Third Quarter 2018 Earnings Presentation Disclaimer 2 This - PowerPoint PPT Presentation

ARDMORE SHIPPING CORPORATION Third Quarter 2018 Earnings Presentation

Disclaimer 2 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, are among these forward-looking statements including, without limitation, statements about: future operating or financial results; global and regional economic conditions and trends; the Company’s business strategy and expected operating expenses and operating leverage, including expected increases in EPS for given tanker rate increases; competition in the tanker industry; shipping market trends and market fundamentals, including expected tanker demand and scrapping levels; the effect on tanker demand of the IMO 2020 regulations, and the timing of such effect; the Company’s financial condition, liquidity and debt amortization; and expected 2018 revenue days. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ materially 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, 2017. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 2

Earnings Release: Third Quarter 2018 3 Agenda ▪ Performance and Recent Market Activity ▪ Market Overview ▪ Fleet Update ▪ Financial Review ▪ Summary ▪ Appendix 3

Highlights 4 4

Performance and Recent Market Activity 5 Highlights ▪ Reporting EBITDA of $3.9 million and net loss of $12.2 million, or $0.37 per share in the third quarter, reflecting continued weakness in product tanker charter rates ▪ Our MR product tankers earned $10,314 per day in the third quarter and $11,450 per day year-to-date. MR spot rates adversely impacted by: o Lower cargo volumes in Atlantic Basin y-o-y; one-off events in 2Q18 continued into early 3Q18 o Some encroachment from larger tankers, which looks to be easing ▪ MR rates have recovered from summer lows; now appear to be on an upward trajectory into the winter months ▪ Fleet is performing well; operating expenses and overhead below budget year-to-date ▪ Our cash at quarter end was $53 million (1) on a pro forma basis; resulting from the refinancing of four vessels on favourable terms in October ▪ Looking ahead, supply / demand fundamentals remain very positive, while at the same time, IMO 2020 expected to create upside for entire tanker market, and product tankers in particular, from mid-2019 1. Pro forma cash is based on closing balance 3Q18 of $33.3mln plus net cash release of $19.7mln from refinancing of four vessels completed in October 2018 5

Fleet Profile 6 Vessel Name Type Dwt Tonnes IMO Built Country Flag Specification High Quality Vessels Ardmore Seavaliant Product/Chemical 49,998 2/3 Feb-13 Korea MI Eco-design Ardmore Seaventure Product/Chemical 49,998 2/3 Jun-13 Korea MI Eco-design ✓ Modern, highly fuel efficient Ardmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea MI Eco-design fleet of MRs Ardmore Seavanguard Product/Chemical 49,998 2/3 Feb-14 Korea MI Eco-design Ardmore Sealion Product/Chemical 49,999 2/3 May-15 Korea MI Eco-design Ardmore Seafox Product/Chemical 49,999 2/3 Jun-15 Korea MI Eco-design ✓ Average age of 6.2 years Ardmore Seawolf Product/Chemical 49,999 2/3 Aug-15 Korea MI Eco-design Ardmore Seahawk Product/Chemical 49,999 2/3 Nov-15 Korea MI Eco-design Ardmore Endeavour Product/Chemical 49,997 2/3 Jul-13 Korea MI Eco-design ✓ Built at high-quality yards in Ardmore Enterprise Product/Chemical 49,453 2/3 Sep-13 Korea MI Eco-design Korea and Japan Ardmore Endurance Product/Chemical 49,466 2/3 Dec-13 Korea MI Eco-design Ardmore Explorer Product/Chemical 49,494 2/3 Jan-14 Korea MI Eco-design ✓ Quality fleet = lower operating Ardmore Encounter Product/Chemical 49,478 2/3 Jan-14 Korea MI Eco-design Ardmore Exporter Product/Chemical 49,466 2/3 Feb-14 Korea MI Eco-design cost, higher utilization and maximum value appreciation Ardmore Engineer Product/Chemical 49,420 2/3 Mar-14 Korea MI Eco-design Ardmore Seafarer Product/Chemical 45,744 3 Aug-04 Japan MI Eco-mod Ardmore Seatrader Product 47,141 — Dec-02 Japan MI Eco-mod ✓ Complementary fleet Ardmore Seamaster Product/Chemical 45,840 3 Sep-04 Japan MI Eco-mod Ardmore Seamariner Product/Chemical 45,726 3 Oct-06 Japan MI Eco-mod Ardmore Sealancer Product 47,451 — Jun-08 Japan MI Eco-mod ✓ Increased scale improves Ardmore Sealeader Product 47,463 — Aug-08 Japan MI Eco-mod commercial flexibility Ardmore Sealifter Product 47,472 — Jul-08 Japan MI Eco-mod Ardmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea MI Eco-design Ardmore Defender Product/Chemical 37,791 2 Feb-15 Korea MI Eco-design Ardmore Cherokee Product/Chemical 25,215 2 Jan-15 Japan MI Eco-design Ardmore Cheyenne Product/Chemical 25,217 2 Mar-15 Japan MI Eco-design Ardmore Chinook Product/Chemical 25,217 2 Jul-15 Japan MI Eco-design Ardmore Chippewa Product/Chemical 25,217 2 Nov-15 Japan MI Eco-design Total 28 1,250,019 6.2 (1) 1. Average age as at September 30, 2018 6

