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20-F false true 2025-12-31 --12-31 false false 001-36028 1T Dorchester House, 7 Church Street, Hamilton HM11 BM Mr. Gernot Ruppelt Dorchester House, 7 Church Street Hamilton HM11 BM 1 441 292-9332 info@ardmoreshipping.com Common stock ASC NYSE 40731441 No No Yes Yes Accelerated Filer false true false U.S. GAAP false 34 true We have instituted a framework of policies and procedures designed to assess, identify, respond to, and mitigate cybersecurity risks and events. Central to this framework is a Security Information and Event Management (SIEM) and System Operations Center (SOC) solution, which is managed by a third-party partner. This solution constitutes the bulk of our cybersecurity management system. The SIEM technology aggregates, analyzes, and reports on security data from various sources, with the objective of providing real-time monitoring and alerting of cybersecurity threats and compliance reporting. The SOC is a centralized team of third-party security analysts who monitor the SIEM, analyze the SIEM data, and seek to protect us against cybersecurity threats. Our SIEM and SOC provider has been in business for over 20 years and was selected by us based upon the caliber of its existing client base, which includes blue chip companies and government agencies. We discuss cybersecurity with key third party service providers to understand their cybersecurity measures and to seek to identify any vulnerabilities which may create risk for us.We supplement our SIEM and SOC with our Disaster Recovery Plan, which comprises a data backup practice designed to provide recovery of critical data, reducing the risk of data loss due to system failures, cyberattacks, or natural disasters. We enhance our cybersecurity defenses through, among other things: providing periodic employee training, education, and awareness programs and initiatives that are designed to enhance employee awareness of how to detect, avoid and respond to cybersecurity risks and events; implementing firewalls to increase the protection of our network against unauthorized or harmful network traffic that breaches our security protocols; using data security protocols in seeking to limit access to data based on what is necessary and authorized for an individual’s specific role; and employing endpoint security measures such as advanced malware protection and data loss prevention tools, designed to detect, thwart, and mitigate potential vulnerabilities and attacks. We have instituted a framework of policies and procedures designed to assess, identify, respond to, and mitigate cybersecurity risks and events. Central to this framework is a Security Information and Event Management (SIEM) and System Operations Center (SOC) solution, which is managed by a third-party partner. This solution constitutes the bulk of our cybersecurity management system. The SIEM technology aggregates, analyzes, and reports on security data from various sources, with the objective of providing real-time monitoring and alerting of cybersecurity threats and compliance reporting. The SOC is a centralized team of third-party security analysts who monitor the SIEM, analyze the SIEM data, and seek to protect us against cybersecurity threats. Our SIEM and SOC provider has been in business for over 20 years and was selected by us based upon the caliber of its existing client base, which includes blue chip companies and government agencies. true Our cybersecurity risk management program, including our relationship and interactions with the SIEM and SOC third-party provider, is managed internally by our Director, Innovation, relying on the expertise of a third-party information technology (IT) consultant who has worked with us since 2010. Our consultant has over 25 years of experience in IT and IT security. Our SIEM and SOC provider reports to the IT consultant monthly and communicates immediately should any issue arise. Our program is overseen at the management level by our CEO and Senior Management Team, who are active in monitoring our evolving risk profile and facilitating the execution of our cybersecurity strategy. Cybersecurity has been integrated within our broader risk management program and is discussed at quarterly Senior Management Team risk meetings. As part of our broader risk management program, we conduct periodic assessments of all key risks, including cybersecurity risk. We also maintain controls and procedures that are designed to evaluate cybersecurity risks on an ongoing basis, including prompt communication of certain cybersecurity incidents to senior management, the Audit Committee, and our Board of Directors, as applicable, so that appropriate response measures are initiated, and any needed external reporting can be made in a timely manner. Our cybersecurity risk management program, including our relationship and interactions with the SIEM and SOC third-party provider, is managed internally by our Director, Innovation, relying on the expertise of a third-party information technology (IT) consultant who has worked with us since 2010. Our consultant has over 25 years of experience in IT and IT security. Our SIEM and SOC provider reports to the IT consultant monthly and communicates immediately should any issue arise. true true true CEO and Senior Management Team Board of Directors' Oversight Our Board of Directors oversees cyber risk management efforts, primarily through the Audit Committee, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically. Management provides our Board of Directors with an annual cybersecurity update, with the assistance and participation of our third-party IT consultant and our SIEM and SOC provider. These updates present an overview of our cybersecurity framework and provide an opportunity to address any questions or concerns the Board may have. Our Board of Directors oversees cyber risk management efforts, primarily through the Audit Committee, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically. Our Board of Directors oversees cyber risk management efforts, primarily through the Audit Committee, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically. Audit Committee true false Deloitte & Touche LLP New York, New York

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1432000

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655000

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226000

47000

52000

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15868000 6481000 12280000

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1785000 -3824000 4673000

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4054000

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-2389000

-572000

931000

1116000

135000

-873000

81649000

160445000

159609000

26829000

114546000 61020000 20562000 6173000 4822000

284000

432000

208000

-1650000

1244000

-121003000

-32973000

-26836000

179493000

104664000

1678000

84007000

94939000

111194000

42262000

1976000

17935000

12186000

45079000

47154000

30000000

10000000

3157000

3805000

3400000

39211000

-127289000

-136537000

-143000

183000

-3764000

46988000

46805000

50569000

46845000

46988000

46805000

5081000

4547000

7957000

1500000 3718000 928000 689000 881000 9147000 14859000 13744000

391000

112000

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433000 578000 3094000 -194000 -765000

1. Overview1.1. BackgroundArdmore 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 structureArdmore 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.1.3. VesselsAs 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.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Vessel Name</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Dwt</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">IMO(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Built</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Country</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Specification</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Purpose*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 50,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Sep-2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Gibraltar</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Apr-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Pursuit*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,709</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Persistence*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,688</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seahawk</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Nov-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seawolf</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Aug-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seafox</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jun-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Sealion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">May-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Engineer</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,420</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Mar-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seavanguard</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Feb-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Exporter</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,466</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seavantage</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,997</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Encounter</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,478</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Explorer</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,494</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Endurance</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,466</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Dec-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Enterprise</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,453</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Sep-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Endeavour</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,997</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jul-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seaventure</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jun-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seavaliant</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">T Matterhorn**</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 47,981</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">-</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Dec-2010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Mod</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Defender</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 37,791</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Dauntless</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 37,764</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Feb-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Chippewa</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Nov-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Chinook</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jul-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Cheyenne</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Mar-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Cherokee</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 25,215</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">26</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 1,170,751</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:11.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>(1) International Maritime Organization (“IMO”) cargo classification.*Acquired during 2025**Time chartered-in vessel

