered by major companies such as BP, Cargill, and Vitol. Mr. Gaina is a graduate of the Maritime Academy in Constanza, Romania, and holds a Global Executive MBA from the Rotterdam School of Management, Erasmus University.

Aideen O'Driscoll Vice President, Corporate Services

Aideen O'Driscoll was appointed Ardmore's Vice President, Corporate Services, in 2021. In this role, she is responsible for human resources, legal affairs, office management, and project management. Ms. O'Driscoll initially joined Ardmore in June 2015 as a Legal Associate.

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1. Shipping Industry Cyclicality and Volatility: Ardmore Shipping operates in the tanker industry, which is highly cyclical and volatile. This exposes the company to significant fluctuations in charter rates, profit margins, and overall earnings. A prolonged decline in spot rates can quickly put profitability under pressure, directly impacting the company's financial performance and cash flow. This volatility also raises concerns about the sustainability of the company's dividend.
2. Geopolitical Risks and Trade Disruptions: Geopolitical events, such as the Russia-Ukraine war and Houthi attacks in the Red Sea, pose significant risks to Ardmore Shipping. These events can disrupt global trade routes, inflate operational costs, and affect the demand for shipping services. Such disruptions necessitate rerouting vessels and can lead to increased expenses and reduced efficiency.
3. Regulatory-Driven Fleet Upgrades and Increasing Operating Costs: The shipping industry is subject to evolving environmental regulations and standards. The burden of potential regulatory-driven fleet upgrades, aimed at enhancing efficiency and reducing emissions, could squeeze Ardmore Shipping's free cash flow. Compliance with these regulations and other growing industry costs can lead to significant capital expenditures and impact overall profitability.

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The accelerated global energy transition presents a clear emerging threat to Ardmore Shipping (ASC), manifesting in two interconnected ways:

• Decarbonization of the Shipping Industry: Increasing regulatory pressure (e.g., IMO's EEXI and CII, EU ETS) and charterer demand for lower emissions are driving the rapid development and adoption of alternative fuel technologies (such as methanol, ammonia, hydrogen, and LNG) and highly energy-efficient vessel designs. This poses a threat to Ardmore's existing, conventionally-fueled fleet, which risks becoming economically disadvantaged, less competitive, or potentially obsolete compared to newer, "green" vessels. This could lead to lower charter rates, higher operating costs (due to carbon pricing schemes), and reduced asset values, requiring significant capital expenditure for new builds or retrofits to remain competitive.

• Long-term Decline in Demand for Refined Petroleum Products: As the world transitions away from fossil fuels towards renewable energy sources and electrification of transport, the overall global demand for refined petroleum products (gasoline, diesel, and jet fuel) that Ardmore's tankers primarily carry is projected to decline. While the precise timing and pace are subject to various factors, the accelerating trend directly threatens the fundamental demand for Ardmore's services over the medium to long term, potentially leading to an oversupply of tankers and reduced profitability in the sector.

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Ardmore Shipping (ASC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Favorable Supply-Demand Dynamics and High Charter Rates: The tanker industry is facing limited fleet growth, characterized by a historically low order book and an aging global Medium-Range (MR) tanker fleet. This constrained supply, coupled with steady demand and Aframax/LR2 capacity exiting product trades, is expected to support higher Time Charter Equivalent (TCE) rates. Higher TCE rates directly translate to increased revenue for Ardmore Shipping.
2. Shifting Global Trade Patterns and Longer Voyages (Ton-Mile Growth): Ongoing geopolitical tensions, including U.S. sanctions on Russian oil exports and global refinery rationalization (with closures in Western markets and new capacity in Asia and the Middle East), are leading to significant shifts in global oil trade patterns. These disruptions create longer trade routes and increase the demand for long-haul product shipments, boosting Ardmore's future revenue and voyage earnings as vessels travel further.
3. Strategic Fleet Expansion and Modernization: Ardmore Shipping has been actively expanding and modernizing its fleet through opportunistic acquisitions of modern, fuel-efficient MR tankers. For example, the company recently completed the acquisition of three modern Korean-built MR tankers. This strategy enhances the company's operational capacity, improves fuel efficiency, and increases its competitiveness in the market, allowing it to capture strong spot market opportunities and improve earnings potential.
4. Securing Long-Term Time Charters: The company is focused on securing long-term time charters with leading oil majors. This initiative helps to maintain operational capacity and provides stable and predictable revenue streams. For instance, Ardmore recently secured a two-year time charter for a 2014-built MR tanker at $21,250 per day with a major oil company.

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Share Repurchases

• Ardmore Shipping authorized a new Share Repurchase Plan on September 29, 2020, enabling the company to purchase up to $30 million of its common shares through September 30, 2023.
• In the fourth quarter of 2024, Ardmore repurchased 4% of its shares at an average price of $11.49.
• InvestingPro data in Q2 2025 highlighted management's aggressive share buyback program.

Share Issuance

• Ardmore Shipping issued Series A Cumulative Redeemable Perpetual Preferred Shares to an affiliate of Maritime Partners LLC, with 25,000 shares issued on June 17, 2021, and an additional 15,000 shares on December 3, 2021.
• The company fully redeemed all outstanding shares of its Series A Preferred Stock for $30.6 million on October 31, 2025.
• On December 10, 2024, Ardmore completed the redemption of 10,000 shares of its Series A Preferred Stock.

Outbound Investments

• On June 17, 2021, Ardmore acquired a 10% equity stake in Element 1 Corp (E1), a hydrogen generation systems developer, with the investment valued at $4.3 million as of June 30, 2025.
• Ardmore established e1 Marine LLC, a joint venture with E1 and Maritime Partners LLC, on June 17, 2021, holding a 33.33% stake. This stake was subsequently sold in May 2024 for $1.65 million, resulting in a $0.5 million gain.
• In 2021, Ardmore established Ardmore Ventures to manage existing and future investments related to its Energy Transition Plan.

Capital Expenditures

• In Q3 2025, Ardmore acquired three modern MR tankers for an aggregate purchase price of $103.9 million, financed through cash on hand and bank debt.
• The company's projected capital expenditures for 2025 are estimated to be between $37 million and $38 million, with approximately half dedicated to tank coatings and efficiency upgrade projects, including the first special survey for a newly acquired 2020-built vessel.
• In 2023, Ardmore invested nearly $40 million in drydockings, contributing to a reduction of 21,397 metric tonnes of CO2 emissions through hull performance monitoring.