ASC Ardmore Shipping Corporation

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number:  001-36028

​

​

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

​

​

​

​

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a copy of the press release of Ardmore Shipping Corporation titled “Ardmore Shipping Corporation Announces Financial Results For The Three and Twelve Months Ended December 31, 2024”

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​

​

Exhibit 99.1

Ardmore Shipping Corporation Announces Financial Results For The Three and Twelve Months Ended December 31, 2024

HAMILTON, Bermuda, February 13, 2025 - Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore”, the “Company” or “we”) today announced results for the three and twelve months ended December 31, 2024.

Highlights and Recent Activity

​

Gernot Ruppelt, the Company’s Chief Executive Officer, commented:

​

“Ardmore’s consistent focus on optimizing our performance, strengthening our financial position, and maintaining low breakeven levels has served us well. With the combination of supportive fundamentals and the close coordination of our teams on shore and at sea, we have harnessed market volatility and delivered another profitable quarter.

​

We continue to execute on our capital allocation priorities with a focus on long-term value creation. We are making favorable higher return investments in our vessels, building balance sheet strength to enhance our ability to act decisively when attractive opportunities arise, and returning capital to our shareholders through both a quarterly dividend and recent use of our share repurchase program.

​

Moving forward, we expect steady growth in underlying demand for refined oil products and expanding biofuel trades that will support product tanker demand, while the MR fleet ages to its oldest level in decades. At the same time, the combination of regulatory uncertainty, the expansion of sanctions, and widespread geopolitical instability is underscoring the value of cargo and destination flexibility that is the hallmark of MR product tankers and chemical tankers.”

​

​

​

​

​

Summary of Recent and Fourth Quarter 2024 Events

Fleet

Fleet Operations and Employment

As of December 31, 2024, the Company had 26 vessels in operation (including four chartered-in vessels), consisting of 20 MR tankers ranging from 45,000 deadweight tonnes (“dwt”) to 49,999 dwt (16 owned Eco-Design and four chartered-in Eco-Mod) and six owned Eco-Design IMO 2 product/chemical tankers ranging from 25,000 dwt to 37,800 dwt.

MR Tankers (45,000 dwt – 49,999 dwt)

At the end of the fourth quarter of 2024, the Company had 20 MR tankers in operation, all but one of which was trading in the spot market.

Below is a summary of the average daily MR Tanker TCE rates earned during the fourth quarter of 2024 and thus far in the first quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the first quarter:

​

Product / Chemical Tankers (IMO 2: 25,000 dwt – 37,800 dwt)

At the end of the fourth quarter of 2024, the Company had six Eco-Design IMO 2 product / chemical tankers in operation, all of which were trading in the spot market.

Below is a summary of the average daily Chemical Tanker TCE rates earned during the fourth quarter of 2024 and thus far in the first quarter of 2025, together with the corresponding percentage of currently fixed total revenue days for the quarter:

​

Drydocking

The Company had no drydocking days in the fourth quarter of 2024. The Company is scheduled to have 174 drydocking days in the first quarter of 2025.

Dividend on Common Shares

Consistent with the Company’s variable dividend policy of paying out dividends on its shares of common stock equal to one-third of Adjusted earnings, as calculated for dividends (see Adjusted earnings (for purposes of dividend calculations) in the Non-GAAP Measures section), the Board of Directors declared a cash dividend on February 13, 2025 of $0.08 per common share for the quarter ended December 31, 2024. The dividend will be paid on March 14, 2025, to all shareholders of record on February 28, 2025.

Share Repurchases

In December 2024, the Company repurchased 1.56 million shares, or approximately 4% of its outstanding common stock, under Ardmore’s share repurchase plan, at a weighted average price of $11.49 per share, for a total cost of $17.9 million.  

Preferred Stock Redemption

On December 10, 2024, the Company redeemed 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to 103% of the liquidation preference per share, plus any accumulated and unpaid dividends.  

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 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 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 the Company’s services.

Results for the Three Months Ended December 31, 2024 and 2023

The Company reported net income attributable to common stockholders of $5.1 million for the three months ended December 31, 2024, or $0.12 earnings per basic share and diluted share, as compared to net income attributable to common stockholders of $26.1 million, or $0.63 earnings per basic share and diluted share for the three months ended December 31, 2023.

Results for the Years Ended December 31, 2024 and 2023

The Company reported net income attributable to common stockholders of $128.6 million for the year ended December 31, 2024, or $3.09 earnings per basic share and $3.06 earnings per diluted share, as compared to net income attributable to common stockholders of $113.4 million, or $2.76 earnings per basic share and $2.71 earnings per diluted share for the year ended December 31, 2023.

Management’s Discussion and Analysis of Financial Results for the Three Months Ended December 31, 2024 and 2023

Revenue. Revenue for the three months ended December 31, 2024 was $82.0 million, a decrease of $16.9 million from $98.9 million for the three months ended December 31, 2023.

The Company’s average number of operating vessels was 26.0 for the three months ended December 31, 2024, consistent with 26.0 for the three months ended December 31, 2023.  

The Company had 2,245 spot revenue days for the three months ended December 31, 2024, as compared to 2,293 for the three months ended December 31, 2023. The Company had 25 vessels employed directly in the spot market as of December 31, 2024 compared with 26 vessels as of December 31, 2023. Decreases in spot rates during the three months ended December 31, 2024 resulted in a decrease in revenue of $17.6 million, while the decrease in spot revenue days resulted in a decrease in revenue of $2.1 million for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023.