25 1 P10Y10M24D 77 1

0.50

0.10

25 24 1 1122770 P10Y10M24D 1 47981 <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Vessel Name</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Dwt</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">IMO(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Built</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Country</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Specification</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Purpose*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 50,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Sep-2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Gibraltar</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Apr-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Pursuit*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,709</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Persistence*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,688</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2017</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seahawk</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Nov-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seawolf</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Aug-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seafox</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jun-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Sealion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,999</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">May-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Engineer</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,420</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Mar-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seavanguard</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Feb-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Exporter</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,466</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seavantage</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,997</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Encounter</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,478</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Explorer</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,494</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2014</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Endurance</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,466</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Dec-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Enterprise</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,453</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Sep-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Endeavour</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,997</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Jul-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Seaventure</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jun-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Seavaliant</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 49,998</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2/3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">T Matterhorn**</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 47,981</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">-</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Dec-2010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Mod</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Defender</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 37,791</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Feb-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Dauntless</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 37,764</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Feb-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">S. Korea</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Chippewa</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Nov-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Chinook</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jul-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Ardmore Cheyenne</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 25,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;">Mar-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;margin:0pt;padding:0pt;">Ardmore Cherokee</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;margin:0pt;padding:0pt;">Product/Chemical</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"> 25,215</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;">Jan-2015</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;">Japan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;margin:0pt;padding:0pt;">Eco-Design</td></tr><tr style=""><td style="vertical-align:bottom;width:21.97%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.68%;background:#cceeff;margin:0pt;padding:0pt;">26</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"> 1,170,751</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.09%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:11.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>(1) International Maritime Organization (“IMO”) cargo classification.*Acquired during 2025**Time chartered-in vessel Product/Chemical 50192 Sep-2020 Eco-Design Product/Chemical 49999 Apr-2017 Eco-Design Product/Chemical 49709 Feb-2017 Eco-Design Product/Chemical 49688 Jan-2017 Eco-Design Product/Chemical 49999 Nov-2015 Eco-Design Product/Chemical 49999 Aug-2015 Eco-Design Product/Chemical 49999 Jun-2015 Eco-Design Product/Chemical 49999 May-2015 Eco-Design Product/Chemical 49420 Mar-2014 Eco-Design Product/Chemical 49998 Feb-2014 Eco-Design Product/Chemical 49466 Feb-2014 Eco-Design Product/Chemical 49997 Jan-2014 Eco-Design Product/Chemical 49478 Jan-2014 Eco-Design Product/Chemical 49494 Jan-2014 Eco-Design Product/Chemical 49466 Dec-2013 Eco-Design Product/Chemical 49453 Sep-2013 Eco-Design Product/Chemical 49997 Jul-2013 Eco-Design Product/Chemical 49998 Jun-2013 Eco-Design Product/Chemical 49998 Feb-2013 Eco-Design Product/Chemical 47981 Dec-2010 Eco-Mod Product/Chemical 37791 2 Feb-2015 Eco-Design Product/Chemical 37764 2 Feb-2015 Eco-Design Product/Chemical 25217 2 Nov-2015 Eco-Design Product/Chemical 25217 2 Jul-2015 Eco-Design Product/Chemical 25217 2 Mar-2015 Eco-Design Product/Chemical 25215 2 Jan-2015 Eco-Design 26 1170751

2. Significant Accounting Policies2.1. Basis of preparationThe accompanying consolidated financial statements, which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All subsidiaries are 100% directly or indirectly owned by Ardmore. AASML, a joint venture in which the Company has a 50% interest, is accounted for using the equity method. The Company’s 10% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation. 2.2. Uses of estimatesThe preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydocking dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.2.3. Reporting currencyThe consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.2.4. Recently issued accounting pronouncementsRecently adoptedOn March 21, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-01, Compensation – Stock Compensation (Topic 718) which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Accounting Standard Codification (“ASC”) 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. In May 2025, the FASB issued Accounting Standards Update 2025-04, Compensation – Stock Compensation (Topic 718), to clarify share-based payments given to customers. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024.On December 14, 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permittedIssued but not yet effectiveOn November 4, 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The objective is to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within the fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either prospectively to financial statements issued for the reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements and related disclosures.On December 8, 2025 the FASB isuesd Accounting Standards Update 2025-11, Interim reporting (Topic 270) Narrow-scope Improvements (“ASU 2025-11”). The amendments in this ASU clarify interim disclosure requirements and the applicability of existing guidance under ASC Topic 270 – Interim Reporting. The objective of the update is to provide clarity about current interim requirements. The amendments in this ASU also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of ASU 2025-11 on its financial disclosures. 2.5. Revenue, netRevenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.Spot charter arrangementsIn the Company’s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that is generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven business days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract), and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer.Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606 Revenue from Contracts with Customers. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as “demurrage revenue”, when it is determined there will be incremental time required to complete the contracted voyage. Demurrage revenue, earned during a voyage charter and representing variable consideration, is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. The Company expects to complete its performance obligation generally within one year of the payment date and has elected the short-term contract disclosure exemption under ASC 606. Due to the short-term nature of the Company’s contracts, deferred revenue as of December 31, 2024 was recognized during the year ended December 31, 2025.Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the later of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. Fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.Time charter arrangementsFrom time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer in exchange for payment of a specified daily hire rate pursuant to the time charter agreement. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs. As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - Leases (“ASC 842”). The Company has elected to apply the practical expedient under ASC 842, which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter. 2.6. Voyage and vessel operating expensesVoyage expensesVoyage expenses represent costs for which the Company is responsible in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. Vessel operating expensesVessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications, and technical management. Vessel operating expenses are expensed as incurred.2.7. Cash and cash equivalentsThe Company classifies highly liquid investments with an original maturity date of three months or less, such as money market funds, as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6). 2.8. ReceivablesReceivables include amounts due from charterers for hire and other recoverable expenses due to the Company, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2025 and 2024, the Company had reserves of $1.3 million and $1.9 million, respectively, against the due from charterers balance.Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.2.9. Prepaid expenses and other assets Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate provision for doubtful accounts.2.10. Advances and depositsAdvances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.2.11. InventoriesInventories consist of bunkers, lubricating oils, and other consumables on board the Company’s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers’ invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred. 2.12. Vessel held for saleAssets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.2.13. Vessels and vessel equipment, netVessels and vessel equipment are recorded at their cost less accumulated depreciation.Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. The useful life of the Company’s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (“lwt”).Vessel equipment comprises the costs of significant replacements, renewals, and upgrades to the Company’s vessels. Vessel equipment is depreciated over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.2.14. Deferred drydock expendituresThe Company follows the deferral method of accounting for drydocking expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting, and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking expenditures are written off as drydocking amortization if the vessels are drydocked before the expiration of the applicable amortization period.2.15. Vessel impairmentThe Company follows the FASB’s ASC subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”) which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. Management regularly reviews the carrying amounts of the Company’s vessels that are “held and used” for recoverability. Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. Examples of such indicators may include events or changes in circumstances affecting the legal environment, the business climate, market value, extent or manner of use, and phyisical condition of the vessel asset. When such indicators are present, a vessel held and used is tested for recoverability by comparing the estimate of undiscounted future cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydocking expenditures and special survey costs related to the vessel. For purposes of testing for recoverability, undiscounted future cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company’s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire, and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts’ reports and freight forward agreement curves. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2025, 2024, or 2023.As of December 31, 2025, one of our 25 vessels had indicators of impairment and the estimated future undiscounted cash flows for that vessel exceeded the vessel’s carrying value by a margin of approximately 5% of the carrying value. This vessel remains fully utilized and has a relatively long average remaining useful life of approximately 16 years in which to recover sufficient cash flows on an undiscounted basis to recover its carrying value as of December 31, 2025. Management will continue to monitor developments in charter rates in the markets in which it participates with respect to the expectation of future rates over an extended period of time that are utilized in the analyses.Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether they will change by any significant degree. Charter rates may be at depressed levels for a prolonged period of time, which could adversely affect the Company’s revenue and profitability, and future assessments of vessel impairment.2.16. Other non-current assetsOther non-current assets relate to office equipment, fixtures and fittings, and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company’s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of a useful 10-year life of those leasehold improvements and the remaining lease term.2.17. Operating leases Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.2.18. Finance leasesFrom time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. 2.19. Accounts payableAccounts payable include all financial obligations to vendors for goods or services that have been received.2.20. Accrued expenses and other liabilitiesAccrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.2.21. Derivatives As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (“ASC 815”), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.2.22. Equity method investmentsThe Company accounts for its investments in AASML and Element 1 Corp. under the equity method. Until the Company sold its interest in the e1 Marine joint venture in May 2024, that investment was also accounted for under the equity method. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December 31, 2025, the carrying value of the Company’s total investment in Element 1 Corp. is $4.2 million. This consists of the carrying value of the Company’s investment in the Element 1 Corp. shares of $4.2 million. The carrying amount of the investment is adjusted to recognize the Company’s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of operations. During the year ended December 31, 2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp. 2.23 ContingenciesClaims, lawsuits and contingencies arise in the ordinary course of the Company’s business. The Company provides for these contingencies when (i) it is probable that a liability has been incurred at the date of the financial statements and (ii) the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.2.24. Distributions to shareholdersSubject to the Board of Directors’ approval, distributions to common shareholders are applied first to retained earnings. When retained earnings is not sufficient, distributions are applied to the additional paid in capital account.2.25. Equity issuance costsIncremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders’ equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.2.26. Debt and finance lease issuance costsFinancing charges which include fees, commissions, and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related loan facility.2.27. Share-based compensationThe Company may grant share-based payment awards, such as time-based restricted stock units (“TRSUs”), performance-based restricted stock units (“PRSUs”), which are subject to market conditions and service, and other equity awards as incentive-based compensation to certain employees and directors. Currently only TRSUs and PRSUs are granted and outstanding. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.Under a TRSU award, the grantee is entitled to receive a share of Ardmore’s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore’s common stock for each earned PRSU. Payment under the TRSU and PRSU awards will be made in the form of shares of Ardmore’s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company’s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.2.28. Treasury stockWhen shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.2.29. Financial instrumentsThe carrying values of cash and cash equivalents, accounts receivable, and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:Level 1: Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Cash and cash equivalents and restricted cash are classified as Level 1, as they represent highly liquid assets with short-term maturities.Level 2: Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Floating-rate debt is classified as Level 2, as fair value is estimated based on rates available for similar debt or based upon transactions amongst third parties. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Nonrecurring fair value measurements, including vessel impairment assessments and operating lease right-of-use asset valuations, are based on third-party quotes, incorporating observable inputs, including comparable sales of similar vessels, and are therefore classified as Level 2.Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The Company did not have any Level 3 financial assets or liabilities as of December 31, 2025 or 2024.2.30. Income taxesRepublic of the Marshall IslandsArdmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Esperanza Shipco (Pte.) Limited, which is incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.BermudaArdmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC, and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.IrelandArdmore Shipping Services (Ireland) Limited is incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.United States of AmericaArdmore Shipping (Americas) LLC (“ASUSA”) and Ardmore Trading (USA) LLC (“ATUSA”) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.SingaporeArdmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an “Approved International Shipping Enterprise” by the Singapore authorities with effect from August 1, 2015. This entitles the Company to a tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Esperanza Shipco (Pte.) Limited is a ship-owning company and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.Deferred taxationDeferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences, and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the year ended December 31, 2025 amounted to $Nil (2024: $Nil , 2023: $Nil).Uncertainties related to income taxesCompanies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the year ended December 31, 2025 amounted to $Nil (2024: $Nil, 2023: $Nil).2.31. Concentration of credit riskFinancial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents. There is a concentration of credit risk with respect to the Company’s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition. The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company’s consolidated revenues during the years presented:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;background:#cceeff;margin:0pt;padding:0pt;">Charterer A</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 36,030</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 28,132</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;">*</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">* None over 10%</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"></td></tr></table>

