Ardmore Shipping Corporation Announces Financial Results for Third Quarter 2013

  Ardmore Shipping Corporation Announces Financial Results for Third Quarter
  2013

Business Wire

CORK, Ireland -- November 11, 2013

Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”) today
announced results for the three and nine months ended September 30, 2013.

Highlights

  *Reported EBITDA (see Non-GAAP Measures section below) of $2.8 million for
    the three months ended September 30, 2013, an increase of $2.0 million
    from $0.8 million for the three months ended September 30, 2012. The
    Company reported a net loss of $0.9 million, or $0.05 basic and diluted
    loss per share, for the three months ended September 30, 2013, as compared
    to a net loss of $1.4 million, or $0.08 basic and diluted adjusted loss
    per share for the three months ended September 30, 2012.
  *Excluding non-recurring IPO-related expenses, adjusted EBITDA (see
    Non-GAAP Measures section below) was $3.2 million for the three months
    ended September 30, 2013, an increase of $2.4 million from $0.8 million
    for the three months ended September 30, 2012. Adjusted net loss was $0.6
    million (see Non-GAAP Measures section below), or $0.03 basic and diluted
    adjusted loss per share, for the three months ended September 30, 2013 as
    compared to adjusted net loss of $1.4 million, or $0.08 basic and diluted
    adjusted loss per share for the three months ended September 30, 2012.
  *Acquired a 2006-built MR product tanker constructed at Minami Nippon
    Shipbuilding Co., Ltd, Japan on October 28, 2013, for a purchase price of
    approximately $20.5 million.
  *Renewed the time charter for the Ardmore Seamaster in October 2013, at an
    increased rate of $14,250 per day plus a bonus of $250 per day when the
    vessel transports IMO3 cargos. This time charter is due to expire in July
    2014.
  *Commenced a third party spot chartering arrangement with Nordic Womar Pte.
    Ltd for the Ardmore Centurion in product and chemical trades.
  *The Board of Directors declared an initial cash dividend of $0.066 per
    share on October 31, 2013 for the period August 1, 2013 to September 30,
    2013. The dividend will be paid on November 20, 2013 to all shareholders
    of record as at November 8, 2013.

Anthony Gurnee, the Company’s Chief Executive Officer commented:

“We are pleased with the Company’s third quarter results, as the market
continued to trend up and the vessels delivered year-to-date contributed to
EBITDA growth. Complementing our financial performance during the quarter, we
successfully completed the IPO on the New York Stock Exchange, finalized the
acquisition of ten newbuildings, and entered into a commercial arrangement
with Vitol Group on six MR tankers.

“We continue to execute the strategy set forth at the time of the IPO. In
October, we acquired a high quality second-hand MR tanker at a very attractive
price, positioning the Company to continue increasing its fleet size and
near-term cash flow potential. In addition, we completed the upgrade of the
Ardmore Seamaster to IMO3 and renewed the contract at an improved rate of
$14,250 plus an additional $250 per day when the vessel transports IMO3
cargos. Our newbuilding program is progressing well, with two Eco-Design MR’s
on schedule to deliver from SPP Shipbuilding in January 2014 and steel cutting
commenced on the first of our four newbuildings at Fukuoka Shipbuilding in
early November.”

Summary of Recent and Third Quarter Events

Vessel Acquisitions

On October 28, 2013, the Company completed the acquisition of  a 45,726 dwt
product tanker, for a purchase price of approximately $20.5 million.  The 
vessel is a sister of the Ardmore Seafarer and was constructed at Minami
Nippon Shipbuilding Co., Ltd, Japan in 2006. It is expected that the vessel
will deliver to Ardmore in December 2013, and it is envisioned that the vessel
will be deployed on a one year time charter or in the spot market.

In August 2013, the company negotiated a reduction in the purchase price of
two newbuildings in exchange for amended payment terms, reducing the contract
price by $300,00 per ship and providing an implied return on cash investment
of approximately 5.2%..

