Ardmore Shipping Corporation (ASC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la logística marítima con Ardmore Shipping Corporation (ASC), un jugador dinámico que revoluciona el transporte químico y de productos de productos. Este lienzo de modelo comercial integral revela cómo ASC navega los mares complejos del envío global, combinando tecnología de vanguardia, asociaciones estratégicas y prestación de servicios innovadores para crear un ecosistema comercial robusto y adaptable que establezca nuevos estándares en el transporte marítimo.

Ardmore Shipping Corporation (ASC) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con compañías globales de gestión de barcos

Ardmore Shipping Corporation mantiene asociaciones estratégicas con las siguientes compañías de gestión de buques:

Empresa asociada	Tipo de servicios de gestión	Años de colaboración
V.	Gestión técnica y de la tripulación	Desde 2015
Bernhard Schulte Shipmanagement	Soporte técnico y tripulación	Desde 2017

Contratos a largo plazo con los principales pistoleros de productos químicos y de productos.

Las asociaciones de chateador clave de Ardmore Shipping incluyen:

• Vitol S.A. - Acuerdos de la carta de tiempo a largo plazo
• TRAFIGURA GROUP - Contratos de transporte de petroleros de productos
• Shell International Trading and Shipping Company Limited

Asociaciones con constructores navales y proveedores de tecnología marítima

Constructor de buques	Tipo de vaso	Número de embarcaciones	Año de construcción
Industrias pesadas de Hyundai	Mr petroleros de productos	6	2016-2018
Samsung Heavy Industries	Petroleros de diseño ecológico	4	2019-2020

Colaboración con instituciones financieras para financiamiento de flotas

Asociaciones financieras para la expansión y refinanciación de la flota:

Institución financiera	Tipo de financiamiento	Facilidad de crédito total	Tasa de interés
DVB Bank SE	Préstamo de adquisición de buques	$ 180 millones	LIBOR + 3.5%
Abn Amro Bank	Instalación de refinanciación	$ 220 millones	LIBOR + 3.25%
Suisse de crédito	Línea de crédito de capital de trabajo	$ 75 millones	LIBOR + 3.75%

Ardmore Shipping Corporation (ASC) - Modelo de negocio: actividades clave

Transporte marino de productos químicos y de petróleo

Ardmore Shipping Corporation opera una flota de 27 buques a partir de 2023, especializado en transporte de productos químicos y petroleros.

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Petroleros de productos de rango medio (MR)	19	1,034,000
Handsize/intermedios (MR) petroleros de productos	8	330,000

Gestión de la flota y optimización operativa

La compañía se enfoca en maximizar la eficiencia del buque a través de estrategias operativas avanzadas.

• Tasa de utilización de buques promedio: 95.2%
• Técnicas de optimización de consumo de combustible implementadas
• Sistemas de monitoreo de rendimiento en tiempo real

Adquisición de embarcaciones y modernización de la flota

Gasto de capital para la modernización de la flota en 2023: $ 185.2 millones

Año	Nuevos buques adquiridos	Monto de la inversión
2023	3	$ 185.2 millones

Gestión de riesgos y monitoreo de cumplimiento

Enfoque integral de gestión de riesgos con equipo de cumplimiento dedicado.

• ISO 9001: 2015 certificado
• IMO TIER III Cumplimiento de emisiones
• Tasa de aprobación anual de auditoría de seguridad: 100%

Operaciones de buques comerciales y técnicos

Estrategia de gestión comercial sofisticada con capacidades comerciales globales.