2.1. Basis of preparationThe accompanying consolidated financial statements, which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All subsidiaries are 100% directly or indirectly owned by Ardmore. AASML, a joint venture in which the Company has a 50% interest, is accounted for using the equity method. The Company’s 10% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation.

0.50

0.10

2.2. Uses of estimatesThe preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydocking dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.

2.3. Reporting currencyThe consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.

2.4. Recently issued accounting pronouncementsRecently adoptedOn March 21, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-01, Compensation – Stock Compensation (Topic 718) which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Accounting Standard Codification (“ASC”) 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. In May 2025, the FASB issued Accounting Standards Update 2025-04, Compensation – Stock Compensation (Topic 718), to clarify share-based payments given to customers. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024.On December 14, 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permittedIssued but not yet effectiveOn November 4, 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The objective is to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within the fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either prospectively to financial statements issued for the reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements and related disclosures.On December 8, 2025 the FASB isuesd Accounting Standards Update 2025-11, Interim reporting (Topic 270) Narrow-scope Improvements (“ASU 2025-11”). The amendments in this ASU clarify interim disclosure requirements and the applicability of existing guidance under ASC Topic 270 – Interim Reporting. The objective of the update is to provide clarity about current interim requirements. The amendments in this ASU also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of ASU 2025-11 on its financial disclosures.

2.5. Revenue, netRevenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.Spot charter arrangementsIn the Company’s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that is generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven business days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract), and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer.Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606 Revenue from Contracts with Customers. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as “demurrage revenue”, when it is determined there will be incremental time required to complete the contracted voyage. Demurrage revenue, earned during a voyage charter and representing variable consideration, is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. The Company expects to complete its performance obligation generally within one year of the payment date and has elected the short-term contract disclosure exemption under ASC 606. Due to the short-term nature of the Company’s contracts, deferred revenue as of December 31, 2024 was recognized during the year ended December 31, 2025.Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the later of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. Fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.Time charter arrangementsFrom time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer in exchange for payment of a specified daily hire rate pursuant to the time charter agreement. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs. As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - Leases (“ASC 842”). The Company has elected to apply the practical expedient under ASC 842, which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.

2.6. Voyage and vessel operating expensesVoyage expensesVoyage expenses represent costs for which the Company is responsible in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. Vessel operating expensesVessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications, and technical management. Vessel operating expenses are expensed as incurred.

2.7. Cash and cash equivalentsThe Company classifies highly liquid investments with an original maturity date of three months or less, such as money market funds, as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6).

2.8. ReceivablesReceivables include amounts due from charterers for hire and other recoverable expenses due to the Company, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2025 and 2024, the Company had reserves of $1.3 million and $1.9 million, respectively, against the due from charterers balance.Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.

1300000

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2.9. Prepaid expenses and other assets Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate provision for doubtful accounts. 2.10. Advances and depositsAdvances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.

2.11. InventoriesInventories consist of bunkers, lubricating oils, and other consumables on board the Company’s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers’ invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.

2.12. Vessel held for saleAssets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.

2.13. Vessels and vessel equipment, netVessels and vessel equipment are recorded at their cost less accumulated depreciation.Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. The useful life of the Company’s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (“lwt”).Vessel equipment comprises the costs of significant replacements, renewals, and upgrades to the Company’s vessels. Vessel equipment is depreciated over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.

P25Y

400 2.14. Deferred drydock expendituresThe Company follows the deferral method of accounting for drydocking expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting, and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking expenditures are written off as drydocking amortization if the vessels are drydocked before the expiration of the applicable amortization period. P30M P60M

2.15. Vessel impairmentThe Company follows the FASB’s ASC subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”) which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. Management regularly reviews the carrying amounts of the Company’s vessels that are “held and used” for recoverability. Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. Examples of such indicators may include events or changes in circumstances affecting the legal environment, the business climate, market value, extent or manner of use, and phyisical condition of the vessel asset. When such indicators are present, a vessel held and used is tested for recoverability by comparing the estimate of undiscounted future cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydocking expenditures and special survey costs related to the vessel. For purposes of testing for recoverability, undiscounted future cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company’s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire, and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts’ reports and freight forward agreement curves. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2025, 2024, or 2023.As of December 31, 2025, one of our 25 vessels had indicators of impairment and the estimated future undiscounted cash flows for that vessel exceeded the vessel’s carrying value by a margin of approximately 5% of the carrying value. This vessel remains fully utilized and has a relatively long average remaining useful life of approximately 16 years in which to recover sufficient cash flows on an undiscounted basis to recover its carrying value as of December 31, 2025. Management will continue to monitor developments in charter rates in the markets in which it participates with respect to the expectation of future rates over an extended period of time that are utilized in the analyses.Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether they will change by any significant degree. Charter rates may be at depressed levels for a prolonged period of time, which could adversely affect the Company’s revenue and profitability, and future assessments of vessel impairment.

1 25 0.05 P16Y 2.16. Other non-current assetsOther non-current assets relate to office equipment, fixtures and fittings, and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company’s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of a useful 10-year life of those leasehold improvements and the remaining lease term.

P5Y

P10Y

2.17. Operating leases Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. 2.18. Finance leasesFrom time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. 2.19. Accounts payableAccounts payable include all financial obligations to vendors for goods or services that have been received. 2.20. Accrued expenses and other liabilitiesAccrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.

2.21. Derivatives As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (“ASC 815”), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

2.22. Equity method investmentsThe Company accounts for its investments in AASML and Element 1 Corp. under the equity method. Until the Company sold its interest in the e1 Marine joint venture in May 2024, that investment was also accounted for under the equity method. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December 31, 2025, the carrying value of the Company’s total investment in Element 1 Corp. is $4.2 million. This consists of the carrying value of the Company’s investment in the Element 1 Corp. shares of $4.2 million. The carrying amount of the investment is adjusted to recognize the Company’s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of operations. During the year ended December 31, 2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp.

