Ardmore Shipping Corporation (ASC): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de la logistique maritime avec Ardmore Shipping Corporation (ASC), un joueur dynamique révolutionnant le transport chimique et des pétroliers. Cette toile complète du modèle commercial révèle comment l'ASC navigue dans les mers complexes de l'expédition mondiale, le mélange de technologies de pointe, les partenariats stratégiques et la prestation de services innovants pour créer un écosystème commercial robuste et adaptable qui établit de nouvelles normes dans le transport maritime.

Ardmore Shipping Corporation (ASC) - Modèle commercial: partenariats clés

Alliances stratégiques avec les sociétés mondiales de gestion des navires

Ardmore Shipping Corporation entretient des partenariats stratégiques avec les sociétés de gestion des navires suivantes:

Entreprise partenaire	Type de services de gestion	Années de collaboration
V. navires	Gestion technique et d'équipage	Depuis 2015
Bernhard Schulte Shipmanagement	Crewing et support technique	Depuis 2017

Contrats à long terme avec des affréteurs majeurs de pétroliers chimiques et de produits

Les partenariats principaux de la charterie d'Ardmore Shipping comprennent:

• Vitol S.A. - Accords de charte à long terme
• Trafigura Group - Contrats de transport de pétroliers de produits
• Shell International Trading and Shipping Company Limited

Partenariats avec les constructeurs navals et les fournisseurs de technologies maritimes

Constructeur de navires	Type de navire	Nombre de navires	Année de construction
Hyundai Heavy Industries	Mr Product Tankers	6	2016-2018
Samsung Heavy Industries	Camions-citernes à conception	4	2019-2020

Collaboration avec les institutions financières pour le financement de la flotte

Partenariats financiers pour l'expansion et le refinancement de la flotte:

Institution financière	Type de financement	Facilité de crédit totale	Taux d'intérêt
DVB Bank SE	Prêt d'acquisition de navires	180 millions de dollars	Libor + 3,5%
ABN AMRO BANK	Centre de refinancement	220 millions de dollars	Libor + 3,25%
Credit Suisse	Ligne de crédit du fonds de roulement	75 millions de dollars	Libor + 3,75%

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: activités clés

Transport marin de produits chimiques et pétroliers

Ardmore Shipping Corporation exploite une flotte de 27 navires à partir de 2023, spécialisée dans le transport de produits chimiques et pétroliers.

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Sanners de produits à moyenne portée (MR)	19	1,034,000
Camionniers de produits de produits HandySize / Intermediate (MR)	8	330,000

Gestion de la flotte et optimisation opérationnelle

L'entreprise se concentre sur la maximisation de l'efficacité des navires grâce à des stratégies opérationnelles avancées.

• Taux d'utilisation moyen des navires: 95,2%
• Techniques d'optimisation de la consommation de carburant implémentées
• Systèmes de surveillance des performances en temps réel

Acquisition des navires et modernisation des flotte

Dépenses en capital pour la modernisation des flotte en 2023: 185,2 millions de dollars

Année	Nouveaux navires acquis	Montant d'investissement
2023	3	185,2 millions de dollars

Gestion des risques et surveillance de la conformité

Approche complète de gestion des risques avec l'équipe de conformité dédiée.

• ISO 9001: 2015 certifié
• Compliance des émissions de niveau IMO III
• Taux de réussite d'audit de sécurité annuel: 100%

Opérations de navires commerciaux et techniques

Stratégie de gestion commerciale sophistiquée avec des capacités commerciales mondiales.