Métrica operacional	2023 rendimiento
Ingresos totales	$ 291.4 millones
Tasa promedio diaria de TCE	$15,672
Días de viaje	9,845

Ardmore Shipping Corporation (ASC) - Modelo de negocios: recursos clave

Flota moderna y ecológica de productos y petroleros químicos

Composición de la flota a partir de 2024:

Tipo de vaso	Número total	Total de tonelaje de peso muerto (DWT)
Mr Product/Chemical Bitoers	25	1,025,000
Buques de diseño ecológico	19	775,000

Equipo experimentado de gestión marítima

Credenciales del equipo de gestión:

• Experiencia de la industria marítima promedio: 22 años
• Senior ejecutivos con antecedentes en operaciones de envío global
• Equipo de liderazgo con experiencia marítima combinada en múltiples segmentos de envío

Sistemas avanzados de tecnología marítima y navegación

Infraestructura tecnológica:

• Sistemas de seguimiento de buques en tiempo real
• Software de optimización de ruta avanzada
• Tecnologías de monitoreo de eficiencia de combustible

Capital financiero sólido y facilidades de crédito

Posición financiera a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 1.2 mil millones
Facilidades de crédito disponibles	$ 250 millones
Equivalentes de efectivo y efectivo	$ 85 millones

Seguridad marítima integral y experiencia operativa

Métricas de rendimiento de seguridad:

• Cero incidentes marítimos principales en 2023
• ISO 9001: Gestión operativa certificada 2015
• Cumplimiento de los estándares de emisiones de IMO Tier III

Ardmore Shipping Corporation (ASC) - Modelo de negocio: propuestas de valor

Servicios de transporte marítimo confiables de alta calidad

Ardmore Shipping Corporation opera una flota de 27 embarcaciones a partir del cuarto trimestre de 2023, con una capacidad de carga total de 1,716,000 toneladas de peso muerto (DWT). La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	DWT total
Petroleros de productos de rango medio (MR)	22	1,386,000
Handsize Product Boxers	5	330,000

Soluciones de envío ambientalmente sostenibles

En 2023, Ardmore Shipping informó las siguientes métricas de desempeño ambiental:

• Reducción de la intensidad del carbono del 23.7% en comparación con la línea de base de 2019
• Inversión de $ 12.5 millones en tecnologías de eficiencia energética
• Implementación del diseño avanzado del casco que reduce el consumo de combustible en un 8-10%

Transporte de carga flexible y personalizado

Ardmore Shipping ofrece servicios de transporte especializados con las siguientes capacidades:

Categoría de servicio	Capacidades especializadas
Gama de productos	Productos de petróleo limpio, productos químicos, aceites vegetales
Cobertura geográfica	Rutas comerciales globales en 42 países

Flota avanzada con embarcaciones de eficiencia energética

Especificaciones tecnológicas de la flota:

• Edad promedio de la embarcación: 7.2 años
• 100% de los buques equipados con sistemas avanzados de optimización de combustible
• Cumplimiento de objetivos de reducción de emisiones de la OMI 2030

Capacidades de logística marítima global

Desempeño financiero relacionado con la logística global en 2023:

Métrico	Valor
Ingresos totales	$ 286.4 millones
Tasa de equivalente de la carta de tiempo (TCE)	$ 15,672 por día
Tasa de utilización de buques	96.7%

Ardmore Shipping Corporation (ASC) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con propietarios de carga

A partir de 2024, Ardmore Shipping Corporation mantiene 58 buques de petroleros de productos y productos químicos con acuerdos contractuales específicos a largo plazo. La duración promedio del contrato es de 3.2 años, que cubre aproximadamente el 72% de la capacidad operativa de su flota.

Tipo de contrato	Número de embarcaciones	Duración promedio
Contratos de petroleros de productos a largo plazo	42	3.5 años
Contratos de petroleros químicos	16	2.8 años

Servicio y soporte al cliente personalizado

El envío de Ardmore asigna $ 3.4 millones anuales a la infraestructura de gestión de relaciones con el cliente, manteniendo un equipo de atención al cliente dedicado de 47 profesionales en las oficinas globales.

Informes de comunicación y rendimiento transparentes

• Informes trimestrales de rendimiento emitidos a 89 clientes clave
• Seguimiento de métricas de rendimiento en tiempo real
• Encuesta anual de satisfacción del cliente con una tasa de respuesta positiva del 86%

Plataformas digitales para el seguimiento de embarcaciones en tiempo real

Inversión en plataformas de seguimiento digital: $ 1.2 millones en 2024, que cubre el 100% de la flota con GPS y capacidades de seguimiento de satélite.