4200000

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2.23 ContingenciesClaims, lawsuits and contingencies arise in the ordinary course of the Company’s business. The Company provides for these contingencies when (i) it is probable that a liability has been incurred at the date of the financial statements and (ii) the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.

2.24. Distributions to shareholdersSubject to the Board of Directors’ approval, distributions to common shareholders are applied first to retained earnings. When retained earnings is not sufficient, distributions are applied to the additional paid in capital account. 2.25. Equity issuance costsIncremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders’ equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.

2.26. Debt and finance lease issuance costsFinancing charges which include fees, commissions, and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related loan facility.

2.27. Share-based compensationThe Company may grant share-based payment awards, such as time-based restricted stock units (“TRSUs”), performance-based restricted stock units (“PRSUs”), which are subject to market conditions and service, and other equity awards as incentive-based compensation to certain employees and directors. Currently only TRSUs and PRSUs are granted and outstanding. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.Under a TRSU award, the grantee is entitled to receive a share of Ardmore’s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore’s common stock for each earned PRSU. Payment under the TRSU and PRSU awards will be made in the form of shares of Ardmore’s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company’s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.

2.28. Treasury stockWhen shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.

2.29. Financial instrumentsThe carrying values of cash and cash equivalents, accounts receivable, and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:Level 1: Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Cash and cash equivalents and restricted cash are classified as Level 1, as they represent highly liquid assets with short-term maturities.Level 2: Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Floating-rate debt is classified as Level 2, as fair value is estimated based on rates available for similar debt or based upon transactions amongst third parties. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Nonrecurring fair value measurements, including vessel impairment assessments and operating lease right-of-use asset valuations, are based on third-party quotes, incorporating observable inputs, including comparable sales of similar vessels, and are therefore classified as Level 2.Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The Company did not have any Level 3 financial assets or liabilities as of December 31, 2025 or 2024.

2.30. Income taxesRepublic of the Marshall IslandsArdmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Esperanza Shipco (Pte.) Limited, which is incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.BermudaArdmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC, and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.IrelandArdmore Shipping Services (Ireland) Limited is incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.United States of AmericaArdmore Shipping (Americas) LLC (“ASUSA”) and Ardmore Trading (USA) LLC (“ATUSA”) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.SingaporeArdmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an “Approved International Shipping Enterprise” by the Singapore authorities with effect from August 1, 2015. This entitles the Company to a tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Esperanza Shipco (Pte.) Limited is a ship-owning company and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.Deferred taxationDeferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences, and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the year ended December 31, 2025 amounted to $Nil (2024: $Nil , 2023: $Nil).Uncertainties related to income taxesCompanies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the year ended December 31, 2025 amounted to $Nil (2024: $Nil, 2023: $Nil).

0.125 0.25

2.31. Concentration of credit riskFinancial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents. There is a concentration of credit risk with respect to the Company’s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition. The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company’s consolidated revenues during the years presented:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;background:#cceeff;margin:0pt;padding:0pt;">Charterer A</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 36,030</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 28,132</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;">*</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">* None over 10%</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"></td></tr></table>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;background:#cceeff;margin:0pt;padding:0pt;">Charterer A</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 36,030</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;background:#cceeff;margin:0pt;padding:0pt;"> 28,132</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;">*</td></tr><tr style=""><td style="vertical-align:bottom;width:51.24%;margin:0pt;padding:0pt;">* None over 10%</td><td style="vertical-align:bottom;white-space:nowrap;width:3.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"></td></tr></table>

36030000

28132000

3. Business and Segment Reporting The Company primarily engages in the ocean transportation of petroleum and chemical products internationally through its fleet of tankers. These tankers are not bound to specific ports or schedules, allowing them to respond to market opportunities by moving between trade lanes and geographical areas. The Company charters its vessels to its customers through a combination of spot and time-charter arrangements, with the majority of its revenue generated from spot voyages, which typically last less than three months.The Chieft Operatinng Decision Maker (“CODM”) reviews overall operating results on a fleet-wide basis using time charter equivalent rates (“TCE”) and consolidated expenses. When the Company charters-out a vessel, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions and certain operational-related constraints), making the disclosure of geographic information impracticable. The Company operates under one reportable segment for its vessel operations, based on how internally reported financial information is reviewed by the CODM to analyze performance, make decisions, and allocate resources.The accounting policies of the vessel operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers.The Company’s CODM is the senior management team that includes the chief executive officer, president, chief financial officer, chief operating officer, and the senior director of corporate services.The CODM uses consolidated net income to analyze income generated by the Company’s assets and how to allocate the corresponding cash flow according to the Company’s capital and resources focusing on maintaining the Company’s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders.The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management’s discretionary compensation. The following table presents the Company’s revenue contributions by nature of vessel employment.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;">Spot charters (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> 284,672</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> 392,107</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;margin:0pt;padding:0pt;"> 395,577</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">Time charters (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"> 25,525</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"> 13,635</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;">Pooling arrangements (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">Other revenue (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 42</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 401</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,197</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 405,784</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 395,978</td></tr></table>(1) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 606.(2) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 842.(3) Represents revenue recognized by the Company associated with pooling arrangements that were accounted for in accordance with the guidance for collaborative arrangements.(4) Represents revenue recognized by the Company associated with the management of third-party chemical tankers employed under spot charters that was accounted for in accordance with ASC 606.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;">Spot charters (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> 284,672</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> 392,107</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;margin:0pt;padding:0pt;"> 395,577</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">Time charters (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"> 25,525</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;margin:0pt;padding:0pt;"> 13,635</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;">Pooling arrangements (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;margin:0pt;padding:0pt;">Other revenue (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 42</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 401</td></tr><tr style=""><td style="vertical-align:bottom;width:52.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.19%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,197</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 405,784</td><td style="vertical-align:bottom;white-space:nowrap;width:3.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 395,978</td></tr></table>(1) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 606.(2) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 842.(3) Represents revenue recognized by the Company associated with pooling arrangements that were accounted for in accordance with the guidance for collaborative arrangements.(4) Represents revenue recognized by the Company associated with the management of third-party chemical tankers employed under spot charters that was accounted for in accordance with ASC 606.

284672000

392107000

395577000

25525000

13635000

42000

401000

310197000

405784000

395978000

4. Equity InvestmentsElement 1 Corp. (“E1”) - On June 17, 2021, the Company purchased a 10% equity stake in E1, a developer of advanced hydrogen generation systems used to power fuel cells, in exchange for $4.0 million in cash and $5.3 million through the issuance of the Company’s common shares. The Company’s 10% equity stake consists of 581,795 shares of E1’s common stock and the Company also received warrants to purchase 286,582 additional common shares of E1 common stock, which expired in June 2024. The Company’s total investment in E1 amounted to $9.3 million and is allocated to investment in the ordinary shares and warrants based on their relative fair values as of the date of acquisition. The Company holds one board seat out of five, resulting in 20% voting rights and thus an ability to exercise significant influence in E1. Accordingly, the Company accounts for the investment in the common shares of E1 using the equity method in accordance with FASB Accounting Standards Codification 323 - Investments – Equity Method and Joint Ventures. The Company records its share of earnings and losses in its investment in E1 on a quarterly basis, with an aggregate loss of $0.3 million recognized in the year ended December 31, 2025 (2024: $0.4 million and 2023: $0.1 million). During the year ended December 31, 2025, the Company did not record any impairment loss relating to its investment in E1. During the year ended December 31, 2024, the Company recognized an impairment loss of $4.4 million related to its equity method investment in E1. The impairment was due to a decline in the fair value of the investment, which was determined to be other than temporary. The fair value was assessed based on market conditions and the financial performance of E1. During the year ended December 31, 2023, the Company did not record any impairment relating to its investment in E1. The Company recorded an investment of $4.2 million, inclusive of transaction costs which are included in investments and other assets, net in the consolidated balance sheet as of December 31, 2025.e1 Marine LLC - On June 17, 2021, the Company established a joint venture, e1 Marine LLC, with E1. and an affiliate of Maritime Partners LLC (“MP”), which seeks to deliver E1’s hydrogen delivery system to the marine sector, with each joint venture partner owning 33.33% of e1 Marine LLC. In May 2024, the Company sold its 33.33% stake in e1 Marine LLC for $1.65 million and recognized a gain of $0.5 million. This gain is included as a component in loss from equity method investments, in the consolidated statement of operations for the year ended December 31, 2024.

