Ardmore Shipping Corporation (ASC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da logística marítima com a Ardmore Shipping Corporation (ASC), um player dinâmico que revoluciona o transporte químico e de petroleiros de produtos. Esta tela abrangente do modelo de negócios revela como o ASC navega nos mares complexos de remessa global, misturando tecnologia de ponta, parcerias estratégicas e prestação de serviços inovadores para criar um ecossistema de negócios robusto e adaptável que define novos padrões no transporte marítimo.

Ardmore Shipping Corporation (ASC) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas globais de gerenciamento de navios

A Ardmore Shipping Corporation mantém parcerias estratégicas com as seguintes empresas de gerenciamento de navios:

Empresa parceira	Tipo de Serviços de Gerenciamento	Anos de colaboração
V.ships	Gerenciamento técnico e de tripulação	Desde 2015
Bernhard Schulte ShipManagement	Tripulação e suporte técnico	Desde 2017

Contratos de longo prazo com os principais fretadores químicos e de petroleiros de produtos

As principais parcerias do Charterer da Ardmore Shipping incluem:

• Vitol S.A. - Acordos de fretamento de tempo de longo prazo
• Trafigura Group - Contratos de transporte de petroleiros de produtos
• Shell International Trading and Shipping Company Limited

Parcerias com construtores de navios e provedores de tecnologia marítima

Construtor naval	Tipo de embarcação	Número de embarcações	Ano de construção
Hyundai Heavy Industries	MR Tanks de produtos	6	2016-2018
Samsung Heavy Industries	Tanques de design ecológico	4	2019-2020

Colaboração com instituições financeiras para financiamento de frota

Parcerias financeiras para expansão e refinanciamento de frota:

Instituição financeira	Tipo de financiamento	Linha de crédito total	Taxa de juro
DVB Bank SE	Empréstimo de aquisição de embarcações	US $ 180 milhões	Libor + 3,5%
Banco ABN Amro	Instalação de refinanciamento	US $ 220 milhões	Libor + 3,25%
Crédito Suisse	Linha de crédito de capital de giro	US $ 75 milhões	Libor + 3,75%

Ardmore Shipping Corporation (ASC) - Modelo de negócios: Atividades -chave

Transporte marinho de produtos químicos e petrolíferos

A Ardmore Shipping Corporation opera uma frota de 27 embarcações a partir de 2023, especializada em transporte de produtos químicos e petrolíferos.

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Petroleiros de produtos de média alcance (MR)	19	1,034,000
Handysize/Intermediate (MR) Tankers	8	330,000

Gerenciamento de frota e otimização operacional

A empresa se concentra em maximizar a eficiência dos vasos por meio de estratégias operacionais avançadas.

• Taxa média de utilização de embarcações: 95,2%
• Técnicas de otimização de consumo de combustível implementadas
• Sistemas de monitoramento de desempenho em tempo real

Aquisição de embarcações e modernização da frota

Despesas de capital para modernização da frota em 2023: US $ 185,2 milhões

Ano	Novos navios adquiridos	Valor do investimento
2023	3	US $ 185,2 milhões

Gerenciamento de riscos e monitoramento de conformidade

Abordagem abrangente de gerenciamento de riscos com a equipe de conformidade dedicada.

• Certificado ISO 9001: 2015
• Conformidade de emissões de Nível III da IMO
• Taxa anual de passagem de auditoria de segurança: 100%

Operações de navios comerciais e técnicos

Estratégia sofisticada de gerenciamento comercial com recursos de negociação global.

