Ardmore Shipping Corp Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Ardmore Shipping Corp has submitted its 20-F annual report detailing financial performance and operational data for the fiscal year 2023.</b>

AI Summary

Ardmore Shipping Corp (ASC) filed a Foreign Annual Report (20-F) with the SEC on March 15, 2024. Ardmore Shipping Corp filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing includes financial data for the years 2023, 2022, and 2021. Key financial statement items such as Retained Earnings, Additional Paid-In Capital, and Treasury Stock are detailed for multiple years. Information regarding equity incentive plans, including Restricted Stock Units (RSUs) and Stock Appreciation Rights (SARs), is provided for officers and directors. The report details various charter types including Voyage Charters, Time Charters, and Pooling Arrangements for the years 2021 through 2023.

Why It Matters

For investors and stakeholders tracking Ardmore Shipping Corp, this filing contains several important signals. This filing provides a comprehensive overview of Ardmore Shipping Corp's financial health and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of charter types and equity-based compensation offers insights into the company's revenue streams and management incentives.

Risk Assessment

Risk Level: — Ardmore Shipping Corp shows moderate risk based on this filing. The filing is a standard annual report (20-F) and does not contain new or unexpected information that would significantly alter the risk profile.

Analyst Insight

Review the detailed financial statements and segment information within the 20-F filing to understand Ardmore Shipping Corp's performance drivers and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-15 — Filing Date (Filed As Of Date)
• 001-36028 — SEC File Number (SEC File Number for Ardmore Shipping Corp)

Key Players & Entities

• Ardmore Shipping Corp (company) — Filer of the 20-F report
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• 441-405-7800 (phone_number) — Business phone number

FAQ

Industry Context

Ardmore Shipping Corp operates in the deep-sea foreign transportation of freight industry, specifically focusing on chemical tankers.

Regulatory Implications

As a foreign private issuer, Ardmore Shipping Corp files an annual report on Form 20-F with the SEC, which is a comprehensive disclosure document.

What Investors Should Do

1. Analyze the detailed financial statements for the fiscal year 2023, comparing them to prior years to identify trends in revenue, expenses, and profitability.
2. Examine the operational data, including charter types and vessel information, to understand the company's business activities and market positioning.
3. Review any disclosed risk factors and management discussions to assess potential challenges and strategic responses of Ardmore Shipping Corp.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-15: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 20-F annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common stock , par value $0.01 per share ASC New York Stock Exchan

Filing Documents

• asc-20231231x20f.htm (20-F) — 3101KB
• asc-20231231xex2d2.htm (EX-2.2) — 88KB
• asc-20231231xex4d8.htm (EX-4.8) — 3418KB
• asc-20231231xex8d1.htm (EX-8.1) — 76KB
• asc-20231231xex12d1.htm (EX-12.1) — 12KB
• asc-20231231xex12d2.htm (EX-12.2) — 13KB
• asc-20231231xex13d1.htm (EX-13.1) — 6KB
• asc-20231231xex13d2.htm (EX-13.2) — 7KB
• asc-20231231xex15d1.htm (EX-15.1) — 5KB
• asc-20231231xex97.htm (EX-97) — 41KB
• asc-20231231x20f001.jpg (GRAPHIC) — 59KB
• asc-20231231x20f004.jpg (GRAPHIC) — 47KB
• asc-20231231x20f005.jpg (GRAPHIC) — 38KB
• asc-20231231x20f006.jpg (GRAPHIC) — 41KB
• asc-20231231x20f007.jpg (GRAPHIC) — 49KB
• asc-20231231x20f013.jpg (GRAPHIC) — 43KB
• asc-20231231x20f014.jpg (GRAPHIC) — 38KB
• asc-20231231xex4d8001.jpg (GRAPHIC) — 59KB
• asc-20231231xex4d8002.jpg (GRAPHIC) — 4KB
• 0001558370-24-003409.txt (&nbsp;) — 14812KB
• asc-20231231.xsd (EX-101.SCH) — 80KB
• asc-20231231_cal.xml (EX-101.CAL) — 77KB
• asc-20231231_def.xml (EX-101.DEF) — 299KB
• asc-20231231_lab.xml (EX-101.LAB) — 477KB
• asc-20231231_pre.xml (EX-101.PRE) — 473KB
• asc-20231231x20f_htm.xml (XML) — 1339KB

