Ardmore Shipping Corp

Leadership Transition

On July 8, 2024, we announced that Founder and CEO Anthony Gurnee had informed the Board of Directors (the "Board") of his intention to retire from his executive and board positions later this year. Following a comprehensive succession process, the Board appointed current executive and Chief Commercial Officer Gernot Ruppelt as our new CEO and expanded current CFO Bart Kelleher's position to take on the additional role of President, with the leadership transition to take effect from September 16, 2024 at our upcoming quarterly Board meeting. This transition represents the culmination of leadership succession planning that has been long-established and extensively discussed at the board and management levels. Following his retirement, current CEO Anthony Gurnee will remain available to Ardmore as an advisor during the transition period. In connection with their promotions, both Ruppelt and Kelleher will be joining the Board of Directors of the Company.

Capital Allocation Policy, Including Dividends

Consistent with our variable dividend policy of paying out dividends on our shares of common stock equal to one-third of Adjusted earnings, as calculated for dividends, our Board of Directors declared a cash dividend on July 31, 2024, of $0.38 per common share for the quarter ended June 30, 2024. The dividend will be paid on September 13, 2024, to all shareholders of record on August 30, 2024.

Fleet

In April 2024, we delivered the 2010-builtArdmore Seafarer to its buyer and, in a separate transaction, took delivery of the previously announced acquisition of a 2017 Korean-built MR product tanker, theArdmore Gibraltar.

In June 2024, we exercised our purchase options for both theArdmore Seawolf andArdmore Seahawk, which were under sale-leaseback arrangements.

Publication of 2023 Sustainability Report

On June 13, 2024, we published our 2023 Sustainability Report, highlighting our progress towards a more sustainable future. In 2023, we reached new heights in both operating performance and sustainability. We continue to believe that consistent superior operating performance is a key driver of long-term value in our business, and we are committed to driving our sustainability agenda forward. The Sustainability Report is available on the Ardmore website atwww.ardmoreshipping.com/about/progress/. Neither the information in the Sustainability Report or in our website is incorporated by reference into this Report.

Geopolitical Conflict

The ongoing Russia-Ukraine war has disrupted energy supply chains, caused instability and significant volatility in the global economy and resulted in economic sanctions by several nations. The ongoing conflict has contributed significantly to related increases in spot tanker rates.

Geopolitical tensions have increased since commencement of the Israel-Hamas war in October 2023. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Further escalation or expansion of hostilities of such crisis could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for our services.

Please see “Item 3. Key Information--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.