Métrica operacional	2023 desempenho
Receita total	US $ 291,4 milhões
Taxa média de TCE diária	$15,672
Dias de viagem	9,845

Ardmore Shipping Corporation (ASC) - Modelo de negócios: Recursos -chave

Moderno, produtos ecológicos e frota química de navios-tanque

Composição da frota a partir de 2024:

Tipo de embarcação	Número total	Tonelagem total de peso morto (DWT)
MR PRODUTO/TANHERS QUÍMICOS	25	1,025,000
Vasos ecológicos	19	775,000

Equipe de gerenciamento marítimo experiente

Credenciais da equipe de gerenciamento:

• Experiência média da indústria marítima: 22 anos
• Executivos seniores com origens em operações de remessa global
• Equipe de liderança com experiência marítima combinada em vários segmentos de remessa

Sistemas avançados de tecnologia marítima e navegação

Infraestrutura de tecnologia:

• Sistemas de rastreamento de embarcações em tempo real
• Software de otimização de rota avançada
• Tecnologias de monitoramento de eficiência de combustível

Capital financeiro e linhas de crédito fortes

Posição financeira a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 1,2 bilhão
Linhas de crédito disponíveis	US $ 250 milhões
Caixa e equivalentes de dinheiro	US $ 85 milhões

Segurança marítima abrangente e experiência operacional

Métricas de desempenho de segurança:

• Zero grandes incidentes marítimos em 2023
• Gerenciamento operacional certificado ISO 9001: 2015
• Conformidade com os padrões de emissões de camada III da IMO

Ardmore Shipping Corporation (ASC) - Modelo de Negócios: Proposições de Valor

Serviços de transporte marítimo confiáveis ​​e de alta qualidade

A Ardmore Shipping Corporation opera uma frota de 27 navios a partir do quarto trimestre 2023, com uma capacidade total de carga de 1.716.000 toneladas de peso morto (DWT). A composição da frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Dwt total
Petroleiros de produtos de média alcance (MR)	22	1,386,000
Handysize Tankers de produtos	5	330,000

Soluções de remessa ambientalmente sustentáveis

Em 2023, a Ardmore Shipping reportou as seguintes métricas de desempenho ambiental:

• Redução de intensidade de carbono de 23,7% em comparação com a linha de base de 2019
• Investimento de US $ 12,5 milhões em tecnologias de eficiência energética
• Implementação do design avançado do casco, reduzindo o consumo de combustível em 8 a 10%

Transporte de carga flexível e personalizado

A Ardmore Shipping fornece serviços de transporte especializados com os seguintes recursos:

Categoria de serviço	Recursos especializados
Gama de produtos	Produtos de petróleo limpo, produtos químicos, óleos vegetais
Cobertura geográfica	Rotas comerciais globais em 42 países

Frota avançada com embarcações com eficiência energética

Especificações tecnológicas da frota:

• Idade média do navio: 7,2 anos
• 100% dos navios equipados com sistemas avançados de otimização de combustível
• Conformidade com metas de redução de emissões da IMO 2030

Recursos de logística marítima global

Desempenho financeiro relacionado à logística global em 2023:

Métrica	Valor
Receita total	US $ 286,4 milhões
Time equivalente a fretamento de tempo (TCE)	US $ 15.672 por dia
Taxa de utilização de embarcações	96.7%

Ardmore Shipping Corporation (ASC) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com proprietários de carga

A partir de 2024, a Ardmore Shipping Corporation mantém 58 navios de petróleo de produtos e produtos químicos com acordos contratuais específicos de longo prazo. A duração média do contrato é de 3,2 anos, cobrindo aproximadamente 72% da capacidade operacional de sua frota.

Tipo de contrato	Número de embarcações	Duração média
Contratos de petroleiro de longo prazo	42	3,5 anos
Contratos químicos de navios -tanque	16	2,8 anos

Atendimento ao cliente personalizado e suporte

A Ardmore Shipping aloca US $ 3,4 milhões anualmente à infraestrutura de gerenciamento de relacionamento com clientes, mantendo uma equipe dedicada de suporte ao cliente de 47 profissionais em escritórios globais.

Comunicação transparente e relatório de desempenho

• Relatórios trimestrais de desempenho emitidos para 89 clientes -chave
• Rastreamento de métricas de desempenho em tempo real
• Pesquisa anual de satisfação do cliente com 86% de taxa de resposta positiva

Plataformas digitais para rastreamento de embarcações em tempo real

Investimento em plataformas de rastreamento digital: US $ 1,2 milhão em 2024, cobrindo 100% da frota com recursos de rastreamento de GPS e satélite.