0.10

4000000

5300000

0.10

581795

286582

9300000

1 5 0.20

-300000

-400000

-100000

0 4400000 0

4200000

0.3333

1650000

500000

5. Accrued expenses and other liabilitiesAccrued expenses and other liabilities consist of the following as of December 31, 2025 and 2024:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:61.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:61.13%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:61.13%;background:#cceeff;margin:0pt;padding:0pt;">Accrued vessel operating expenses and voyage expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.93%;background:#cceeff;margin:0pt;padding:0pt;"> 11,572</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"> 11,794</td></tr><tr style=""><td style="vertical-align:bottom;width:61.13%;margin:0pt;padding:0pt;">Other accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,013</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,519</td></tr><tr style=""><td style="vertical-align:bottom;width:61.13%;background:#cceeff;margin:0pt;padding:0pt;">Total accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.93%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 18,585</td><td style="vertical-align:bottom;white-space:nowrap;width:4.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 18,313</td></tr></table>

11572000 11794000

7013000

6519000

18585000

18313000

6. DebtAs of December 31, 2025, the Company had two loan facilities (each a revolving credit facility), which it has used primarily to finance vessel acquisitions and also for working capital. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under one of the loan facilities, which totaled 20 vessels as of December 31, 2025. Ardmore and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and Ardmore has granted a guarantee over its trade receivables in respect of its $15 million Working Capital Facility (as defined below). These guarantees can be called upon following a payment default. The outstanding principal balances in the table below approximate the fair value for the Company’s variable-rate debt, which is considered to be a Level 2 item for fair value purposes as the Company considers the estimate of rates it could obtain for similar debt. The fair value of an asset or liability is based on assumptions that market participants would use in pricing the asset or liability. The outstanding principal balances on each loan facility as of December 31, 2025 and 2024 were as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;background:#cceeff;margin:0pt;padding:0pt;">$350 million Revolving Credit Facility</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;background:#cceeff;margin:0pt;padding:0pt;"> 127,000</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;margin:0pt;padding:0pt;">Former Nordea/SEB Revolving Facility</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;margin:0pt;padding:0pt;"> 37,500</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;background:#cceeff;margin:0pt;padding:0pt;">$15 million Working Capital Facility</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,296</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;margin:0pt;padding:0pt;">Total debt</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 127,000</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 38,796</td></tr><tr style=""><td style="vertical-align:bottom;width:58.3%;background:#cceeff;margin:0pt;padding:0pt;">Non-current portion of long-term debt</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 127,000</td><td style="vertical-align:bottom;white-space:nowrap;width:4.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.57%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 38,796</td></tr></table>Future minimum scheduled repayments under the Company’s loan facilities for each year are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;margin:0pt;padding:0pt;">As of</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;">2031</td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;margin:0pt;padding:0pt;"> 127,000</td></tr><tr style=""><td style="vertical-align:bottom;width:67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:26.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 127,000</td></tr></table>$350 million Revolving Credit FacilityOn July 23, 2025, 20 of Ardmore’s subsidiaries entered into a $350 million revolving credit facility with Nordea Bank AB (publ) (“Nordea”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), ABN AMRO Bank N.V (“ABN”) and Danske Bank A/S (“Danske”) (the “$350 million Revolving Credit Facility”), the proceeds of which were used to refinance 20 vessels. Interest is calculated at a rate of SOFR plus 1.8%. The revolving facility matures in July 2031 and was accounted for as a modification. As of December 31, 2025, $127 million of the revolving credit facility was drawn down, with $210.4 million undrawn.Former ABN/CACIB Revolving Credit FacilityOn August 5, 2022, seven of Ardmore’s subsidiaries entered into a $108 million sustainability-linked long-term loan facility with ABN and Credit Agricole Corporate and Investment Bank (“CACIB”) (the “ABN/CACIB Joint Bank Facility”), the proceeds of which were used to finance seven vessels, including three vessels financed under lease arrangements. Interest was calculated at SOFR plus 2.5%. Principal repayments on the term loans were made on a quarterly basis, with a balloon payment payable with the final installment. On June 15, 2023, the credit facility was amended to convert 50% of the outstanding balance under the facility into a revolving credit facility with the remaining 50% of the outstanding balance, or $49.2 million, continuing as a term loan facility. On March 14, 2024, the credit facility was further amended to convert the entire term loan outstanding balance under the facility into the revolving credit facility. The revolving credit facility was prepaid on July 23, 2025 and refinanced with the $350 million Revolving Credit Facility described above, which was accounted for as a modification. The Company recorded a loss on extinguishment of debt of $0.5 million as part of the partial write-off of deferred finance fees associated with its previous revolving credit facility.Former Nordea/SEB Revolving Credit FacilityOn August 5, 2022, 12 of Ardmore’s subsidiaries entered into a $185 million sustainability-linked revolving credit facility with Nordea and SEB (the “Nordea / SEB Revolving Credit Facility”), the proceeds of which were used to refinance 12 vessels, including six vessels financed under lease arrangements. Interest was calculated at a rate of SOFR plus 2.5%. The revolving facility could be drawn down or repaid with five days’ notice. On July 23, 2025, this revolving credit facility was prepaid and refinanced through the $350 million Revolving Credit Facility. The refinancing was accounted for as a modification. At the date of refinancing, the outstanding balance of $10 million was transferred to the $350 million Revolving Credit Facility.$15 million Working Capital FacilityOn August 20, 2025, the Company entered into an amended sustainability-linked $15 million working capital facility with ABN (the “$15 million Working Capital Facility”) to fund working capital. Interest under this facility is calculated at a rate of SOFR plus 3.1%. Interest payments are payable on a quarterly basis. The facility matures in August 2030. As of December 31, 2025, none of the revolving credit facility was drawn down, with $15.0 million undrawn.Long-term debt financial covenantsThe Company’s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">maintain minimum solvency of not less than 30%;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">maintain minimum cash and cash equivalents (of which at least 60% of such minimum amount is held in cash; the remaining 40% can include cash and cash equivalents undrawn under the revolving facilities), based on the number of vessels owned and chartered-in and 5% of outstanding debt; the required minimum cash and cash equivalents as of December 31, 2025, was $18.75 million;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than 130% of the debt outstanding for the applicable facility;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">maintain an adjusted net worth of not less than $200 million; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the $15 million Working Capital Facility, provided that the facility has a remaining maturity of more than three months.</td></tr></table><div style="margin-top:6pt;"></div>The Company was in full compliance with all of its long-term debt financial covenants as of December 31, 2025 and 2024.Interest ratesThe following tables set forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above. The effective interest rate below does not include the effect of any interest rate swap agreements, which the Company may enter into from time to time. The following tables also include the range of interest rates on the debt, excluding the impact of commitment fees, if applicable:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:42.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.36%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:42.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:42.74%;margin:0pt;padding:0pt;">Effective interest rate, excluding commitment fees</td><td style="vertical-align:bottom;white-space:nowrap;width:11.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;margin:0pt;padding:0pt;">5.5%</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;margin:0pt;padding:0pt;">7.5%</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.68%;margin:0pt;padding:0pt;">7.8%</td></tr><tr style=""><td style="vertical-align:bottom;width:42.74%;background:#cceeff;margin:0pt;padding:0pt;">Range of interest rates (SOFR)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;">3.7 % to 4.6 %</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;">4.7 % to 5.4%</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.68%;background:#cceeff;margin:0pt;padding:0pt;">4.5 % to 5.4%</td></tr></table>The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate swap agreements designated as hedging instruments and excluding commitment fees, if applicable, for the years ended December 31, 2025, 2024, and 2023.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:45.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:45.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.06%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:45.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:45.49%;background:#cceeff;margin:0pt;padding:0pt;">Effective interest rate, excluding commitment fees</td><td style="vertical-align:bottom;white-space:nowrap;width:14.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;background:#cceeff;margin:0pt;padding:0pt;">5.5%</td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.58%;background:#cceeff;margin:0pt;padding:0pt;">7.5%</td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.04%;background:#cceeff;margin:0pt;padding:0pt;">5.8%</td></tr></table>

