Ardmore Shipping Corp

Newbuildings

As previously announced, in August 2026, we exercised our options for a further two 40,500 dwt Handysize tankers to be built at Wuhu Shipyard. This expands the original order to six vessels in total on similar terms, and we have no further newbuilding options outstanding. The deliveries of these six vessels are scheduled from late 2028 and onwards.

In the third quarter of 2026, we paid $18.4 million as installments for two of the newbuildings. The table below summarizes the estimated remaining installment payments for the six vessels under order or construction as of November 3, 2026(1).

(1) The installment payments are estimates only and are subject to change as construction progresses.

Capital Allocation Policy, Including Dividends

Consistent with our variable dividend policy of paying out dividends on our shares of common stock equal to two-thirds of Adjusted earnings, as calculated for dividends, our Board of Directors declared a cash dividend on November 3, 2026, of $0.27 per common share for the quarter ended September 30, 2026. The dividend will be paid on December 15, 2026, to all shareholders of record on November 27, 2026.

Vessel Sale

During the third quarter of 2026, we agreed to the opportunistic sale of theArdmore Endeavour(2013-built, STX, no scrubber) for $34.3 million. The vessel was delivered to the buyer in October 2026. Effective September 16, 2026, the vessel was classified as held for sale.

Geopolitical Conflicts

Geopolitical tensions cause volatility in the market. The ongoing conflicts in the Middle East have significantly disrupted shipping transits via the Strait of Hormuz, a major oil and gas trade route. This increases security concerns and uncertainty. In addition, the conflict in Ukraine has significantly increased tanker demand and rates by reordering global oil trading patterns. Changes in or resolution of these conflicts may lead to a reversal of these trading patterns or other effects that could significantly decrease tanker demand, rates and values.

Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea. As a result of these attacks, many shipping companies have routed their vessels away from transiting the Red Sea, which has affected trading patterns, rates, and expenses. Following a pause in late 2025, Houthi attacks on commercial vessels in the Red Sea resumed in 2026 and maritime security concerns in the region remain elevated.

Further escalation or expansion of international hostilities could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for our services and our business, results of operations, financial condition, and cash flows.

Geopolitical and Economic Uncertainty

Governments continue to take actions to implement new or increased tariffs on foreign imports and port fees. These activities have resulted in tariffs being levied on various goods and commodities, which may trigger an escalation of trade wars. These actions have been disruptive to global markets, resulting in significant volatility in stock and commodity prices and an increase in general global economic uncertainty, including the risk of economic recessions. As a result of the rapidly changing and unpredictable geopolitical climate, the shipping industry is experiencing uncertainty as to future vessel demand, trade routes, rates and operating costs.

Please see “Item 3. Key Information – D. Risk Factors” in our Annual Report on Form 20-F for information about risks to us and our business relating to political instability, terrorist or other attacks, war or international hostilities.