Vessel Employment

In October 2013, the Company renewed the time charter for the Ardmore
Seamaster at an improved rate of $14,250 per day, including a bonus of $250
per day where the charterer engages the vessel to carry IMO3 cargos. This time
charter is due to expire in July 2014.

On August 3, 2013, following redelivery of the Ardmore Centurion from the
previous charterer, the Company delivered the vessel to Nordic Womar Pte. Ltd
to operate the vessel under a third party spot chartering arrangement. The
third party spot chartering arrangement does not have a fixed expiration
period.

Dividend

The Company declared a cash dividend of $0.066 per share for the period from
the date of the IPO, August 1, 2013, to the quarter ended September 30, 2013.
The dividend will be paid on November 20, 2013 to all shareholders of record
as at November 8, 2013. Ardmore currently intends to pay our shareholders
quarterly dividends of $0.10 per share, or $0.40 per share per year.

Financing

The Company is continuing negotiations for debt finance for ten newbuildings
and the recent second-hand acquisition. The two MR vessels that deliver from
SPP Shipbuilding in January 2014 have committed financing in place.

Results for the three months ended September 30, 2013 and 2012

For the three months ended September 30, 2013, the Company reported EBITDA
(see Non-GAAP Measures section below) of $2.8 million, an increase of $2.0
million from $0.8 million for the three months ended September 30, 2012. The
Company reported a net loss of $0.9 million, or $0.05 basic and diluted loss
per share, for the three months ended September 30, 2013, as compared to a net
loss of $1.4 million, or $0.08 basic and diluted loss per share, for the three
months ended September 30, 2012. The number of shares used in determining loss
per share was 18,050,000, which is the full number of issued shares at the IPO
date.

For the three months ended September 30, 2013, the Company reported adjusted
EBITDA (see Non-GAAP Measures section below) of $3.2 million, an increase of
$2.4 million from $0.8 million for the three months ended September 30, 2012.
The Company had an adjusted net loss (see Non-GAAP Measures section below) of
$0.6 million, or $0.03 basic and diluted loss per share, which excludes $0.4
million of non-recurring fees and expenses incurred in connection with our
initial public offering ("IPO"). This compared to an adjusted net loss of $1.4
million for the three months ended September 30, 2012, or $0.08 basic and
diluted adjusted loss per share. The number of shares used in determining
adjusted loss per share was 18,050,000, which is the full number of issued
shares at the IPO date.

Results for the nine months ended September 30, 2013 and 2012

For the nine months ended September 30, 2013, the Company reported EBITDA (see
Non-GAAP Measures section below) of $8.0 million, an increase of $3.8 million
from $4.2 million for the nine months ended September 30, 2012. The Company
had a net loss of $2.1 million, or $0.12 basic and diluted loss per share, for
the nine months ended September 30, 2013, as compared to a net loss of $3.2
million, or $0.17 basic and diluted loss per share for the nine months ended
September 30, 2012. The number of shares used in determining loss per share
was 18,050,000, which is the full number of issued shares at the IPO date.

For the nine months ended September 30, 2013, the Company had an adjusted
EBITDA (see Non-GAAP Measures section below) of $8.7 million as compared to
$4.2 million for the nine months ended September 30, 2012. The Company had an
adjusted net loss (see Non-GAAP Measures section below) of $1.2 million, or
$0.07 basic and diluted loss per share, which excludes $0.7 million of
non-recurring fees and expenses incurred in connection with our IPO and $0.2
million of deferred finance fees written off in relation to the repayment of
senior loan facilities on two vessels. This compared to an adjusted net loss
of $3.2 million for the nine months ended September 30, 2012 or $0.17 basic
and diluted adjusted loss per share. The number of shares used in determining
adjusted loss per share was 18,050,000, which is the full number of issued
shares at the IPO date.