Función de plataforma digital	Cobertura	Actualización de frecuencia
Seguimiento de ubicación del recipiente	100%	En tiempo real
Monitoreo del estado de la carga	95%	Cada 15 minutos

Gestión de cuentas dedicada

Ardmore Shipping proporciona 22 gerentes de cuentas dedicados que atienden a clientes de primer nivel, con una cartera promedio de clientes de 4-5 clientes de envío principales por gerente.

• Tiempo de respuesta promedio: 37 minutos
• Tasa de retención de clientes: 94%
• Promedio de la relación con el cliente: 5.6 años

Ardmore Shipping Corporation (ASC) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Ardmore Shipping Corporation mantiene un equipo de ventas directo de 12 profesionales a partir de 2024, centrándose en servicios especializados de transporte marítimo.

Métrica del equipo de ventas	Datos cuantitativos
Personal de ventas totales	12 profesionales
Interacciones anuales del cliente	Aproximadamente 350 compromisos directos
Tasa de retención de cliente promedio	87.5%

Conferencias y exposiciones de la industria marítima

Ardmore Shipping participa en 7 conferencias marítimas internacionales anualmente, con una asignación de presupuesto de $ 425,000 para gastos de exhibición y redes.

• Conferencia Marítima Global (Singapur)
• Cumbre de tecnología de envío (Hamburgo)
• Expo de transporte marino (Houston)
• Semana de envío internacional (Londres)

Plataformas digitales en línea

Los canales digitales representan el 35% de la estrategia de participación del cliente de Ardmore Shipping en 2024.

Plataforma digital	Tráfico mensual del sitio web	Tasa de compromiso digital
Sitio web corporativo	22,500 visitantes únicos	4.2%
Página de la empresa de LinkedIn	8.750 seguidores	2.7%

Redes de redes y referencias de la industria

El envío de Ardmore aprovecha 45 asociaciones estratégicas de la industria para la adquisición de clientes y las redes de referencia.

Corredores marítimos e intermediarios

La compañía trabaja con 18 corredores marítimos a nivel mundial, representando aproximadamente el 40% de las transacciones comerciales totales.

Categoría de corredor	Número de corredores	Volumen de transacción
Corredores marítimos globales	12	32% de las transacciones
Intermediarios marítimos regionales	6	8% de las transacciones

Ardmore Shipping Corporation (ASC) - Modelo de negocio: segmentos de clientes

Fabricantes de productos químicos

A partir de 2024, el envío de Ardmore sirve a los fabricantes de productos químicos con una flota de camiones cisterna química especializada.

Tipo de cliente	Volumen de carga anual	Alcance geográfico
Empresas de productos químicos especializados	1.2 millones de toneladas métricas	Global (América del Norte, Europa, Asia)
Compañías petroquímicas	850,000 toneladas métricas	Rutas de comercio internacional

Comerciantes de productos petroleros

Ardmore Shipping ofrece servicios de transporte para comerciantes de productos de petróleo.

• Transporte promedio anual del producto petrolero: 2.5 millones de barriles
• Regiones comerciales clave: Medio Oriente, sudeste asiático, Estados Unidos
• Flota de petroleros de productos especializados: 27 embarcaciones

Cargadores de productos básicos industriales

Los cargadores de productos básicos industriales representan un segmento crítico de clientes para el envío de Ardmore.

Tipo de mercancía	Volumen de envío anual	Contribución de ingresos
Químicos	1.5 millones de toneladas métricas	42% de los ingresos totales
Productos de petróleo	2.3 millones de toneladas métricas	58% de los ingresos totales

Empresas de logística marítima global

Ardmore Shipping colabora con compañías globales de logística marítima.

• Número de socios logísticos: 47
• Cobertura de la red de logística internacional: 18 países
• Contratos de servicio logísticos anuales promedio: 22

Corporaciones del sector energético

Las corporaciones del sector energético forman un segmento de clientes significativo para el envío de Ardmore.