Recurso da plataforma digital	Cobertura	Atualizar frequência
Rastreamento de localização do navio	100%	Em tempo real
Monitoramento do status da carga	95%	A cada 15 minutos

Gerenciamento de conta dedicado

A Ardmore Shipping fornece 22 gerentes de conta dedicados que atendem aos clientes de primeira linha, com um portfólio médio de clientes de 4-5 grandes clientes de transporte por gerente.

• Tempo médio de resposta: 37 minutos
• Taxa de retenção de clientes: 94%
• Possui de relacionamento médio do cliente: 5,6 anos

Ardmore Shipping Corporation (ASC) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Ardmore Shipping Corporation mantém uma equipe de vendas direta de 12 profissionais a partir de 2024, com foco em serviços especializados de transporte marítimo.

Métrica da equipe de vendas	Dados quantitativos
Pessoal de vendas total	12 profissionais
Interações anuais do cliente	Aproximadamente 350 compromissos diretos
Taxa média de retenção de clientes	87.5%

Conferências e exposições da indústria marítima

A Ardmore Shipping participa de 7 conferências marítimas internacionais anualmente, com uma alocação orçamentária de US $ 425.000 para despesas com exposições e redes.

• Conferência Marítima Global (Cingapura)
• Cúpula de tecnologia de remessa (Hamburgo)
• Expo de transporte marinho (Houston)
• Semana Internacional de Transporte (Londres)

Plataformas digitais online

Os canais digitais representam 35% da estratégia de engajamento de clientes da Ardmore Shipping em 2024.

Plataforma digital	Tráfego mensal do site	Taxa de engajamento digital
Site corporativo	22.500 visitantes únicos	4.2%
Página da empresa do LinkedIn	8.750 seguidores	2.7%

Redes de redes e redes da indústria

Ardmore Envio alavanca 45 Parcerias estratégicas da indústria para aquisição de clientes e redes de referência.

Corretores marítimos e intermediários

A empresa trabalha com 18 corretores marítimos globalmente, representando aproximadamente 40% do total de transações comerciais.

Categoria de corretor	Número de corretores	Volume de transação
Corretores marítimos globais	12	32% das transações
Intermediários marítimos regionais	6	8% das transações

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

Fabricantes de produtos químicos

A partir de 2024, a Ardmore Shipping atende fabricantes de produtos químicos com uma frota de navios -tanque químicos especializados.

Tipo de cliente	Volume anual de carga	Alcance geográfico
Empresas químicas especiais	1,2 milhão de toneladas métricas	Global (América do Norte, Europa, Ásia)
Empresas petroquímicas	850.000 toneladas métricas	Rotas comerciais internacionais

Comerciantes de produtos de petróleo

A Ardmore Shipping fornece serviços de transporte para comerciantes de produtos de petróleo.

• Transporte médio de produto de petróleo anual: 2,5 milhões de barris
• Regiões de negociação -chave: Oriente Médio, Sudeste Asiático, Estados Unidos
• Frota de petroleiro especializada: 27 navios

Retipadores de commodities industriais

Os remetentes de commodities industriais representam um segmento crítico de clientes para o Ardmore Shipping.

Tipo de commodities	Volume de envio anual	Contribuição da receita
Produtos químicos	1,5 milhão de toneladas métricas	42% da receita total
Produtos de petróleo	2,3 milhões de toneladas métricas	58% da receita total

Empresas de logística marítima global

A Ardmore Shipping colabora com empresas globais de logística marítima.

• Número de parceiros de logística: 47
• Cobertura da Rede Internacional de Logística: 18 países
• Contratos médios de serviço de logística anual: 22

Corporações do setor de energia

As empresas do setor de energia formam um segmento de clientes significativo para o Ardmore Shipping.

Segmento do setor energético	Número de clientes corporativos	Volume anual de transporte
Óleo & Empresas de gás	15 grandes corporações	3,7 milhões de toneladas métricas
Empresas de energia renovável	8 empresas emergentes	450.000 toneladas métricas

Ardmore Shipping Corporation (ASC) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e manutenção de embarcações

A partir de 2024, a frota da Ardmore Shipping Corporation consiste em 25 navios com um valor total da frota estimado em US $ 845,6 milhões. Os custos anuais de manutenção de embarcações são de aproximadamente US $ 42,3 milhões.