Management’s Discussion and Analysis of Financial Results

Revenue for the three months ended September 30, 2013 was $10.6 million, an
increase of $5.0 million from $5.6 million for the three months ended
September 30, 2012. Product tanker revenue was $6.7 million for the three
months ended September 30, 2013, an increase of $3.7 million from $3.0 million
for the three months ended September 30, 2012. The increase primarily relates
to additional revenue attributable to the Ardmore Seavaliant and Ardmore
Seaventure, which were delivered on February 27, 2013 and June 7, 2013,
respectively, and to increases in rates for time charter renewals since
September 30, 2012. Chemical tanker revenue on owned vessels was $3.9 million
for the three months ended September 30, 2013, as compared to $2.6 million for
the three months ended September 30, 2012. This increase is due to both the
employment of the Ardmore Centurion and the more favorable pool rates in the
three months ended September 30, 2013, as compared to September 30, 2012. As
of August 3, 2013, the Ardmore Centurion is employed under a third party spot
chartering arrangement. Under U.S. GAAP, revenue earned under this arrangement
is recognised at gross freight rate. This vessel was on a time charter for the
three months ended September 30, 2012, and as such, the revenue was recognised
based on the time charter rate.

Commissions and voyage related costs were $1.2 million for the three months
ended September 30, 2013, an increase of $1.0 million as compared to $0.2
million for the three months ended September 30, 2012. This increase is
primarily due to the employment of the Ardmore Centurion, as voyage expenses
such as fuel, port costs, and other voyage expenses incurred are recognised in
the Company’s accounts under a spot chartering arrangement. This vessel was on
a time charter for the three months ended September 30, 2012, and, as such,
voyage costs were borne primarily by the charterer.

Vessel operating expenses were $4.8 million for the three months ended
September 30, 2013, an increase of $1.0 million from $3.8 million for the
three months ended September 30, 2012. This increase is due to a greater fleet
in operation for the three months ended September 30, 2013. Fleet operating
costs per day (defined under Unaudited Other Operating Data below) were $6,350
for the three months ended September 30, 2013, a decrease of $556 from $6,906
for the three months ended September 30, 2012. The decrease in vessel
operating expenses primarily relates to the timing of vessel expenses and
lower initial operating costs on newly delivered vessels.

Depreciation expense for the three months ended September 30, 2013 was $2.3
million, an increase of $0.8 million from $1.5 million for the three months
ended September 30, 2012. The increase is due to an increase in the average
number of owned vessels to eight from six for the three months ended September
30, 2013 and 2012, respectively, as a result of the delivery of the Ardmore
Seavaliant and the Ardmore Seaventure. Amortization of deferred drydock
expenditure for the three months ended September 30, 2013 was $0.3 million, an
increase of $0.2 million from $0.1 million for the three months ended
September 30, 2012. This increase is due to timing of vessels drydocking.

General and administrative expenses for the three months ended September 30,
2013 were $1.8 million, an increase of $1.0 million from $0.8 million for the
three months ended September 30, 2012. The increase is primarily due to
non-recurring IPO-related costs of $0.4 million incurred in the three months
ended September 30, 2013, along with general increases arising from business
expansion and listing on the New York Stock Exchange.

Interest expense and finance costs, which include loan interest, capital lease
interest and amortization of deferred financing fees, were $1.1 million for
the three months ended September 30, 2013, an increase of $0.5 million from
$0.6 million for the three months ended September 30, 2012. The increase
relates to an increase in average debt balance following the delivery of two
vessels (the Ardmore Seavaliant and Ardmore Seaventure), additional interest
costs associated with the capital lease facility for the Ardmore Calypso and
Ardmore Capella executed in April 2013, and a write-off of $0.2 million of
deferred financing fees upon the repayment of senior debt in connection with
the capital lease. These increases were partially offset by an increase in the
amount of capitalized interest.

Liquidity

As of September 30, 2013, the Company had $77.0 million available in cash and
cash equivalents.

