ARDMORE SHIPPING CORPORATION Third Quarter 2014 Earnings - PowerPoint PPT Presentation

ARDMORE SHIPPING CORPORATION Third Quarter 2014 Earnings Presentation November 4, 2014

Disclaimer This presentation contains certain statements that may be deemed to be “forward -looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation (“Ardmore” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about: future operating or financial results; global and regional economic conditions and trends; pending vessel acquisitions or possible upgrades to vessels; the Company’s business strategy and expected capital spending or operating expenses; competition in the tanker industry; shipping market trends; the Company’s financial condition and liquidity, including ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; the Company’s share repurchase program; ability to enter into fixed-rate charters after the current charters expire and the Company’s ability to earn income in the spot market; expectations of the availability of vessels to purchase and the time it may take to construct new vessels and vessels’ useful lives are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2013. This presentation is for information purposes only and does not constitute an offer to buy or sell securities of the Company. For more complete information about the Company, the information in this presentation should be read together with the Company 's filings with the SEC which may be accessed on the SEC website at www.sec.gov. 2

Agenda for Earnings Call  3Q14 Highlights  Chartering Outlook  Newbuilding Program  Product and Chemical Markets  Financial Results  Share Repurchase Plan  Summary  Appendix 3

Highlights 4

Performance and Recent Market Activity  Reporting a net profit of $117,000, our second consecutive profitable quarter, achieved in an otherwise challenging charter market environment  Strong chartering performance with Eco-design MRs earning $15,237 / day and Eco- mod MR’s earning $13,919 / day at lower end of escalating rates  ASC maintaining its focus on efficient operations and low overhead costs as means to further build shareholder value  MR charter market has improved significantly going into the fourth quarter, with TC2-14 Atlantic triangulation estimated $20,500, and TC4-11 Pacific triangulation estimated $17,900 (1)  Reflecting this improvement, Ardmore’s three spot -trading MR’s are earning approximately $18,500 (2) on voyages in progress  Winter market outlook now very positive with broad strength across all regions, ASC well positioned with spot vessels, TC renewals and five newbuildings delivering in first quarter 2015 1. Source: ICAP and Clarksons. TC2 / TC 14 and TC11 / TC 4 triangulation rates as of November 3, 2014 2. Weighted average TCE as of November 3, 2014 5

Fleet and Financial Developments  Initiating a $20 million, three-year, share repurchase plan as a means to capitalise on opportunities arising during stock market dislocations Strong Balance  Completed a $13.5 million senior debt facility with NIBC to finance Ardmore Seamariner Sheet  ASC has now fully financed its fleet, including documented facilities for all newbuildings  Took delivery of two MR tankers ( Sealifter and Sealeader) in July and August Modern, Fuel-  Three MR tankers are now trading spot as part of our overall portfolio strategy efficient Fleet  Completed drydock for Seamaster in July 2014 (1) for 3Q 2014 of $5.8 million and net profit of $117,000  Reported EBITDA Adjusting for non-cash items, adjusted EBITDA (1) and adjusted net profit (1) amounted to $6.1 million  Improving Financial and $465,000 million, respectively Performance (1)  Declared a cash dividend of $0.10 per share for 3Q 2014 1. EBITDA, adjusted EBITDA and adjusted net profit are non-GAAP measures. Reconciliations of such measures are included in Appendix II of this presentation 6

Chartering Outlook 7

Positive Outlook for Fourth Quarter Fleet Employment Profile (2) Estimated Time Charter and Spot Revenue Days: 4Q 2014 MR Eco-design MR Eco-mod Chemical Vessel Employment Ardmore Seavaliant Time Charter 366 366 Ardmore Seaventure Time Charter Ardmore Seavantage Time Charter Ardmore Seavanguard Time Charter Ardmore Endeavour Spot Ardmore Seafarer Time Charter 3 183 Ardmore Seatrader Time Charter Ardmore Seamaster Time Charter 136 Ardmore Seamariner Time Charter 92 92 Ardmore Sealeader Spot Ardmore Sealifter Spot 4Q Est TCE: 4Q Est TCE: 4Q Est TCE: Ardmore Centurion Time Charter $15,837 (3) $14,383 $13,549 Ardmore Calypso Pool Ardmore Capella Pool TC Days Spot Days Estimated Days 4Q 2014 4Q 2014 E Operating Days 1,288 Drydock / Positioning Days 48 Revenue Days (1) 1,234 3 Revenue Days Breakdown: Time Charter Days 824 Spot / Pool Days 411 Time Charter Coverage in 4Q14 67% 1. Revenue days for 4Q 2014 is based on an assumed 99.5% utilization 2. As at October 31, 2014. One of the time charters contains a profit-sharing component. 3. Rate excludes income from profit share 8

Newbuilding Program 9

Newbuilding Program On Track Newbuilding Program Construction Progress  Construction progressing well, with all vessels expected FKA HULL N-2062 HMD HULL H-2480 to deliver within 2015 HMD HULL H-2481 SPP HULL S-1162  Five Eco-design vessels scheduled to deliver in 1Q15: 3 FKA HULL N-2063 − 25,000 Dwt x 2 (Fukuoka, Japan) SPP HULL S-1163 SPP HULL S-1171 − 37,000 Dwt x 2 (Hyundai Mipo, South Korea) FKA HULL N-2065 − 50,000 Dwt x 1 (SPP, South Korea) SPP HULL S-1172 FKA HULL N-2067 Aug-13 Sept-14 Jan-15 Mar-15 Jul-15 Oct-15 Completed To Complete (1) Scheduled / Contracted Fleet Development 2 4 5 10 24 22 20 19 14 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 In Operation Predelivery 1. Assumes on time deliveries of all vessels currently under construction 10

Product and Chemical Markets 11

Rapidly Improving Product Tanker Market Commentary MR Triangulation YTD 2014  MR spot market has improved significantly (1) TC 11/4 TC 2/14 − West: TC 2 / TC 14 $20,504 / day $27,500 − East: TC 11 / TC 4 $17,889 / day $22,500  Market in East has been relatively stable throughout the year $17,500 $12,500  One-year time charter rates improving with spot rates $7,500 − MR Eco-designs: ~$16,250 / day $2,500 − MR Eco-mods: ~$14,500 / day  Outlook remains positive − US: refinery maintenance expected to end in early Nov. ’14 − Yanbu: on schedule to commence exports in November − Ruwais: expect full commissioning by end of year Product Tanker Orderbook and Fleet Development  MR fleet growth expected to be 3.5% - 4% in 2014 140 70% − Orderbook declining: ~291 vessels or ~16.4% of fleet based on Dwt 120 60% − Deliveries stretch to 2017 / 2018 Fleet million Dwt, start year 100 50% − 89 MRs delivered in YTD 2014 Orderbook (% of Fleet) − 22 vessels reported scrapped in same period 80 40% 60 30%  Sale and Purchase 40 20% − Yard prices for newbuildings firm at $36.5 mln for delivery end 2016 − Equates to delivered cost of $38 million 20 10% − Valuations for re-sales specific to seller 0 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Drewry, Clarksons Shipping Intelligence Network, ICAP, internal market data 1. Trinagulations as of November 3, 2014. TC2: Rotterdam to New York. TC 14: Houston to Amsterdam. TC11: Yosu to Singapore. TC 4: Singapore to Japan. 12