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 5

Information on the Company

Item 4. Information on the Company 33

A. Unresolved Staff Comments

Item 4.A. Unresolved Staff Comments 68

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 69

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 83

Major Common Shareholders and Related Party Transactions

Item 7. Major Common Shareholders and Related Party Transactions 88

Financial Information

Item 8. Financial Information 90

The Offer and Listing

Item 9. The Offer and Listing 90

Additional Information

Item 10. Additional Information 91

Quantitative and Qualitative Disclosures about Market Risks

Item 11. Quantitative and Qualitative Disclosures about Market Risks 100

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 101 PART II 102

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 102

Material Modifications to the Rights of Shareholders and Use of Proceeds

Item 14. Material Modifications to the Rights of Shareholders and Use of Proceeds 102

Controls and Procedures

Item 15. Controls and Procedures 102

Reserved

Item 16. Reserved 103

A. Audit Committee Financial Expert

Item 16.A. Audit Committee Financial Expert 103

B. Code of Ethics

Item 16.B. Code of Ethics 103

C. Principal Accountant Fees and Services

Item 16.C. Principal Accountant Fees and Services 103

D. Exemptions from the Listing Standards for Audit Committees

Item 16.D. Exemptions from the Listing Standards for Audit Committees 104

E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 104

F. Change in Registrant's Certifying Accountant

Item 16.F. Change in Registrant's Certifying Accountant 104

G. Corporate Governance

Item 16.G. Corporate Governance 104

H. Mine Safety Disclosures

Item 16.H. Mine Safety Disclosures 104

I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104

J. Insider Trading Policies

Item 16.J. Insider Trading Policies 105

K. Cybersecurity

Item 16.K. Cybersecurity 105 PART III 106

Financial Statements

Item 17. Financial Statements 106

Financial Statements

Item 18. Financial Statements 106

Exhibits

Item 19. Exhibits 107 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF ARDMORE SHIPPING CORPORATION F-1 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with such safe harbor legislation. This annual report on Form 20-F ("Annual Report") and any other written or oral statements made by us or on our behalf may include forward-looking statements which reflect our current views and assumptions with respect to future events and financial performance and are subject to risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. In some cases, words such as "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "will", "may", "should", "expect" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements in this Annual Report include, among others, such matters as

Forward-looking statements in this Annual Report include, among others, such matters as our future operating or financial results; global and regional economic and political conditions; the strength of national economies and currencies; general market conditions; our business and growth strategies and our Energy Transition Plan ("ETP") and other plans, and related potential benefits and opportunities; fleet expansion and vessel and business acquisitions, vessels and upgrades and expected capital spending or operating expenses, including bunker prices, drydocking and insurance costs; competition in the tanker industry; shipping market trends and general market conditions, including fluctuations in charter rates and vessel values and changes in demand for and the supply of tanker vessel capacity; business disruptions due to natural disasters or other disasters or events outside of our control; the effect of Russia's ongoing invasion of Ukraine, the Hamas-Israel war and attacks against merchant vessels in the Red Sea area on, among other things, oil demand, our business, our results of operations and financial condition; charter counterparty performance; changes in governmental rules and regulations or actions taken by regulatory authorities; our intended installation and use of carbon capture ready exhaust gas scrubbers on additional vessels, and the expected benefits of scrubbers; our financial condition and liquidity, including estimates of our liquidity needs for 2024 and for the longer term and our ability to obtain financing in the future and the sources of financing to fund capital expenditures, acquisitions, refinancing of existing indebtedness and other general liquidity needs and corporate activities; our ability to comply with covenants in financing arrangements; our capital structure and how it supports our spot employment strategy and enhances financial and strategic flexibility to pursue acquisition opportunities; our exposure to inflatio

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable. 4 Table of Contents

Key Information

Item 3. Key Information Unless the context otherwise requires, when used in this Annual Report, the terms "Ardmore", "Ardmore Shipping", the "Company", "we", "our", and "us" refer to Ardmore Shipping Corporation and our consolidated subsidiaries, except that those terms, when used in this Annual Report in connection with our common shares, shall mean specifically Ardmore Shipping Corporation. The financial information included in this Annual Report represents our financial information and the operations of our vessel-owning subsidiaries and wholly owned management company. Unless otherwise indicated, all references to "dollars", "U.S. dollars" and "

View Full Filing

View this 20-F filing on SEC EDGAR