The following debt and capital lease liabilities were outstanding as of
September 30, 2013:

                    As at
                         Sep 30, 2013   Dec 31, 2012
Debt                     91,135,000       67,100,000
Capital Leases           30,763,281       -
Total                    121,898,281      67,100,000
                                          

Conference Call

The Company plans to have a conference call on Monday, November 11, 2013 at
10am Eastern Daylight Time to discuss its results for the third quarter of
2013. An accompanying investor presentation will be available in the investor
relations section of Ardmore Shipping’s website at www.ardmoreshipping.com
prior to the start of the call. All interested parties are invited to listen
to the live conference call by choosing from the following options:

1. By dialling 888-572-7025 (U.S.) or 719-325-2215 (International) and
entering the conference participant passcode 5663112.

2. By accessing the live webcast at Ardmore Shipping’s website at
www.ardmoreshipping.com.

Participants should dial into the call 10 minutes before the scheduled time.

If you are unable to participate at this time, a replay of the call will be
available for two weeks at 888-203-1112 or 719-457-0820. Enter the passcode
5663112 to access the audio replay.

The information provided on the teleconference is only accurate at the time of
the conference call, and the Company will take no responsibility for providing
updated information.

About Ardmore Shipping Corporation

Ardmore Shipping Corporation, a company incorporated in the Republic of the
Marshall Islands, provides seaborne transportation of petroleum products and
chemicals worldwide to oil majors, national oil companies, oil and chemical
traders, and chemical companies, with our modern, fuel-efficient fleet of
mid-size product and chemical tankers. Our fleet consists of 21 vessels
including eight in operation, one second-hand acquisition expected to deliver
in December 2013, and 12 vessels on order with deliveries expected to begin in
January 2014. We are strategically focused on modern, fuel-efficient mid-size
product and chemical tankers. Our fuel-efficient operations are designed to
enhance our investment returns and provide value-added service to our
customers.

Ardmore Shipping Corporation
Unaudited Condensed Interim Consolidated Balance Sheet
(Expressed in U.S. Dollars, unless otherwise stated)
                                          
                                                 As at
ASSETS                                           Sep 30, 2013   Dec 31, 2012
Current assets
Cash and cash equivalents                      $ 76,977,519       15,334,123
Receivables, trade                               1,061,885        864,386
Working capital advances                         781,262          1,573,955
Prepayments                                      529,343          223,471
Advances and deposits                            669,370          423,703
Other receivables                                348,257          498,259
Inventories                                      1,221,991        666,240
Total current assets                             81,589,627       19,584,137
                                                                  
Non-current assets
Vessels and vessel equipment, net                199,459,297      125,478,619
Deferred dry dock expenditure, net               1,677,070        2,517,789
Vessels under construction                       77,122,645       29,012,560
Other non-current assets, net                    164,854          133,147
Deferred finance charges, net                    3,860,272        3,234,216
Total non-current assets                         282,284,138      160,376,331
                                                                 
TOTAL ASSETS                                     363,873,765      179,960,468
                                                                  
LIABILITIES AND EQUITY
Current liabilities
Payables, trade                                  5,468,205        2,514,052
Charter revenue received in advance              874,175          851,045
Other payables                                   23,339           1,867
Amounts due to related parties                   -                600,000
Accrued interest on loans                        575,067          502,515
Current portion of long-term debt                9,100,000        6,819,918
Current portion of capital lease                 1,549,057        -
obligations
Total current liabilities                        17,589,843       11,289,397
                                                                  
Non-current liabilities
Non-current portion of long-term debt            82,035,000       60,280,082
Non-current portion of capital lease             29,214,224       -
obligations
Total non-current liabilities                    111,249,224      60,280,082
                                                                  
Equity
Share capital                                    180,500          80,495
Additional paid in capital                       245,686,480      116,992,857
Accumulated deficit                              (10,832,282)     (8,682,363)
Total equity                                     235,034,698      108,390,989
                                                                 
TOTAL LIABILITIES AND EQUITY                   $ 363,873,765      179,960,468
                                                                  

Ardmore Shipping Corporation
Unaudited Condensed Interim Statement of Comprehensive Income
(Expressed in U.S. Dollars, unless otherwise stated)
                                               
