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, 2025, the Company had 25 owned vessels and one chartered-in vessel in operation. The average age of the Company’s owned fleet as of December 31, 2025 was 10.9 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, 2025, Ardmore had (a) 77 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 Pte. Ltd. ("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, 2025. 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, perform commercial management and chartering services for the Company.

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1.3.   Vessels

As of December 31, 2025, the Company owned and operated a modern fleet of 25 product/chemical vessels (24 with Marshall Island flags and one with a Singapore flag), with a combined carrying capacity of 1,122,770 deadweight tons (“dwt”) and an average age of approximately 10.9 years. As of the same date, the Company had one additional vessel, with a carrying capacity of 47,981 deadweight tons chartered-in under a time charter-in arrangement.

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

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*Acquired during 2025

**Time chartered-in vessel