Métrique opérationnelle	Performance de 2023
Revenus totaux	291,4 millions de dollars
Taux TCE quotidien moyen	$15,672
Jours de voyage	9,845

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: Ressources clés

Produit moderne et éco-efficace et flotte de pétroliers

Composition de la flotte en 2024:

Type de navire	Nombre total	Tonnage total de poids mort (DWT)
Produit MR / pétroliers	25	1,025,000
Navires d'éco-conception	19	775,000

Équipe de gestion maritime expérimentée

Équipes de gestion des informations d'identification:

• Expérience moyenne de l'industrie maritime: 22 ans
• Cadres supérieurs ayant des antécédents dans les opérations d'expédition mondiales
• Équipe de leadership avec une expertise maritime combinée sur plusieurs segments d'expédition

Systèmes avancés de technologie maritime et de navigation

Infrastructure technologique:

• Systèmes de suivi des navires en temps réel
• Logiciel avancé d'optimisation des routes
• Technologies de surveillance de l'efficacité énergétique

Capitaux financiers et de crédit financiers solides

Situation financière au Q4 2023:

Métrique financière	Montant
Actif total	1,2 milliard de dollars
Facilités de crédit disponibles	250 millions de dollars
Equivalents en espèces et en espèces	85 millions de dollars

Expertise complète de sécurité maritime et d'expertise

Mesures de performance de sécurité:

• Zéro incidents maritimes majeurs en 2023
• ISO 9001: Gestion opérationnelle certifiée 2015
• Conformité aux normes d'émissions de niveau IMO de niveau III

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: propositions de valeur

Services de transport maritime fiables de haute qualité

Ardmore Shipping Corporation exploite une flotte de 27 navires au quatrième trimestre 2023, avec une capacité de charge totale de 1 716 000 tonnes de poids mort (DWT). La composition de la flotte de l'entreprise comprend:

Type de navire	Nombre de navires	TTA TWT total
Sanners de produits à moyenne portée (MR)	22	1,386,000
Handysize Product Tankers	5	330,000

Solutions d'expédition respectueuses de l'environnement

En 2023, Ardmore Shipping a rapporté les mesures de performance environnementale suivantes:

• Réduction de l'intensité du carbone de 23,7% par rapport à la ligne de base 2019
• Investissement de 12,5 millions de dollars dans les technologies d'efficacité énergétique
• Mise en œuvre de la conception avancée de la coque réduisant la consommation de carburant de 8 à 10%

Transport de fret flexible et personnalisé

Ardmore Shipping fournit des services de transport spécialisés avec les capacités suivantes:

Catégorie de service	Capacités spécialisées
Gamme de produits	Produits de pétrole propres, produits chimiques, huiles végétales
Couverture géographique	Les routes commerciales mondiales dans 42 pays

Flotte avancée avec des navires économes en énergie

Spécifications technologiques de la flotte:

• Âge moyen du navire: 7,2 ans
• 100% des navires équipés de systèmes d'optimisation de carburant avancés
• Conformité aux cibles de réduction des émissions de l'OMI 2030

Capacités de logistique maritime mondiale

Performance financière liée à la logistique mondiale en 2023:

Métrique	Valeur
Revenus totaux	286,4 millions de dollars
Taux équivalent à la Charte à l'heure (TCE)	15 672 $ par jour
Taux d'utilisation du navire	96.7%

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec les propriétaires de fret

Depuis 2024, Ardmore Shipping Corporation conserve 58 navires de camion-citernes de produits et de produits chimiques avec des accords contractuels à long terme spécifiques. La durée moyenne du contrat est de 3,2 ans, couvrant environ 72% de la capacité opérationnelle de leur flotte.

Type de contrat	Nombre de navires	Durée moyenne
Contrats de pétrolier à long terme	42	3,5 ans
Contrats de pétrolier chimique	16	2,8 ans

Service client et assistance personnalisés

Ardmore Shipping alloue 3,4 millions de dollars par an à l'infrastructure de gestion de la relation client, en maintenant une équipe de support client dédiée de 47 professionnels dans les bureaux mondiaux.

Communication transparente et rapport de performance

• Rapports de performance trimestriels publiés à 89 clients clés
• Suivi des métriques de performance en temps réel
• Enquête annuelle sur la satisfaction du client avec un taux de réponse positif de 86%

Plateformes numériques pour le suivi des navires en temps réel

Investissement dans les plates-formes de suivi numérique: 1,2 million de dollars en 2024, couvrant 100% de la flotte avec des GPS et des capacités de suivi des satellites.