                       Three months ended          Nine months ended
                       Sep 30,      Sep 30,       Sep 30,      Sep 30,
                       2013          2012          2013          2012
REVENUE
Revenue              $ 10,620,399    5,619,280     26,240,765    19,432,371
                                                                             
OPERATING
EXPENSES
Commissions and
voyage related         1,175,820     209,031       1,499,902     538,079
costs
Vessel operating       4,803,185     3,840,745     13,033,337    10,879,576
expenses
Charter hire           -             -             -             1,699,942
costs
Depreciation           2,335,138     1,549,347     6,064,064     4,653,035
Amortization of
deferred dry           340,872       75,777        1,055,294     75,777
dock expenditure
General and
administrative         1,817,851     751,423       3,715,387     2,157,898
expenses
Total operating        10,472,866    6,426,323     25,367,984    20,004,307
expenses
                                                              
Profit from            147,533       (807,043)     872,781       (571,936)
operations
                                                                             
Interest expense
and finance            (1,060,320)   (604,848)     (3,003,269)   (2,564,846)
costs
Interest income        2,320         1,290         4,511         2,956
                                                              
Loss before            (910,467)     (1,410,601)   (2,125,977)   (3,133,826)
taxes
                                                                             
Income tax             (9,560)       (6,510)       (23,942)      (22,051)
                                                              
Net loss             $ (920,027)     (1,417,111)   (2,149,919)   (3,155,877)
                                                                             
Loss per share,
basic and            $ (0.05)        (0.08)        (0.12)        (0.17)
diluted
Weighted average
number of shares,
basic and diluted      18,050,000    18,050,000    18,050,000    18,050,000

(Pro forma post IPO)
                                                                             

Ardmore Shipping Corporation
Unaudited Condensed Interim Statement of Cash Flows
(Expressed in U.S. Dollars, unless otherwise stated)
                                          
                                                Nine months ended
                                                Sep 30, 2013    Sep 30, 2012
OPERATING ACTIVITIES
Net loss                                      $ (2,149,919)       (3,155,877)
Non-cash items:
Share based compensation                        219,508           8,439
Depreciation                                    6,064,064         4,653,035
Amortization of deferred dry dock               1,055,294         -
expenditure
Amortization of deferred finance                603,756           304,566
charges
Changes in operating assets and
liabilities:
Receivables, trade                              (197,499)         511,575
Working capital advances                        792,693           1,662,050
Prepayments                                     (305,872)         (427,425)
Advances and deposits                           (245,667)         167,144
Other receivables                               150,002           94,516
Inventories                                     (555,751)         169,525
Payables, trade                                 2,954,153         1,401,749
Charter revenue received in advance             23,130            214,128
Other payables                                  21,472            (46,223)
Amounts due to related parties                  (600,000)         671,183
Accrued interest on loans                       72,552            (265,813)
Deferred dry dock expenditure                   (214,575)         (2,005,292)
Net cash provided by operating                  7,687,341         3,957,280
activities
                                                                  
INVESTING ACTIVITIES
Payments for vessels and equipment              (58,944,342)      (711,941)
Payments for vessels under                      (69,179,606)      (12,451,681)
construction
Payments for other non-current                  (62,586)          (50,248)
assets
Net cash used in investing                      (128,186,534)     (13,213,870)
activities
                                                                  
FINANCING ACTIVITIES
Short-term revolving credit facility            -                 (30,265,000)
Proceeds from long-term debt                    47,030,000        -
Repayments of long term debt                    (22,995,000)      (4,287,230)
Proceeds from capital leases                    31,500,000        -
Repayments of capital leases                    (736,719)         -
Payments for deferred finance                   (1,229,812)       (1,551,411)
charges
Formation of ASC                                400               -
Proceeds from IPO                               140,000,000       -
IPO related expenses                            (11,426,280)      -
Additional paid in capital                      -                 51,268,716
Net cash provided by financing                  182,142,589       15,165,075
activities
                                                                 