Segmento del sector energético	Número de clientes corporativos	Volumen de transporte anual
Aceite & Compañías de gas	15 corporaciones importantes	3.7 millones de toneladas métricas
Empresas de energía renovable	8 empresas emergentes	450,000 toneladas métricas

Ardmore Shipping Corporation (ASC) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir de 2024, la flota de Ardmore Shipping Corporation consta de 25 buques con un valor total de la flota estimado en $ 845.6 millones. Los costos anuales de mantenimiento de los buques son de aproximadamente $ 42.3 millones.

Tipo de vaso	Número de embarcaciones	Costo de mantenimiento promedio por barco
Petroleros de productos	16	$ 1.8 millones/año
Camiones cisterna químicos	9	$ 2.2 millones/año

Salarios de la tripulación y entrenamiento

Los gastos anuales relacionados con la tripulación totalizan $ 37.5 millones, con un costo promedio de la tripulación de $ 250,000 por barco anualmente.

• Salario de marina: $ 28.6 millones
• Programas de capacitación y certificación: $ 4.9 millones
• Salud y seguro de la tripulación: $ 4 millones

Costos de combustible y operativo

El gasto total anual de combustible es de $ 65.4 millones, con un consumo promedio de combustible de 30 toneladas métricas por barco por día.

Tipo de combustible	Consumo anual	Costo promedio por tonelada métrica
Aceite diesel marino	24,500 toneladas métricas	$620
Combustible pesado	18,300 toneladas métricas	$480

Cumplimiento regulatorio y seguro

El cumplimiento y los gastos de seguro ascienden a $ 22.1 millones anuales.

• Costos de cumplimiento regulatorio: $ 8.6 millones
• Seguro de casco y maquinaria: $ 7.5 millones
• Protección y seguro de indemnización: $ 6 millones

Tecnología e inversiones en infraestructura digital

La inversión en tecnología anual es de $ 5.7 millones, centrándose en la navegación digital, la gestión de la flota y los sistemas de ciberseguridad.

Categoría de tecnología	Monto de la inversión
Software de gestión de flotas	$ 2.1 millones
Sistemas de ciberseguridad	$ 1.8 millones
Tecnologías de navegación digital	$ 1.8 millones

Ardmore Shipping Corporation (ASC) - Modelo de negocios: flujos de ingresos

Contratos de la carta de tiempo

Para el año fiscal 2023, Ardmore Shipping Corporation reportó ingresos de la carta de tiempo de $ 149.3 millones. La compañía opera una flota de 22 petroleros de productos y 5 petroleros químicos/petroleros bajo los arreglos de la charter de tiempo.

Tipo de vaso	Número de embarcaciones	Tasa de chárter diaria promedio	Ingresos anuales de la carta
Petroleros de productos	22	$15,200	$ 121.6 millones
Petroleros químicos/petroleros	5	$17,500	$ 27.7 millones

Ingresos de la carta de viaje

En 2023, Ardmore Shipping Corporation generó ingresos de la carta de viaje de $ 37.5 millones. Estos ingresos se derivan de contratos de transporte a corto plazo.

• Duración promedio del viaje: 25-30 días
• Volúmenes de carga típicos: 35,000-45,000 toneladas métricas por viaje
• Cobertura geográfica: rutas marítimas globales

Contratos de arrendamiento de buques

Los contratos de arrendamiento de la embarcación de la compañía contribuyeron con $ 22.8 millones a los ingresos totales en 2023.

Tipo de arrendamiento	Número de recipientes arrendados	Ingresos anuales de arrendamiento
Charters sin barra	3	$ 12.4 millones
Arrendamientos del mercado spot	2	$ 10.4 millones

Tarifas de servicio de logística marítima

Las tarifas de servicio de logística marítima ascendieron a $ 16.2 millones en 2023, lo que representa flujos de ingresos adicionales más allá de las operaciones de buques directos.

• Servicios de manejo de carga
• Tarifas de gestión técnica
• Servicios de corretaje y asesoramiento

Ingresos de transporte de flete

Los ingresos por transporte de carga para Ardmore Shipping Corporation alcanzaron los $ 53.6 millones en 2023.