Fonctionnalité de plate-forme numérique	Couverture	Mettre à jour la fréquence
Suivi de l'emplacement des navires	100%	En temps réel
Surveillance de l'état du fret	95%	Toutes les 15 minutes

Gestion de compte dédiée

Ardmore Shipping fournit 22 gestionnaires de comptes dédiés desservant des clients de haut niveau, avec un portefeuille client moyen de 4 à 5 clients d'expédition majeurs par gestionnaire.

• Temps de réponse moyen: 37 minutes
• Taux de rétention de la clientèle: 94%
• Tenure moyenne de la relation client: 5,6 ans

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Ardmore Shipping Corporation maintient une équipe de vente directe de 12 professionnels à partir de 2024, en se concentrant sur des services de transport maritime spécialisés.

Métrique de l'équipe de vente	Données quantitatives
Total des ventes	12 professionnels
Interactions annuelles du client	Environ 350 engagements directs
Taux de rétention de la clientèle moyen	87.5%

Conférences et expositions de l'industrie maritime

Ardmore Shipping participe à 7 conférences maritimes internationales par an, avec une allocation budgétaire de 425 000 $ pour les frais d'exposition et de réseautage.

• Conférence mondiale maritime (Singapour)
• Summit sur la technologie de l'expédition (Hambourg)
• Marine Transportation Expo (Houston)
• Semaine internationale de l'expédition (Londres)

Plateformes numériques en ligne

Les canaux numériques représentent 35% de la stratégie d'engagement client d'Ardmore Shipping en 2024.

Plate-forme numérique	Trafic mensuel du site Web	Taux d'engagement numérique
Site Web de l'entreprise	22 500 visiteurs uniques	4.2%
Page de société LinkedIn	8 750 abonnés	2.7%

Réseautage de l'industrie et réseaux de référence

Ardmore Shipping tire parti des partenariats de l'industrie stratégique pour l'acquisition de clients et les réseaux de référence.

Courtiers maritimes et intermédiaires

La société travaille avec 18 courtiers maritimes dans le monde, représentant environ 40% du total des transactions commerciales.

Catégorie de courtier	Nombre de courtiers	Volume de transaction
Courtiers maritimes mondiaux	12	32% des transactions
Intermédiaires maritimes régionaux	6	8% des transactions

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: segments de clientèle

Fabricants de produits chimiques

En 2024, Ardmore Shipping sert des fabricants de produits chimiques avec une flotte de pétroliers spécialisés.

Type de client	Volume de fret annuel	Portée géographique
Entreprises chimiques spécialisées	1,2 million de tonnes métriques	Global (Amérique du Nord, Europe, Asie)
Sociétés pétrochimiques	850 000 tonnes métriques	Routes commerciales internationales

Traders de produits pétroliers

Ardmore Shipping fournit des services de transport pour les commerçants de produits pétroliers.

• Transport annuel moyen des produits pétroliers: 2,5 millions de barils
• Régions commerciales clés: Moyen-Orient, Asie du Sud-Est, États-Unis
• Flotte de pétroliers spécialisés: 27 navires

Expéditeurs de produits industriels

Les expéditeurs de matières premières industriels représentent un segment de clientèle critique pour Ardmore Shipping.

Type de marchandise	Volume d'expédition annuel	Contribution des revenus
Produits chimiques	1,5 million de tonnes métriques	42% des revenus totaux
Produits pétroliers	2,3 millions de tonnes métriques	58% des revenus totaux

Entreprises de logistique maritime mondiale

Ardmore Shipping collabore avec les sociétés mondiales de logistique maritime.

• Nombre de partenaires logistiques: 47
• Couverture du réseau logistique international: 18 pays
• Contrats de services logistiques annuels moyens: 22

Corporations du secteur de l'énergie

Les sociétés du secteur de l'énergie forment un segment de clientèle important pour la livraison Ardmore.