Net increase in cash and cash                   61,643,396        5,908,485
equivalents
                                                                  
Cash and cash equivalents at the                15,334,123        5,460,304
beginning of the period
                                                                 
Cash and cash equivalents at the end of       $ 76,977,519        11,368,789
the period
                                                                  

Ardmore Shipping Corporation
Unaudited Other Operating Data
(Expressed in U.S. Dollars, unless otherwise stated)
                                                  
                           Three months ended          Nine months ended
                           Sep 30, 2013  Sep 30,      Sep 30,     Sep 30,
                                          2012         2013         2012
                                                                    
ADJUSTED EBITDA^(1)      $ 3,192,418      818,081      8,713,514    4,156,876
                                                                    
AVERAGE DAILY DATA
Fleet time charter
equivalent per             13,199         10,833       13,021       10,862
day^(2)
Fleet operating            6,350          6,906        6,424        6,473
costs per day^(3)
                                                                    
MR Tankers
“Eco-Design”
TCE per day^(2)            16,012         -            16,252       -
Vessel operating           5,803          -            5,911        -
costs per day^(3)
                                                                    
MR Tankers “Eco-Mod"
TCE per day^(2)            13,799         12,526       13,764       13,043
Vessel operating           6,730          7,638        6,676        6,813
costs per day^(3)
                                                                    
Chemical Tankers
“Eco-Mod”
TCE per day^(2)            10,720         9,235        10,978       9,257
Vessel operating           6,334          6,174        6,378        6,132
costs per day^(3)
                                                                    
FLEET
Average number of          8.0            6.0          7.2          6.0
owned vessels
Average number of          -              -            -            1.0
chartered vessels
                                                                    

(1) Adjusted EBITDA is reconciled under the “Non-GAAP Measures” section below.

(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        Product/Chemical   49,999    3     Feb-13     Korea   MI     Time         Eco-Design
Seavaliant^1                                                                Charter
Ardmore        Product/Chemical   49,999    3     Jun-13     Korea   MI     Time         Eco-Design
Seaventure^2                                                                Charter
Ardmore        Product            47,141    -     Dec-02     Japan   MI     Time         Eco-Mod
Seatrader^3                                                                 Charter
Ardmore        Product            45,840    -     Sep-04     Japan   MI     Time         Eco-Mod
Seamaster^4                                                                 Charter
Ardmore        Product            45,744    -     Aug-04     Japan   MI     Time         Eco-Mod
Seafarer^5                                                                  Charter
Ardmore        Product            45,726    -     Oct-06     Japan   MI     TBD          Eco-Mod (to
Seamariner^6                                                                             be converted)
Ardmore        Product/Chemical   29,006    2     Nov-05     Korea   MI     Commercial   Eco-Mod
Centurion^7                                                                 Management
Ardmore        Product/Chemical   17,589    2     Jan-10     Korea   MI     Pool         Eco-Mod
Calypso^8
Ardmore        Product/Chemical   17,567    2     Jan-10     Korea   MI     Pool         Eco-Mod
Capella^8
                                                                                                       
On Order
SPP Hull       Product/Chemical   49,999    3     1Q14       Korea   MI     Time         Eco-Design
S-5118^9                                                                    Charter
SPP Hull       Product/Chemical   49,999    3     1Q14       Korea   MI     Time         Eco-Design
S-5119^9                                                                    Charter
SPP Hull       Product/Chemical   50,300    3     1Q15       Korea   MI     Pool         Eco-Design
TBA#1^10
SPP Hull       Product/Chemical   50,300    3     2Q15       Korea   MI     Pool         Eco-Design
TBA#2^10
SPP Hull       Product/Chemical   50,300    3     2Q15       Korea   MI     Pool         Eco-Design
TBA#3^10
SPP Hull       Product/Chemical   50,300    3     3Q15       Korea   MI     Pool         Eco-Design
TBA#4^10
HMD Hull       Product/Chemical   37,000    2     1Q15       Korea   MI     TBD          Eco-Design
H-2480^11
HMD Hull       Product/Chemical   37,000    2     1Q15       Korea   MI     TBD          Eco-Design
H-2481^11
FKA Hull       Product/Chemical   25,000    2     4Q14       Japan   MI     TBD          Eco-Design
N-2062^12
FKA Hull       Product/Chemical   25,000    2     1Q15       Japan   MI     TBD          Eco-Design
N-2063^12
FKA Hull       Product/Chemical   25,000    2     3Q15       Japan   MI     TBD          Eco-Design
N-2065^12
FKA Hull       Product/Chemical   25,000    2     4Q15       Japan   MI     TBD          Eco-Design
N-2067^12
                                                                                                       
