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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

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(2) Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as appropriate, per revenue day plus CVE. For vessels under commercial management TCE is net rate, after deducting voyage costs per revenue day.

(3) Vessel operating costs per day are routine operating expenses and comprise, crewing, repairs and maintenance, insurance, stores, lube oils, communication costs and technical management fees. They do not include additional costs related to upgrading or enhancement of the vessels that are not capitalized.

Ardmore Shipping Corporation Fleet List as of October 31, 2013

               
VESSEL NAME   TYPE   DWT   IMO   DELIVERY   BUILT   FLAG   EMPLOYMENT   SPECIFICATION
In Operation
Ardmore Seavaliant 1 Product/Chemical 49,999 3 Feb-13 Korea MI Time Charter Eco-Design
Ardmore Seaventure 2 Product/Chemical 49,999 3 Jun-13 Korea MI Time Charter Eco-Design
Ardmore Seatrader 3 Product 47,141 - Dec-02 Japan MI Time Charter Eco-Mod
Ardmore Seamaster 4 Product 45,840 - Sep-04 Japan MI Time Charter Eco-Mod
Ardmore Seafarer 5 Product 45,744 - Aug-04 Japan MI Time Charter Eco-Mod
Ardmore Seamariner 6 Product 45,726 - Oct-06 Japan MI TBD Eco-Mod (to be converted)
Ardmore Centurion 7 Product/Chemical 29,006 2 Nov-05 Korea MI Commercial Management Eco-Mod
Ardmore Calypso 8 Product/Chemical 17,589 2 Jan-10 Korea MI Pool Eco-Mod
Ardmore Capella 8 Product/Chemical 17,567 2 Jan-10 Korea MI Pool Eco-Mod
 
On Order
SPP Hull S-5118 9 Product/Chemical 49,999 3 1Q14 Korea MI Time Charter Eco-Design
SPP Hull S-5119 9 Product/Chemical 49,999 3 1Q14 Korea MI Time Charter Eco-Design
SPP Hull TBA#1 10 Product/Chemical 50,300 3 1Q15 Korea MI Pool Eco-Design
SPP Hull TBA#2 10 Product/Chemical 50,300 3 2Q15 Korea MI Pool Eco-Design
SPP Hull TBA#3 10 Product/Chemical 50,300 3 2Q15 Korea MI Pool Eco-Design
SPP Hull TBA#4 10 Product/Chemical 50,300 3 3Q15 Korea MI Pool Eco-Design
HMD Hull H-2480 11 Product/Chemical 37,000 2 1Q15 Korea MI TBD Eco-Design
HMD Hull H-2481 11 Product/Chemical 37,000 2 1Q15 Korea MI TBD Eco-Design
FKA Hull N-2062 12 Product/Chemical 25,000 2 4Q14 Japan MI TBD Eco-Design
FKA Hull N-2063 12 Product/Chemical 25,000 2 1Q15 Japan MI TBD Eco-Design
FKA Hull N-2065 12 Product/Chemical 25,000 2 3Q15 Japan MI TBD Eco-Design
FKA Hull N-2067 12 Product/Chemical 25,000 2 4Q15 Japan MI TBD Eco-Design
 
Total 21 823,809
 
  (1)   On charter for one year at a rate of $17,000 per day for the first 60 days plus $15,000 per day thereafter, expiring in February 2014. CVE income is $1,500 per month.
(2) On charter for one year at a rate of $19,500 per day for the first 60 days plus $15,100 per day thereafter, expiring in June 2014. CVE income is $1,500 per month.
(3) On charter for ten months at a rate of $13,500 per day, expiring in December 2013 with an option to extend for a further eight months at a rate of $14,250 per day. CVE income is $1,500 per month.
(4) On charter at a rate of $14,250 per day plus an IMO3 premium of up to $250 per day, expiring in July 2014. CVE income is $1,500 per month.
(5) On charter for one year at a rate of $13,750 per day plus a performance bonus of up to $250 per day, expiring in July 2014. CVE income is $1,000 per month.
(6) Vessel expected to deliver in December 2013 where it is envisioned the vessel will be will be deployed on a one year time charter or in the spot market.
(7) Employed under a third party spot chartering arrangement.
(8) Employed in a third party commercial pool for chemical tankers.
(9) SPP Shipbuilding Hull S-5118 / S-5119 are due to deliver from SPP Shipbuilding Co. Ltd in January 2014 and following delivery they will be employed on a one year time charter with Mansel Ltd at a rate of $15,600 per day with charterer’s options for years two and years three, at rates to be agreed.
(10) SPP Hulls TBA#1, TBA#2, TBA#3 and TBA#4 are due to commence delivery from SPP Shipbuilding Co. Ltd, in February 2015 and following delivery they will be employed under a third party spot chartering arrangement with Mansel Ltd as part of Vitol Groups’ pooling operations.
(11) HMD Hulls H-2480 and H-2481 are due to commence delivery from Hyundai Mipo Dockyard Co. Ltd, South Korea in January and February 2015 and following delivery it is envisioned they will be deployed on a one year time charter or in the spot market.
(12) FKA Hulls N-2062, N-2063, N-2065 and N-2067 are due to commence delivery from Fukuoka Shipbuilding Co. Ltd, Japan in November 2014 and following delivery it is envisioned they will be deployed on a one year time charter or in the spot market.
 

Non-GAAP Measures

This press release describes EBITDA, adjusted EBITDA, adjusted net loss and adjusted net loss per share, which are not measures prepared in accordance with U.S. GAAP. These Non-GAAP measures are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how Ardmore’s management evaluate operating performance. These Non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP.

EBITDA & Adjusted EBITDA   Three months ended     Nine months ended
Sep 30, 2013     Sep 30, 2012 Sep 30, 2013     Sep 30, 2012
Net loss $ (920,027) (1,417,111) (2,149,919) (3,155,877)
Interest income (2,320) (1,290) (4,511) (2,956)
Interest expense and finance costs 1,060,320 604,848 3,003,269 2,564,846
Income tax 9,560 6,510 23,942 22,051
Depreciation 2,335,138 1,549,347 6,064,064 4,653,035
Amortization of deferred dry dock expenditure 340,872 75,777 1,055,294 75,777
EBITDA 2,823,543 818,081 7,992,139 4,156,876
IPO related fees and expenses (non-recurring) 368,875 - 721,375 -
Adjusted EBITDA $ 3,192,418 818,081 8,713,514 4,156,876
 
Adjusted net loss Three months ended Nine months ended
Sep 30, 2013 Sep 30, 2012 Sep 30, 2013 Sep 30, 2012
Net loss $ (920,027) (1,417,111) (2,149,919) (3,155,877)
IPO related fees and expenses (non-recurring) 368,875 - 721,375 -
Deferred finance fee write off - - 179,816 -
Adjusted net loss (551,152) (1,417,111) (1,248,728) (3,155,877)
 
Adjusted net loss per share, basic and diluted $ (0.03) (0.08) (0.07) (0.17)
Weighted average number of shares, basic and diluted

( Pro forma post IPO)

18,050,000 18,050,000 18,050,000 18,050,000
 

Forward Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

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