2 20

15000000

350000000

127000000

37500000

15000000

1296000

127000000

38796000

127000000

38796000

127000000

350000000

0.018

127000000

210400000

108000000

7 3

0.025

0.50 0.50

49200000

350000000

500000

185000000

12 6

0.025

P5D

350000000

10000000

350000000

15000000

0.031

15000000

0.30 0.60 0.40 0.05 18750000 1.30 200000000

15000000

0.037

0.046

0.047

0.054

0.045

0.054

0.055

0.075

0.058

7. Finance lease On June 25, 2021, two of Ardmore’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Seawolf and Ardmore Seahawk with CMB Financial Leasing Co., Ltd (“CMBFL”) / Shandong, resulting in gross proceeds of $49.0 million less fees of $1.0 million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the Ardmore Seawolf and Ardmore Seahawk, which were under sale-leaseback arrangements. The vessel purchases, which were effectively refinancings, concluded on June 25, 2024, with the Company repaying the remaining $41.0 million outstanding under the finance lease facility associated with those two vessels. As of December 31, 2025, the Company had no finance lease obligations.

49000000

1000000

41000000

8. Operating leasesThe following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842:Time charter-in contracts: Long-term operating leasesThe Company sold the Ardmore Sealeader, the Ardmore Sealifter, and the Ardmore Sealancer on June 5, 2022, July 16, 2022, and July 31, 2022, respectively and subsequently chartered the vessels back from the buyer for a period of 24 months, with an option to extend for a further 12 months. On March 8, 2024, the Company exercised its option to extend the charter-in period for the renamed Hansa Sealeader by an additional 12 months, starting from July 5, 2024. In April 2024, the Company exercised its options to extend the charter-in period for the renamed Hansa Sealifter and Hansa Sealancer by an additional 12 months, starting from August 17, 2024 and September 1, 2024 respectively. The Company redelivered all three vessels during the year ended December 31, 2025.Chartered-in vessels include both lease and non-lease components. The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel. For time charters-in, the Company has elected to separate lease and non-lease components. During the year ended December 31, 2025, revenue recognized on vessels that have been time-chartered in was $27.0 million (2024: $50.0 million). Operating leases are included in operating lease, right-of-use (“ROU”) assets, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company’s consolidated balance sheets. The ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of 4.5% is obtained independently and is comparable with what the Company would have had to borrow at the time of the transactions to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company makes significant judgments and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company’s time charters. The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices.Time charter-in contracts: Short term operating leasesThe Company entered into a short term lease agreement in September 2023 to charter-in a vessel for a period of 12 months with the option to extend for a further six months. The Company elected the practical expedient of FASB Accounting Standards Codification 842- Leases (“ASC 842”), which allows for leases with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities. The Company recognizes the lease costs for all vessel-related operating leases as charter hire expenses, split between lease and non-lease components, on the consolidated statements of operations on a straight-line basis over the lease term. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets.Office leasesThe Company’s consolidated balance sheets include a right-of-use asset and a corresponding liability for operating lease contracts for the Company’s offices in Cork, Ireland, Singapore, and Houston, Texas. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets. The discount rate used to measure the lease liability is the incremental cost of borrowing since the rate implicit in the lease cannot be determined. The Company has used a weighted average discount rate of 4% as a basis for determining the lease liability. Lease costs recorded in the consolidated statement of operations There was $11.8 million of operating lease costs and $6.9 million of short-term lease costs recorded during the year ended December 31, 2025 (2024: $15.1 million and $8.2 million respectively and 2023: $13.4 million and $6.8 million respectively). Of this, $18.0 million was recorded in charter-hire costs (2024: $22.7 million and 2023: $19.6 million), and $0.7 million was recorded in General and administrative expenses (2024: $0.6 million and 2023: $0.6 million) in the consolidated statements of operations. The liabilities described below are denominated in various currencies. The weighted average remaining term of the office leases as of December 31, 2025 was 4.6 years. Under ASC 842, the right-of-use asset is a non-monetary asset and is remeasured using the exchange rate as of the commencement date of the lease. The operating lease liability is a monetary liability and is remeasured quarterly using the current exchange rates, with changes recognized in a manner consistent with other foreign-currency-denominated liabilities in general and administrative expenses in the consolidated statements of operations.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Non-Current Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Operating lease, right-of-use asset - Time Charter in Vessels</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"> 4,418</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease, right-of-use asset - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,159</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,577</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Lease liabilities - Current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Current portion of lease liabilities - Time Charter in Vessels</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"> 4,418</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Current portion of lease liabilities - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 598</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 547</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 598</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,965</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Lease liabilities - Non-current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Non-current portion of lease liabilities - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,272</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 476</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,272</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 476</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Total operating lease, right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,577</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Total lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,870</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,441</td></tr></table>As of December 31, 2025, the Company had the following maturity of operating lease obligations:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;">As of</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"> 611</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"> 352</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"> 332</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"> 336</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;background:#cceeff;margin:0pt;padding:0pt;">2030 - 2031</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 417</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;">Total lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"> 2,048</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;background:#cceeff;margin:0pt;padding:0pt;">Less imputed interest</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (178)</td></tr><tr style=""><td style="vertical-align:bottom;width:74.1%;margin:0pt;padding:0pt;">Present value of lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:5.61%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,870</td></tr></table>

P24M

P12M

true

P12M

27000000

50000000

0.045

P12M

P6M

true

0.04

11800000

6900000

15100000

8200000

13400000

6800000

18000000

22700000

19600000

700000

600000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Non-Current Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Operating lease, right-of-use asset - Time Charter in Vessels</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"> 4,418</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease, right-of-use asset - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,159</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,577</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Lease liabilities - Current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Current portion of lease liabilities - Time Charter in Vessels</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"> 4,418</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Current portion of lease liabilities - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 598</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 547</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 598</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,965</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Lease liabilities - Non-current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;">Non-current portion of lease liabilities - Offices</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,272</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 476</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,272</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 476</td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Total operating lease, right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,780</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,577</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:62.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.07%;background:#cceeff;margin:0pt;padding:0pt;">Total lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,870</td><td style="vertical-align:bottom;white-space:nowrap;width:4.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,441</td></tr></table>

4418000

1780000

1159000

1780000

5577000

4418000

598000

547000

598000

4965000

1272000

476000

1272000

476000

1780000

5577000

1870000

5441000

611000

352000

332000

336000

417000

2048000

178000

1870000

9. Preferred Stock On June 17, 2021 and on December 3, 2021, Ardmore issued 25,000 shares and 15,000 shares, respectively, of Series A Cumulative Redeemable Perpetual Preferred Shares (“Series A Preferred Stock”) to an affiliate of Maritime Partners LLC. On December 10, 2024, the Company completed the redemption of 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to stipulated redemption price of 103% of the liquidation preference per share, plus any accumulated and unpaid dividends, which was recorded in Preferred dividends in the consolidated statements of operations. The redemption of 10,000 shares equates to 25% of the Company’s outstanding Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $0.7 million was recognized during the year ended December 31, 2024, which was recorded in extinguishment of preferred stock in the consolidated statements of operations. On October 31, 2025 the Company completed the full redemption for all outstanding shares of its Series A Preferred Stock, for $30.6 million, which represents the stipulated redemption price of 102% of the liquidation preference per share. The redemption of 30,000 shares equates to the remainder of the Company’s outstanding Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $2.2 million was recognized during the year ended December 31, 2025 (2024: $0.7 million). The Company paid $3.2 million in preferred stock dividends, which includes a $0.6 million in premium on the redemption of its remaining 30,000 shares of its Series A Preferred Stock during the year ended December 31, 2025. The Company paid $3.8 million in preferred stock dividends during the year ended December 31, 2024. 25000 15000 10000

