Page 1

Ardmore Shipping Corporation Announces Financial Results For The Three and Nine Months Ended September 30 , 2021 HAMILTON , Bermuda , Nov. 10 , 2021 / PRNewswire / -- Ardmore Shipping Corporation ( NYSE : ASC ) ( " Ardmore " , the " Company " or " we " ) today announced results for the three and nine months ended September 30 , 2021 . Highlights and Recent Activity • Reported a net loss of $ 12.8 million for the three months ended September 30 , 2021 , or $ 0.37 loss per basic and diluted share . This compares to net loss of $ 6.6 million , or $ 0.20 loss per basic and diluted share , for the three months ended September 30 , 2020 . Reported EBITDA ( see Non - GAAP Measures section ) of $ 1.3 million for the three months ended September 30 , 2021 as compared to $ 7.2 million for the three months ended September 30 , 2020 . Reported a net loss of $ 29.5 million for the nine months ended September 30 , 2021 or $ 0.88 loss per basic and diluted share , which includes deferred finance fees written off and unrealized gains on derivatives ; losses adjusted for these items ( see Adjusted ( loss ) / earnings in the Non - GAAP Measures section ) are $ 29.0 million , or $ 0.86 Adjusted loss per basic and diluted share . This compares to net income of $ 13.5 million , or $ 0.41 basic and $ 0.40 diluted earnings per share for the nine months ended September 30 , 2020 . Adjusted earnings were $ 13.6 million , or $ 0.41 Adjusted earnings per basic and diluted share for the nine months ended September 30 , 2020. Reported EBITDA ( see Non - GAAP Measures section ) of $ 11.2 million for the nine months ended September 30 , 2021 , as compared to $ 56.1 million for the nine months ended September 30 , 2020 ● • MR tankers earned an average TCE rate of $ 10,904 per day for the three months ended September 30 , 2021 and $ 11,237 per day for the nine months ended September 30 , 2021. Chemical tankers earned an average TCE rate of $ 8,400 per day ( comprising average rates of $ 10,387 per day on chemical cargos and $ 6,652 per day on Clean Petroleum Product ( " CPP " ) cargos ) for the three months ended September 30 , 2021 and $ 10,882 per day for the nine months ended September 30 , 2021 . • In September 2021 , Ardmore extended its sustainability - linked finance facility with ABN AMRO for a further year until June 2023 ; the facility contains a pricing adjustment feature linked to Ardmore's performance on carbon emission reduction and other environmental and social initiatives . The facility's performance targets for carbon emission reduction align with the International Maritime Organization's targets for GHG emissions reduction . • In July 2021 , Ardmore extended an agreement to time charter - in a 2010 Japanese - built MR product tanker for one year at a net rate of $ 11,500 per day , plus a one - year extension option . • In October , e1 Marine completed its first sale of a hydrogen generator to a leading US based global marine engine manufacturer for a pilot project . The sale is on profitable terms and expected to lead to a commercial licensing agreement for e1 Marine . In addition , Element 1 Corp. is entering into a joint research agreement with Aramco Americas to apply a carbon capture system to Element 1's hydrogen generator . Anthony Gurnee , the Company's Chief Executive Officer , commented :