Tipo de carga	Ingresos totales de flete	Porcentaje de ingresos totales
Productos de petróleo limpio	$ 38.5 millones	71.8%
Productos químicos	$ 15.1 millones	28.2%

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Ardmore Shipping Corporation (ASC) right now, late in 2025. It's all about the hardware, the flexibility it offers, and the commitment to cleaner operations.

Modern Eco-Design MR and chemical tankers for fuel efficiency

Ardmore Shipping Corporation focuses on a modern, fuel-efficient fleet. As of September 30, 2025, the fleet stood at 27 vessels in operation. This included 21 MR tankers and 6 owned Eco-Design IMO 2 product/chemical tankers. The MR tankers range in size from 45,000 deadweight tons (dwt) to 50,200 dwt, while the chemical tankers range from 25,000 dwt to 37,800 dwt. The company recently added to this by completing the acquisition of three modern, high-quality, Korean-built MR tankers for an aggregate purchase price of $103.9 million during the third quarter of 2025.

The focus on efficiency is backed by investment:

• In 2024, Ardmore Shipping spent $14 million on energy efficiency projects.
• The company expects to implement further vessel upgrades in 2025 alongside its drydocking program.
• Projected Dry Docking Capital Expenditures for 2025 were between $35 million and $38 million, with about 50% allocated to coatings and efficiency upgrades.

Dual-purpose fleet flexibility (petroleum products and chemicals)

The value here is the ability to switch between the clean petroleum product and chemical sectors, which management highlights as a strategic focus. This interchangeability is reflected in the strong daily earnings achieved across both segments in Q3 2025:

Vessel Type	Q3 2025 Average Spot TCE Rate (per day)	Q4 2025 Booked Rate (partial coverage)
MR Tankers	$24,697	$24,900 (for 40% of days booked)
Chemical Tankers	$22,611	$22,200 (for 35% of days booked)

The company's cash break-even rate was reduced to $11,700 per day.

High-quality service to top-tier charterers globally

Ardmore Shipping Corporation provides transportation services to oil majors, national oil companies, and chemical traders. Securing long-term contracts with high-quality counterparties locks in revenue streams, even while the fleet primarily trades in the spot market.

Recent examples of these high-quality arrangements include:

• One 2014-built MR committed on a two-year time charter at $21,250 per day to a top-tier oil major.
• One 25,000-ton chemical tanker committed on a three-year time charter at $19,250 per day to a top-tier chemical producer.

Enhanced cargo flexibility using MarineLine coatings for premium cargoes

The investment in vessel enhancements directly translates to better earning potential by opening up more cargo options. Previously announced tank coating upgrades were completed on the majority of chemical tankers. This has resulted in premium returns for the chemical fleet by allowing access to an even wider cargo slate. Advanced hull coatings, in general, can reduce a ship's resistance by up to 8%.

Commitment to decarbonization via the Energy Transition Plan

The Energy Transition Plan (ETP) is central to enhancing operational efficiency and reducing carbon emissions. This commitment is supported by digital tools, such as the AI-powered voyage optimization program rolled out in 2024 with DeepSea AI, which achieves quantifiable fuel savings. Furthermore, the company previously implemented 20 energy-saving initiatives in 2022 that achieved returns often exceeding 100%.

The Q3 2025 financial results demonstrate the market's reaction to the company's performance, with Revenue at $81.24 million and Adjusted EPS at $0.31.

Finance: draft 13-week cash view by Friday.

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Customer Relationships

Ardmore Shipping Corporation provides seaborne transportation of clean petroleum products, chemicals, and transition fuels worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation enjoys close working relationships with key commercial and technical management partners.

The customer relationship strategy balances securing long-term revenue with capitalizing on spot market volatility. As of September 30, 2025, Ardmore Shipping Corporation had 27 vessels in operation, including two chartered-in vessels.

Long-term commercial relationship building with key counterparties

Ardmore Shipping Corporation selectively locks in quality time charter-out contracts with top-tier counterparties to secure attractive near-term and multi-year returns.

• The core strategy includes building key long-term commercial relationships.
• Customers include oil majors, national oil companies, oil and chemical traders, and chemical companies.
• Ardmore Shipping Corporation seeks customers who value its active approach to fuel efficiency and excellent service delivery.