10300000

1.03 10000 0.25 700000

30600000

1.02 30000 2200000 700000

3200000

600000

30000

3800000

10. Gain on sale of vesselIn February 2024, the Company agreed to sell the 2010-built Ardmore Seafarer for $27.1 million. Effective February 14, 2024, the Company reclassified the vessel as held for sale and ceased to depreciate it. A gain of $12.3 million was recognized when the vessel was delivered to the buyer in April 2024. No vessels were sold during 2025 or 2023.The gain on the sale of the Ardmore Seafarer for the year ended December 31, 2024 is calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Seafarer</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;background:#cceeff;margin:0pt;padding:0pt;">Sales proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;background:#cceeff;margin:0pt;padding:0pt;"> 27,100</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">Net book value of vessel</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;margin:0pt;padding:0pt;"> (14,583)</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;background:#cceeff;margin:0pt;padding:0pt;">Sales related costs</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (195)</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">Gain on sale of vessel</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,322</td></tr></table>

27100000

12300000

0 0

The gain on the sale of the Ardmore Seafarer for the year ended December 31, 2024 is calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Seafarer</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;background:#cceeff;margin:0pt;padding:0pt;">Sales proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;background:#cceeff;margin:0pt;padding:0pt;"> 27,100</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">Net book value of vessel</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;margin:0pt;padding:0pt;"> (14,583)</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;background:#cceeff;margin:0pt;padding:0pt;">Sales related costs</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (195)</td></tr><tr style=""><td style="vertical-align:bottom;width:79.85%;margin:0pt;padding:0pt;">Gain on sale of vessel</td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,322</td></tr></table>

27100000 14583000

195000

12322000

11. Interest expense and finance costs<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Interest incurred – debt</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 5,105</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 4,140</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 8,033</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Interest incurred – finance leases</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> 1,500</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> 3,718</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Amortization of deferred finance fees</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,007</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,138</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,237</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Interest rate swaps</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,580)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,112</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,778</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,408</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Loss on extinguishment of debt</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 469</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Gain on extinguishment of finance leases</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,432)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 469</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,432)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Interest incurred – debt</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 5,105</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 4,140</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 8,033</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Interest incurred – finance leases</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> 1,500</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"> 3,718</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Amortization of deferred finance fees</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,007</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,138</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 1,237</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Interest rate swaps</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,580)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,112</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,778</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,408</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;">Loss on extinguishment of debt</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> 469</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;">Gain on extinguishment of finance leases</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,432)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 469</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,432)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table>

5105000

4140000

8033000

1500000

3718000

1007000

1138000

1237000

-1580000

6112000

6778000

11408000

-469000

1432000 -469000 1432000

12. Income taxesThe components of income tax are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.92%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:52.6%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:3.92%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:52.6%;background:#cceeff;margin:0pt;padding:0pt;">Current tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:3.92%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.88%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (241)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (215)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (435)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.6%;margin:0pt;padding:0pt;">Income tax expense for year</td><td style="vertical-align:bottom;white-space:nowrap;width:3.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (241)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (215)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.91%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (435)</td></tr></table>The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:46.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:46.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:46.53%;background:#cceeff;margin:0pt;padding:0pt;">Marshall Islands statutory income tax rate</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"> 0.00</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"> 0.00</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"> 0.00</td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:46.53%;margin:0pt;padding:0pt;">Income subject to tax in other jurisdictions</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.58</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.16</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.37</td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:46.53%;background:#cceeff;margin:0pt;padding:0pt;">Effective tax rate</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.58</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.16</td><td style="vertical-align:bottom;white-space:nowrap;width:3.52%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.37</td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table>

241000

215000

435000

241000

215000

435000

0.0058

0.0016

0.0037

0.0058

0.0016

0.0037

13. Net income per share and common dividendsBasic and diluted net income per share is calculated by dividing the net income available to common shareholders by the average number of common shares outstanding during the periods. Diluted net income per share is calculated by adjusting the net income available to common shareholders and the weighted average number of common shares used for calculating basic income per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:96.4%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:12.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:normal;width:55.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:normal;width:41.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars and shares, except per share amount</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:11.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:11.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:12.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;background:#cceeff;margin:0pt;padding:0pt;">Net income attributable to common stockholders</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.88%;background:#cceeff;margin:0pt;padding:0pt;"> 36,072</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;"> 128,607</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:12.23%;background:#cceeff;margin:0pt;padding:0pt;"> 113,408</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;margin:0pt;padding:0pt;">Weighted average shares - Basic</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.88%;margin:0pt;padding:0pt;"> 40,625</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.11%;margin:0pt;padding:0pt;"> 41,656</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:12.23%;margin:0pt;padding:0pt;"> 41,130</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;background:#cceeff;margin:0pt;padding:0pt;">Effect of dilutive RSUs</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.88%;background:#cceeff;margin:0pt;padding:0pt;"> 187</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;"> 386</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:12.23%;background:#cceeff;margin:0pt;padding:0pt;"> 692</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;margin:0pt;padding:0pt;">Weighted average shares - Diluted</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 40,812</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:11.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 42,042</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:12.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 41,822</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;background:#cceeff;margin:0pt;padding:0pt;">Basic net income per share</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.88%;background:#cceeff;margin:0pt;padding:0pt;"> 0.89</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;"> 3.09</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:12.23%;background:#cceeff;margin:0pt;padding:0pt;"> 2.76</td></tr><tr style=""><td style="vertical-align:bottom;width:55.46%;margin:0pt;padding:0pt;">Diluted net income per share</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.88%;margin:0pt;padding:0pt;"> 0.88</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:11.11%;margin:0pt;padding:0pt;"> 3.06</td><td style="vertical-align:bottom;white-space:normal;width:3.09%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:normal;width:12.23%;margin:0pt;padding:0pt;"> 2.71</td></tr></table>For the year ended December 31, 2025, no stock appreciation rights (“SARs”) were outstanding (2024: Nil, 2023: 176,360) and 344,639 RSUs (2024: 370,364, 2023: 716,452) were outstanding. For the year ended December 31, 2025, there were no anti-dilutive SARs and RSUs. During the year ended December 31, 2025, the Company paid cash dividends on its outstanding shares of common stock aggregating $12.2 million (2024: $45.1 million).

36072000

128607000

113408000

40625000

41656000

41130000

187000

386000

692000

40812000

42042000

41822000

0.89

3.09

2.76

0.88

3.06

2.71

176360

344639

370364

716452

12200000

45100000

14. Related party transactionsAASML is a joint venture entity owned 50% each by the third-party technical manager Anglo-Eastern and Ardmore Shipping (Bermuda) Limited. AASML is accounted for under the equity method of accounting. The carrying value of the investment as of December 31, 2025 and 2024 was not significant. AASML was incorporated in June 2017 and began providing technical management services exclusively to the Ardmore fleet on January 1, 2018.The Company has entered into standard Baltic and International Maritime Council (“BIMCO”) ship management agreements with AASML for the provision of technical management services to 25 owned vessels of the Company’s fleet as of December 31, 2025 (2024: 22 vessels). AASML provides the vessels with a wide range of shipping services such as repairs and maintenance, provisioning, and crewing.Total management fees paid to AASML for the year ended December 31, 2025 were $4.4 million (2024: $3.7 million and 2023: $3.2 million), which are included in vessel operating expenses in the consolidated statements of operations. Amounts due from/(to) AASML in respect of management fees were $Nil as of December 31, 2025 (2024: $Nil). Advances to AASML for technical management services as of December 31, 2025 were $4.4 million (2024: $2.6 million) and are included in advances and deposits in the consolidated balance sheets. Amounts payable to AASML for technical management services as of December 31, 2025 were $0.7 million (2024: $0.4 million), with $0.5 million (2024: $0.2 million) included in accounts payable and $0.2 million (2024: $0.2 million) included in accrued expenses and other liabilities in the consolidated balance sheets.