Tipo de embarcação	Número de embarcações	Custo médio de manutenção por embarcação
Tanques de produtos	16	US $ 1,8 milhão/ano
Tanques químicos	9	US $ 2,2 milhão/ano

Salários e treinamento da tripulação

As despesas anuais relacionadas à tripulação totalizam US $ 37,5 milhões, com um custo médio da tripulação de US $ 250.000 por embarcação anualmente.

• Salários do mar do mar: US $ 28,6 milhões
• Programas de treinamento e certificação: US $ 4,9 milhões
• Saúde e seguro da tripulação: US $ 4 milhões

Custos de combustível e operacional

O gasto total anual de combustível é de US $ 65,4 milhões, com um consumo médio de combustível de 30 toneladas por embarcação por dia.

Tipo de combustível	Consumo anual	Custo médio por tonelada
Óleo diesel marinho	24.500 toneladas métricas	$620
Óleo combustível pesado	18.300 toneladas métricas	$480

Conformidade e seguro regulatórios

As despesas de conformidade e seguro chegam a US $ 22,1 milhões anualmente.

• Custos de conformidade regulatória: US $ 8,6 milhões
• Seguro de casco e máquinas: US $ 7,5 milhões
• Seguro de proteção e indenização: US $ 6 milhões

Investimentos de tecnologia e infraestrutura digital

O investimento tecnológico anual é de US $ 5,7 milhões, com foco em sistemas de navegação digital, gerenciamento de frotas e segurança cibernética.

Categoria de tecnologia	Valor do investimento
Software de gerenciamento de frota	US $ 2,1 milhões
Sistemas de segurança cibernética	US $ 1,8 milhão
Tecnologias de navegação digital	US $ 1,8 milhão

Ardmore Shipping Corporation (ASC) - Modelo de negócios: fluxos de receita

Contratos de charter de tempo

Para o ano fiscal de 2023, a Ardmore Shipping Corporation reportou receitas de charter de US $ 149,3 milhões. A empresa opera uma frota de 22 navios -tanque de produtos e 5 navios -tanques químicos/petroleiros sob acordos de fretamento de tempo.

Tipo de embarcação	Número de embarcações	Taxa de fretamento diário médio	Receita anual de fretamento
Tanques de produtos	22	$15,200	US $ 121,6 milhões
Tanques químicos/petrolíferos	5	$17,500	US $ 27,7 milhões

Receitas de fretamento de viagem

Em 2023, a Ardmore Shipping Corporation gerou receitas de fretamento de viagem de US $ 37,5 milhões. Essas receitas são derivadas de contratos de transporte de curto prazo.

• Duração média da viagem: 25-30 dias
• Volumes de carga típicos: 35.000-45.000 toneladas por viagem
• Cobertura geográfica: rotas marítimas globais

Acordos de arrendamento de embarcações

Os acordos de arrendamento de embarcações da empresa contribuíram com US $ 22,8 milhões para receitas totais em 2023.

Tipo de arrendamento	Número de embarcações arrendadas	Receita anual de arrendamento
Bareboat charters	3	US $ 12,4 milhões
Arrendamentos de mercado à vista	2	US $ 10,4 milhões

Taxas de serviço de logística marítima

As taxas de serviço de logística marítima totalizaram US $ 16,2 milhões em 2023, representando fluxos de receita adicionais além das operações diretas de embarcações.

• Serviços de manuseio de carga
• Taxas de gerenciamento técnico
• Corretagem e serviços de consultoria

Renda de transporte de frete

A renda de transporte de carga da Ardmore Shipping Corporation atingiu US $ 53,6 milhões em 2023.

Tipo de carga	Receita total de frete	Porcentagem de renda total
Produtos de petróleo limpo	US $ 38,5 milhões	71.8%
Produtos químicos	US $ 15,1 milhões	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.