Segment du secteur de l'énergie	Nombre de clients d'entreprise	Volume de transport annuel
Huile & Sociétés gazières	15 grandes entreprises	3,7 millions de tonnes métriques
Entreprises d'énergie renouvelable	8 entreprises émergentes	450 000 tonnes métriques

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

En 2024, la flotte d'Ardmore Shipping Corporation se compose de 25 navires avec une valeur totale de la flotte estimée à 845,6 millions de dollars. Les coûts annuels de maintenance des navires sont d'environ 42,3 millions de dollars.

Type de navire	Nombre de navires	Coût de maintenance moyen par navire
Pétroliers de produits	16	1,8 million de dollars / an
Pétroliers	9	2,2 millions de dollars / an

Salaire et formation de l'équipage

Les dépenses annuelles liées à l'équipage totalisent 37,5 millions de dollars, avec un coût d'équipage moyen de 250 000 $ par navire par an.

• Salaires de la mer: 28,6 millions de dollars
• Programmes de formation et de certification: 4,9 millions de dollars
• Santé et assurance de l'équipage: 4 millions de dollars

Coûts de carburant et d'exploitation

Les dépenses annuelles totales de carburant sont de 65,4 millions de dollars, avec une consommation moyenne de carburant de 30 tonnes métriques par navire par jour.

Type de carburant	Consommation annuelle	Coût moyen par tonne métrique
Huile de diesel marin	24 500 tonnes métriques	$620
Fourniture de carburant	18 300 tonnes métriques	$480

Compliance et assurance réglementaires

Les frais de conformité et d'assurance s'élèvent à 22,1 millions de dollars par an.

• Coûts de conformité réglementaire: 8,6 millions de dollars
• Assurance de la coque et des machines: 7,5 millions de dollars
• Assurance de protection et d'indemnisation: 6 millions de dollars

Investissements technologiques et infrastructures numériques

L'investissement technologique annuel est de 5,7 millions de dollars, en se concentrant sur la navigation numérique, la gestion des flotte et les systèmes de cybersécurité.

Catégorie de technologie	Montant d'investissement
Logiciel de gestion de la flotte	2,1 millions de dollars
Systèmes de cybersécurité	1,8 million de dollars
Technologies de navigation numérique	1,8 million de dollars

Ardmore Shipping Corporation (ASC) - Modèle d'entreprise: Strots de revenus

Contrats de la charte à l'heure

Pour l'exercice 2023, Ardmore Shipping Corporation a rapporté des revenus à la charte à l'heure de 149,3 millions de dollars. L'entreprise exploite une flotte de 22 pétroliers et 5 pétroliers chimiques / pétroliers sous des dispositions de charte à temps.

Type de navire	Nombre de navires	Taux de charte quotidien moyen	Revenus charter annuels
Pétroliers de produits	22	$15,200	121,6 millions de dollars
Camion-citernes chimiques	5	$17,500	27,7 millions de dollars

Revenus charter de voyage

En 2023, Ardmore Shipping Corporation a généré des revenus de charte de voyage de 37,5 millions de dollars. Ces revenus proviennent de contrats de transport à court terme.

• Durée moyenne du voyage: 25-30 jours
• Volumes de fret typiques: 35 000 à 45 000 tonnes métriques par voyage
• Couverture géographique: routes maritimes mondiales

Accords de location de navires

Les accords de location de navires de la société ont contribué à 22,8 millions de dollars au total des revenus en 2023.

Type de location	Nombre de navires loués	Revenus de location annuelle
Charters nus	3	12,4 millions de dollars
Baux du marché au comptant	2	10,4 millions de dollars

Frais de service de logistique maritime

Les frais de service de logistique maritime s'élevaient à 16,2 millions de dollars en 2023, ce qui représente des sources de revenus supplémentaires au-delà des opérations directes des navires.

• Services de manutention
• Frais de gestion technique
• Services de courtage et de conseil

Revenu du transport de marchandises

Le revenu du transport de fret pour Ardmore Shipping Corporation a atteint 53,6 millions de dollars en 2023.

Type de cargaison	Revenus de fret total	Pourcentage du revenu total
Produits de pétrole propres	38,5 millions de dollars	71.8%
Produits chimiques	15,1 millions de dollars	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.