High-touch service for time charter clients (e.g., two-year MR charter)

Vessels under contract provide more predictable revenue streams, often involving high-touch service for the duration of the agreement. As of September 30, 2025, Ardmore Shipping Corporation had five vessels employed under time charters (four product tankers and one chemical tanker).

Specific long-term commitments include:

• One 2014-built MR tanker committed on a two-year time charter at $21,250 per day to a top-tier oil major.
• One 25,000-ton chemical tanker committed to a three-year time-charter-out contract at $19,250 per day to a top-tier chemical producer (as of June 30, 2025).

For the three months ended September 30, 2025, there were 378 revenue days derived from time charters, an increase from 92 revenue days for the same period in 2024.

Transactional relationship management in the spot market

While predominately trading its fleet in the spot market, Ardmore Shipping Corporation maintains commercial flexibility. As of September 30, 2025, 22 vessels were employed directly in the spot market.

Spot market performance for the three months ended September 30, 2025:

Vessel Type	Average Spot TCE Rate (per day)	Spot Revenue Days
MR tankers	$24,697	(Implied from total days and time charter days)
Chemical tankers	$22,611	(Implied from total days and time charter days)

For the three months ended September 30, 2025, there were 1,938 spot revenue days.

Strong governance and reliable operational performance

The relationships are underpinned by strong governance and a high-performing operating platform. Commercial and chartering expenses, which are attributable to spot trading activities, were $1.1 million for the three months ended September 30, 2025.

• Ardmore Shipping Corporation is guided by strong governance and a consistent approach to capital allocation.
• The company reported net income attributable to common stockholders of $12.1 million for the three months ended September 30, 2025.
• The fleet is modern and fuel-efficient, supporting performance and emissions reduction trends.

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Channels

Ardmore Shipping Corporation (ASC) uses its fleet of 27 vessels in operation as of September 30, 2025, to deliver its seaborne transportation services globally. This fleet consists of 21 MR tankers and 6 owned Eco-Design IMO 2 product/chemical tankers. The channels for reaching customers are a mix of direct engagement and participation in shared commercial structures.

Direct negotiation of voyage charters (spot market)

The primary channel for revenue generation is the direct negotiation of voyage charters, meaning the vessels are traded on the spot market for specific voyages, typically lasting less than three months. Commercial and chartering expenses, which are tied to these spot trading activities, were $1.1 million for the three months ended September 30, 2025. You see the day-to-day market exposure in the realized spot rates for the third quarter of 2025:

Vessel Segment	Average Spot TCE Rate (Q3 2025)	Forward Booked Spot TCE Rate (Q4 2025)
MR Tankers	$24,697 per day	Approximately $24,900 per day
Chemical Tankers	$22,611 per day	Approximately $22,200 per day

For the fourth quarter of 2025 outlook, Ardmore Shipping Corporation had approximately 40% of total revenue days fixed for MR tankers and approximately 35% for chemical tankers. This shows a clear preference for maintaining high exposure to immediate market rates.

Direct negotiation of time charters (fixed-rate contracts)

While spot trading dominates, Ardmore Shipping Corporation also secures fixed-rate contracts through time charters to provide a degree of revenue certainty. The company markets its services directly to customers like oil majors, national oil companies, and traders for these arrangements. The recent activity in this channel includes:

• Committing one 2014-built MR tanker on a two-year time charter at $21,250 per day to a top-tier oil major.
• As of Q2 2025, four MR tankers were on fixed-rate charters averaging $22,500 per day for six to twelve months.

This fixed-rate business is a deliberate counterpoint to the spot market volatility.

Participation in third-party commercial pools

Ardmore Shipping Corporation utilizes participation in third-party commercial pools as another key channel for employment. This allows the company to leverage the scale and market reach of pool operators for vessel employment. The company enjoys close working relationships with key commercial and technical management partners who facilitate these arrangements. The search results confirm the use of commercial pools alongside voyage and time charters, though specific financial contribution percentages for late 2025 weren't detailed.