Market Overview 7 7

MR Tanker Fundamentals 8 Seaborne Volume of Oil Products Trade (2) ▪ MR tanker fundamentals are very positive: Product Tanker Tonne-Mile Demand CAGR: 4% (2) 28 ▪ Oil consumption continues to grow strongly, matched by refinery 23 capacity additions in trading-oriented locations: Million Barrels / Day 18 o Global oil consumption expected to increase by 1.4 mbd in 2019 (1) 13 o Refinery capacity additions of 2 mbd in 2019 (1) ; expansions in China 8 (1.1 mbd) and Middle East (0.4 mbd) to drive increased exports of refined products from Asia 3 ▪ MR orderbook remains at all-time lows: -2 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E o Forecasting 50 MRs to deliver for full year 2018 (43 ytd) (3)(4) Product Tanker Orderbook and Fleet Development (3)(4) Fleet (Million DWT) OB as % of Fleet o Scrapping run rate at approx. 40 – 50 MRs per year; 38 scrapped ytd 100 50% in 2018 (3) 4.7% 80 40% o As a result fleet growth, net of scrapping, expected to be close to OB as % Fleet Million DWT zero in 2018 and 1% in 2019 (3)(4) 60 30% ▪ These strong fundamentals are expected to provide a solid 40 20% foundation for the MR market as it benefits from more positive oil market dynamics 20 10% 0 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 IEA Oil Market Report, October 12 th 2018 1. 2. Clarksons Shipping Intelligence, October 2018 3. Clarksons Shipping Intelligence Network, and management’s estimates. Note these numbers include slippage. Management’s estimates based on 50% of 4Q18 scheduled deliveries slipping into 2019 8 Management’s estimates of deliveries for 2018, net of estimated scrapping. Management’s estimates based on 50% of 4Q18 schedu led deliveries slipping into 2019 4.

Recent Tanker Market Activity and Trends 9 MR Rates Recovering (1)(2) ▪ ASC Fleet TCE averaged $10,261 per day in 3Q18: $21 Atlantic Basin rates hit MR rates on a global basis lows in Jun & Aug bottomed-out in Sept o MR spot rates averaged $10,314 per day, while chemical tankers $19 MR TCE (Thousand USD / day) averaged $10,093 per day $17 $15 o ASC fleet deployment weighted toward Atlantic Basin; a headwind in $13 3Q18 but now shifting in our favour $11 $9 ▪ Recent market activity: $7 $5 o Atlantic Basin hit record lows in late summer, driven by one-time $3 events in key consumer regions (Mexico & Brazil). Globally, MR rates $1 troughed in September Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 TC2/TC14 (Atlantic Basin) MR Global Average o Atlantic Basin trading activity has returned to more normal levels and winter market conditions starting to emerge Tanker Rates Starting To Improve (1) $40 Product Tankers Crude Tankers MR Only o Rebound in crude tanker rates is resulting in easing of encroachment on product tanker trades; LR2’s expected to migrate to dirty trades $35 (nine so far) TCE (Thousand USD / day) Rebound in crude tanker $30 rates to lead the recovery for product tankers ▪ Market outlook and trends: $25 o Strong crude tanker rates leading a general tanker market recovery $20 o Global refinery throughput expected to reach a record high of 84 mbd $15 in December 2018 (3) $10 o Impact of IMO 2020 expected to be felt beginning in mid-2019 $5 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 1. Data provided by Howe Robinson 2. Clarksons Shipping Intelligence, as at November 6, 2018 3. IEA Oil Report, October 12, 2018 9