Total          21                 823,809
                                                                                                       

         On charter for one year at a rate of $17,000 per day for the first 60
 (1)   days plus $15,000 per day thereafter, expiring in February 2014. CVE
         income is $1,500 per month.
         On charter for one year at a rate of $19,500 per day for the first 60
  (2)    days plus $15,100 per day thereafter, expiring in June 2014. CVE
         income is $1,500 per month.
         On charter for ten months at a rate of $13,500 per day, expiring in
  (3)    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.
         On charter for one year at a rate of $13,750 per day plus a
  (5)    performance bonus of up to $250 per day, expiring in July 2014. CVE
         income is $1,000 per month.
         Vessel expected to deliver in December 2013 where it is envisioned
  (6)    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.
         SPP Shipbuilding Hull S-5118 / S-5119 are due to deliver from SPP
         Shipbuilding Co. Ltd in January 2014 and following delivery they will
  (9)    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.
         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
  (10)   delivery they will be employed under a third party spot chartering
         arrangement with Mansel Ltd as part of Vitol Groups’ pooling
         operations.
         HMD Hulls H-2480 and H-2481 are due to commence delivery from Hyundai
  (11)   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.
         FKA Hulls N-2062, N-2063, N-2065 and N-2067 are due to commence
  (12)   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 &           Three months ended           Nine months ended
Adjusted EBITDA
                    Sep 30,      Sep 30,         Sep 30,       Sep 30,
                    2013           2012            2013            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         1,060,320      604,848         3,003,269       2,564,846
finance costs
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   340,872        75,777          1,055,294       75,777
expenditure
EBITDA              2,823,543      818,081         7,992,139       4,156,876
IPO related
fees and            368,875        -               721,375         -
expenses
(non-recurring)
Adjusted EBITDA   $ 3,192,418      818,081         8,713,514       4,156,876
                                                                   
Adjusted net        Three months ended             Nine months ended
loss
                    Sep 30,        Sep 30,         Sep 30,         Sep 30,
                    2013           2012            2013            2012
Net loss          $ (920,027)      (1,417,111)     (2,149,919)     (3,155,877)
IPO related
fees and            368,875        -               721,375         -
expenses
(non-recurring)
Deferred
finance fee         -              -               179,816         -
write off
Adjusted net        (551,152)      (1,417,111)     (1,248,728)     (3,155,877)
loss
                                                                   
Adjusted net
loss per share,   $ (0.03)         (0.08)          (0.07)          (0.17)
basic and
diluted
Weighted average
number of shares,
basic and diluted   18,050,000     18,050,000      18,050,000      18,050,000

(Pro forma post
IPO)
                                                                   

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.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the failure of counterparties to fully
perform their contracts with us, the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for tanker vessel capacity, changes in
our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, competition in the tanker industry,
availability of financing and refinancing, charter counterparty performance,
ability to obtain financing and comply with covenants in such financing
arrangements, changes in governmental rules and regulations or actions taken
by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents, piracy or political events,
vessels breakdowns and instances of off-hires and other factors. Please see
our filings with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Contact:

Investor Relations Enquiries:
The IGB Group
Mr. Leon Berman
Tel: 212-477-8438
Fax: 212-477-8636
Email: lberman@igbir.com