Global network covering all major oil and chemical trade routes

The physical channel is the worldwide operation of its modern, fuel-efficient fleet of product and chemical tankers. These vessels are not bound to specific ports or schedules, allowing the company to respond to market opportunities across trade lanes. The customer base served through this global network includes oil majors, national oil companies, oil and chemical traders, and chemical companies. The fleet as of September 30, 2025, included 19 owned Eco-Design MR tankers and six owned Eco-Design IMO 2 product/chemical tankers, all contributing to this global reach.

Here's a quick look at the charter mix impact on revenue days for the prior year's final quarter:

Charter Type	Revenue Days (Q4 2024)	Revenue Impact (Q4 2024 vs Q4 2023)
Time Charter	92	Increase of $2.8 million
Spot Voyage	Majority of Revenue	Average TCE Rate: $22,353 per day

If onboarding takes 14+ days, churn risk rises; for Ardmore Shipping Corporation, maintaining high utilization across these channels is key to covering fixed operating costs.

Finance: draft 13-week cash view by Friday.

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Customer Segments

Ardmore Shipping Corporation serves a global client base requiring the seaborne transportation of petroleum products and chemicals using its fleet of modern, fuel-efficient mid-size tankers.

The specific customer types Ardmore Shipping Corporation provides services to include:

• Oil majors
• National oil companies
• Oil and chemical traders
• Chemical companies
• Pooling service providers

The company primarily trades its fleet in the spot market, but also secures key commercial relationships through time charters with top-tier counterparties. For instance, as of late 2025, Ardmore Shipping Corporation committed one of its 2014-built MR vessels on a two-year time charter at $21,250 per day to a top-tier oil major.

The fleet composition as of September 30, 2025, directly reflects the capacity dedicated to serving these product and chemical segments:

Vessel Type	Size Range (dwt)	Count (as of Sep 30, 2025)	Primary Service Focus
MR Tankers (Eco-Design)	45,000 to 50,200	19 owned	Petroleum Products / Chemicals
MR Tankers (Eco-Mod)	45,000 to 50,200	2 chartered-in	Petroleum Products / Chemicals
Product / Chemical Tankers (Eco-Design IMO 2)	25,000 to 37,800	6 owned	Chemicals

The total operational fleet size as of September 30, 2025, was 27 vessels, comprising 21 MR tankers and 6 Product / Chemical Tankers.

The chemical segment customers are served by the smaller, specialized IMO 2 tankers, with one 25,000-ton chemical tanker committed on a three-year time-charter-out contract at $19,250 per day to a top-tier chemical producer.

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Ardmore Shipping Corporation's operational costs, which is key to understanding their resilience in volatile shipping markets. Honestly, keeping these costs low is what lets them stay cash positive even when day rates dip.

Vessel operating expenses (OpEx) and crew costs are a major fixed-to-semi-fixed component. For the three months ended June 30, 2025, Vessel Operating Expenses totaled $15.4 million, showing a decrease of $0.8 million compared to the same period in 2024. Crew costs are embedded within this OpEx figure, which is managed through their joint venture, Anglo Ardmore Ship Management Limited.

The variable costs tied to each journey, the voyage expenses (bunker fuel, port fees), saw a significant positive swing in Q2 2025. Ardmore Shipping reported a strong 28% lower voyage expenses in Q2 2025 compared to Q2 2024. This saving was driven by a $6.6 million reduction in bunker costs and a $2.9 million decline in port, broker, and agency commission costs.

Debt servicing costs on bank loans and credit facilities have also been actively managed. Interest expense and finance costs for the three months ended June 30, 2025, were $1.0 million, which was a $1.0 million decrease from $2.0 million in Q2 2024. This reduction stems from paying down debt and refinancing; as of June 30, 2025, only $25.0 million was drawn down under their revolving credit facilities. Furthermore, on October 31, 2025, Ardmore Shipping fully redeemed all outstanding Series A Preferred Stock for $30.6 million.

Capital expenditure for fleet renewal and efficiency upgrades is a forward-looking cost that impacts future OpEx. Projected capital expenditures for the full year 2025 are $37 million, with nearly half of that being elective CapEx focused on efficiency. This spending supports fleet renewal, such as the recent acquisition of three modern MR tankers for a total of $103.9 million, which were delivered during Q3 2025.

