Ardmore Shipping Corp

Leadership Transition

We are pleased to announce that, effective January 1, 2026, Mr. Robert Gaina (currently Senior Vice President, Commercial) will assume the role of Chief Operating Officer concurrent with Mr. Mark Cameron's long-planned retirement. Mr. Cameron has been a member of Admore's management since we were founded in 2010, and he has been instrumental in building our technical management foundations and strategic operating activities. Mr. Gaina has served Ardmore for ten years in multiple commercial and operational leadership roles following a seagoing career, including sailing as Master Mariner on product and chemical tankers. He holds a Global Executive MBA from Erasmus University, Rotterdam School of Management, and a B.S. from the Maritime Academy in Constanza. As Chief Operating Officer, Mr. Gaina will be responsible for our fully integrated chartering, commercial operations, and technical management activities.

As anticipated during last year’s appointment of Mr. Bart Kelleher as Ardmore’s President, we have conducted a process for a replacement to Mr. Kelleher in his role as our Chief Financial Officer. We are pleased to announce that Mr. John Russell will be appointed as Chief Financial Officer effective July 1, 2025, and will continue to report to Mr. Kelleher. Mr. Russell has served as our Finance Director since joining Ardmore in 2018 and has been responsible for key financial functions, including treasury, financing, and financial analysis. Mr. Russell is a Chartered Accountant and holds an M.S. in Financial Services from University of Limerick and a B.S. in Finance from University College Cork.

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 May 7, 2025, of $0.05 per common share for the quarter ended March 31, 2025. The dividend will be paid on June 13, 2025, to all shareholders of record on May 30, 2025.

Geopolitical Conflicts

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 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. Although these vessel attacks decreased in the first quarter of 2025, the situation remains volatile. Military and other intervention intended to reduce or stop the attacks, including airstrikes targeting Houthi rebels could escalate hostilities in the region. Further escalation or expansion of hostilities in the Middle East or elsewhere could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for our services.

Geopolitical and Economic Uncertainty

In recent months, governments have taken actions to implement new or increased tariffs on foreign imports. 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 an increased risk of economic recessions. As a result of this 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--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.