0.50

25 22

4400000

3700000

3200000

0 0

4400000

2600000

700000

400000

500000

200000

15. Share-based compensationTime Restricted Stock UnitsAs of December 31, 2025, the Company has granted 2,187,684 TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan (as amended and restated), that will vest in three equal annual tranches from the date of grant. Changes in the TRSUs for the years ended December 31, 2025, 2024, and 2023 are set forth below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.7%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.85%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.85%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;background:#cceeff;margin:0pt;padding:0pt;"> 283,757</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 13.04</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;margin:0pt;padding:0pt;"> 677,739</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 7.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;margin:0pt;padding:0pt;"> 908,209</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 5.31</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;">TRSUs granted during the year </td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"> 170,481</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 9.53</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"> 134,175</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 16.99</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"> 172,034</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 14.70</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;background:#cceeff;margin:0pt;padding:0pt;">TRSUs vested during the year </td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (247,743)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8.02)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (528,157)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (402,504)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5.30)</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;">Balance as of December 31 (none of which are vested)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 206,495</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16.17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 283,757</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13.04</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 677,739</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7.70</td></tr></table>The total cost related to non-vested awards expected to be recognized through 2028 is set forth below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Period</td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TOTAL</td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;background:#cceeff;margin:0pt;padding:0pt;"> 901</td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"> 374</td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 53</td></tr><tr style=""><td style="vertical-align:bottom;width:75.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,328</td></tr></table>Performance-Based Restricted Stock UnitsAs of December 31, 2025, the Company has granted 138,144 PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan (as amended and restated), that will vest in one tranche to the extent earned, contingent upon the Company’s relative total shareholder return (“TSR”), which represents a market condition, and the grantee’s continued employment with the Company through the vesting date.The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 30 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards is being amortized over the service period.Changes in the PRSUs for the years ended December 31, 2025 and 2024 are set forth below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.55%;margin:0pt;padding:0pt;">Number of PRSUs</td><td style="vertical-align:middle;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;margin:0pt;padding:0pt;">Number of PRSUs</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding as of January 1</td><td style="vertical-align:middle;width:19.55%;background:#cceeff;margin:0pt;padding:0pt;"> 86,607</td><td style="vertical-align:middle;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;background:#cceeff;margin:0pt;padding:0pt;"> 38,713</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:middle;width:19.55%;margin:0pt;padding:0pt;"> 51,537</td><td style="vertical-align:middle;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;margin:0pt;padding:0pt;"> 47,894</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Vested</td><td style="vertical-align:middle;width:19.55%;background:#cceeff;margin:0pt;padding:0pt;"> -</td><td style="vertical-align:middle;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;background:#cceeff;margin:0pt;padding:0pt;"> -</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31 </td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,144</td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 86,607</td></tr></table>Significant inputs used in the estimation of the fair value of these awards granted during 2025 and 2024 are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Closing share price of our common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">$9.06 </td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">$16.25 </td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;">Risk-free rate of return</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">3.95%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">4.27%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility of our common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">46.59%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">52.11%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;">Holding period discount</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">0.00%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">0.00%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Simulation term (in years)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">3.00</td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">3.00</td></tr></table>The total cost related to non-vested awards expected to be recognized through 2028 is set forth below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Period</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TOTAL</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;background:#cceeff;margin:0pt;padding:0pt;"> 392</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"> 214</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 636</td></tr></table>

2187684

3 <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.7%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.85%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.85%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">Weighted average</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;margin:0pt;padding:0pt;">fair value at grant</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TRSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;background:#cceeff;margin:0pt;padding:0pt;"> 283,757</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 13.04</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;margin:0pt;padding:0pt;"> 677,739</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 7.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;margin:0pt;padding:0pt;"> 908,209</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;margin:0pt;padding:0pt;"> 5.31</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;">TRSUs granted during the year </td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;margin:0pt;padding:0pt;"> 170,481</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 9.53</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"> 134,175</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 16.99</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"> 172,034</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;margin:0pt;padding:0pt;"> 14.70</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;background:#cceeff;margin:0pt;padding:0pt;">TRSUs vested during the year </td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (247,743)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8.02)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (528,157)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (402,504)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5.30)</td></tr><tr style=""><td style="vertical-align:bottom;width:23.92%;margin:0pt;padding:0pt;">Balance as of December 31 (none of which are vested)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 206,495</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16.17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 283,757</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13.04</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 677,739</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:10.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7.70</td></tr></table>

283757

13.04

677739

7.7

908209

5.31

170481

9.53

134175

16.99

172034

14.7

247743

8.02

528157

7.19

402504

5.3

206495

16.17

283757

13.04

677739

7.7

901000 374000 53000

1328000

138144

1 30 0 2 <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.55%;margin:0pt;padding:0pt;">Number of PRSUs</td><td style="vertical-align:middle;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;margin:0pt;padding:0pt;">Number of PRSUs</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding as of January 1</td><td style="vertical-align:middle;width:19.55%;background:#cceeff;margin:0pt;padding:0pt;"> 86,607</td><td style="vertical-align:middle;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;background:#cceeff;margin:0pt;padding:0pt;"> 38,713</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:middle;width:19.55%;margin:0pt;padding:0pt;"> 51,537</td><td style="vertical-align:middle;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;margin:0pt;padding:0pt;"> 47,894</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Vested</td><td style="vertical-align:middle;width:19.55%;background:#cceeff;margin:0pt;padding:0pt;"> -</td><td style="vertical-align:middle;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:19.57%;background:#cceeff;margin:0pt;padding:0pt;"> -</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:56.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:56.68%;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31 </td><td style="vertical-align:bottom;white-space:nowrap;width:19.55%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,144</td><td style="vertical-align:bottom;white-space:nowrap;width:4.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:19.57%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 86,607</td></tr></table>

86607

38713

51537

47894

138144

86607

Significant inputs used in the estimation of the fair value of these awards granted during 2025 and 2024 are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Closing share price of our common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">$9.06 </td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">$16.25 </td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;">Risk-free rate of return</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">3.95%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">4.27%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility of our common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">46.59%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">52.11%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;margin:0pt;padding:0pt;">Holding period discount</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">0.00%</td><td style="vertical-align:middle;white-space:nowrap;width:16.76%;margin:0pt;padding:0pt;">0.00%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:52.95%;background:#cceeff;margin:0pt;padding:0pt;">Simulation term (in years)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">3.00</td><td style="vertical-align:bottom;white-space:nowrap;width:16.76%;background:#cceeff;margin:0pt;padding:0pt;">3.00</td></tr></table>

9.06

16.25

0.0395

0.0427

0.4659

0.5211

P3Y

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;">In thousands of U.S. Dollars</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Period</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">TOTAL</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;background:#cceeff;margin:0pt;padding:0pt;"> 392</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;margin:0pt;padding:0pt;"> 214</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30</td></tr><tr style=""><td style="vertical-align:bottom;width:73.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 636</td></tr></table>

392000 214000 30000

636000

16. Repurchase of common stock In September 2023, the Company's Board of Directors authorized a new share repurchase plan, expanding and replacing the Company's earlier plan. Pursuant to the 2023 share repurchase plan, the Company may purchase up to $50 million of its common shares at times and at prices that are considered to be appropriate by the Company. The Company may repurchase these shares in the open market or in privately negotiated transactions, but is not obligated under the terms of the plan to repurchase any shares, and at any time, the Company may suspend, delay, or discontinue the plan. During the year ended December 31, 2025, the Company did not repurchase any shares. During the year ended December 31, 2024, the Company repurchased 1,556,203 common shares at a weighted-average per share price of $11.49 (including fees and commission of $0.03 per share) for a total cost of $17.9 million. The shares were repurchased on the open market and were therefore repurchased at market price. During the year ended December 31, 2023 the Company effected no common share repurchases.

50000000

1556203

11.49

0.03

17900000

17. Commitments and ContingenciesFrom time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations, or cash flows.

18. Subsequent EventsOn February 12, 2026, Ardmore announced that its Board of Directors declared a cash dividend of $0.09 per common share for the quarter ended December 31, 2025. The cash dividend of approximately $3.9 million will be paid on March 13, 2026, to all common shareholders of record on February 27, 2026.

2026-02-12

0.09

3900000

2026-03-13

2026-02-27