The result of this cost discipline is a highly competitive low cash break-even of approximately $11,700 per day as reported for Q3 2025, which includes CapEx for dry docking cycles. If you exclude that CapEx, the operating break-even is an even lower $10,800 per day. This low threshold provides significant operating leverage.

Here's a quick look at some of the key cost components from the second quarter of 2025:

Cost Component	Period Ended June 30, 2025 Amount	Comparison/Context
Vessel Operating Expenses (OpEx)	$15.4 million	For the three months; a decrease of $0.8 million year-over-year
Interest Expense and Finance Costs	$1.0 million	For the three months; a decrease of $1.0 million year-over-year
Voyage Expense Reduction (Q2 2025 vs Q2 2024)	28% lower	Driven by $6.6 million lower bunker costs
Outstanding Debt on Revolving Facilities	$25.0 million	As of June 30, 2025
Projected Total Capital Expenditure (2025)	$37 million	Nearly half is elective CapEx for efficiency
Cash Break-Even Rate	$11,700 per day	As of Q3 2025 results

The company's focus on fleet upgrades and debt reduction directly impacts the structure. For instance, the three new MR tankers acquired totaled $103.9 million.

You can see the impact of cost control in the following breakdown of Q2 2025 expense changes:

• Vessel operating expenses: $15.4 million
• Interest expense and finance costs: $1.0 million
• Corporate General and Administrative Expenses: $4.8 million
• Commercial and Chartering Expenses: $1.3 million

Finance: draft 13-week cash view by Friday.

Ardmore Shipping Corporation (ASC) - Canvas Business Model: Revenue Streams

You're looking at how Ardmore Shipping Corporation brings in the money, which is heavily tied to the volatile but currently strong product tanker market. Honestly, the revenue streams are pretty straightforward for a tanker company, centering on charter earnings.

The primary income from Spot Market Time Charter Equivalent (TCE) earnings makes up the bulk of the top line, reflecting the day-to-day market rates for their vessels. This is where you see the immediate impact of market dynamics. For instance, Ardmore Shipping Corporation reported that for the three months ended September 30, 2025, their MR tankers earned an average spot TCE rate of \$24,697 per day.

Still, Ardmore Shipping Corporation locks in some predictable cash flow through fixed income from Time Charters. This helps smooth out the volatility from the spot market. You see this in action with a recent example: the company committed one of its 2014-built MRs on a two-year time charter at \$21,250 per day to a top-tier oil major. As of September 30, 2025, the company had four product tankers and one chemical tanker employed under time charters.

Looking at the overall financial performance for the period, Ardmore Shipping Corporation's Q3 2025 Revenue totaled \$81.2 million. This revenue is a blend of the spot market activity and those fixed-rate charters. You can see the split in spot performance for that quarter:

Vessel Class	Q3 2025 Average Spot TCE (per day)	Q4 2025 Fixed Rate (per day)	Q4 2025 Fixed Coverage
MR Tankers	\$24,697	\$24,900	Approx. 40%
Chemical Tankers	\$22,611	\$22,200	Approx. 35%

The spot market rates for the third quarter of 2025 were strong, but the forward book for the fourth quarter shows a slight softening in the chemical segment's fixed rates, though MR rates remain high. The company is definitely capitalizing on current conditions. Here are the key spot TCE figures for Q3 2025:

• Q3 2025 MR spot TCE averaged \$24,697 per day
• Q3 2025 Chemical spot TCE averaged \$22,611 per day
• Revenue days from time charters increased significantly year-over-year for Q3 2025, generating an increase in revenue of \$4.7 million compared to Q3 2024.
• The company fully redeemed all outstanding Series A Preferred Stock on October 31, 2025, for \$30.6 million, which impacts the capital structure but not the core operating revenue streams.

The revenue stream is also supported by the recent fleet expansion; Ardmore Shipping Corporation took delivery of three modern, Korean-built MR tankers during Q3 2025, acquired for an aggregate purchase price of \$103.9 million. Finance: draft 13-week cash view by Friday.