The Company had one product tanker employed under time charter as of December 31, 2024 as compared to none as of December 31, 2023. There were 92 revenue days derived from time charters for the three months ended December 31, 2024, as compared to none for the three months ended December 31, 2023. The increase in revenue days for time-chartered vessels resulted in an increase in revenue of $2.8 million for the three months ended December 31, 2024.

Voyage Expenses. Voyage expenses were $32.8 million for the three months ended December 31, 2024, generally consistent with $33.2 million for the three months ended December 31, 2023.

TCE Rate. The average TCE rate for the Company’s fleet was $22,353 per day for the three months ended December 31, 2024, a decrease of $7,349 from $29,702 per day for the three months ended December 31, 2023. TCE rates represent net revenues (a non-GAAP measure representing revenue less voyage expenses) divided by revenue days. Net revenue utilized to calculate TCE is determined on a discharge-to-discharge basis, which is different from how the Company records revenue under U.S. GAAP.

Vessel Operating Expenses. Vessel operating expenses were $15.1 million for the three months ended December 31, 2024, consistent with $15.1 million for the three months ended December 31, 2023. Vessel operating expenses, by their nature, can be prone to fluctuations between periods.

Charter Hire Costs. Total charter hire expense was $5.8 million for the three months ended December 31, 2024, an increase of $0.1 million from $5.7 million for the three months ended December 31, 2023.  This increase is as a result of higher charter hire rates during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Total charter hire expense for the three months ended December 31, 2024 was comprised of an operating expense component of $3.0 million and a vessel lease expense component of $2.8 million.

Depreciation. Depreciation expense for the three months ended December 31, 2024 was $7.8 million, an increase of $0.7 million from $7.1 million for the three months ended December 31, 2023. This increase is primarily attributable to the purchase of the Ardmore Gibraltar in April 2024 and the installation of ballast water treatment systems and scrubber systems on several vessels during their most recent drydock cycles.

Amortization of Deferred Drydock Expenditures. Amortization of deferred drydock expenditures for the three months ended December 31, 2024 was $0.9 million, consistent with $0.9 million for the three months ended December 31, 2023. Deferred drydocking costs for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

​

General and Administrative Expenses: Corporate. Corporate-related general and administrative expenses for the three months ended December 31, 2024 were $6.8 million, an increase of $1.1 million from $5.7 million for the three months ended December 31, 2023. The increase in costs during the fourth quarter of 2024 was primarily due to an increase in variable-based compensation of $0.7 million, in line with strong results during 2024, and a one-time expense of $0.4 million associated with the Company’s leadership transition.

General and Administrative Expenses: Commercial and Chartering. Commercial and chartering expenses are the expenses attributable to Ardmore’s chartering and commercial operations departments in connection with its spot trading activities. Commercial and chartering expenses for the three months ended December 31, 2024 were $1.3 million, generally consistent with $1.4 million for the three months ended December 31, 2023.

Unrealized Gains / (Losses) on Derivatives. Unrealized gains on derivatives were $0.7 million for the three months ended December 31, 2024, as compared to an unrealized loss on derivatives of $0.2 million for the three months ended December 31, 2023. The gain for the three months ended December 31, 2024 relates to a decrease in the fair value of the liability in respect of the profit interest granted by the Company in 2021 relating to the Company’s investment in Element 1 Corporation.

Interest Expense and Finance Costs. Interest expense and finance costs for the three months ended December 31, 2024 were $1.1 million, a decrease of $1.6 million from $2.7 million for the three months ended December 31, 2023. The decrease in costs was due to the reduction of the average outstanding debt balance due to the conversion of the Company’s term loan into a fully revolving facility with 50% of the term loan being converted to a revolving facility during the three months ended June 30, 2023 and the remaining 50% being converted during the three months ended March 31, 2024. The current flexibility of the Company’s revolving facilities, with only $38.8 million drawn down as of December 31, 2024, has reduced the impact on the Company of the elevated interest rate environment. Amortization of deferred finance fees for the three months ended December 31, 2024 was $0.3 million, consistent with $0.3 million for the three months ended December 31, 2023.

Loss from equity method investments. During the three months ended December 31, 2024, the Company recognized an impairment loss of $4.4 million related to its equity method investment in Element 1 Corporation. The impairment was assessed based on market conditions and the financial performance of Element 1 Corporation. The impairment loss is included in Loss from equity method investments in the consolidated statements of operations. No corresponding impairment of equity method investment was recorded during the three months ended December 31, 2023.

Extinguishment of Preferred Stock. During the three months ended December 31, 2024, the Company redeemed 25% of its Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $0.7 million was recognized during the three months ended December 31, 2024. No corresponding extinguishment of preferred stock was recorded during the three months ended December 31, 2023.

Liquidity

As of December 31, 2024, the Company had $243.4 million in liquidity available, with cash and cash equivalents of $47.0 million (December 31, 2023: $46.8 million) and amounts available and undrawn under its revolving credit facilities of $196.4 million (December 31, 2023: $221.2 million).

​

Conference Call

The Company plans to host a conference call on February 13, 2025, at 12:00 p.m. Eastern Time to discuss its financial results for the quarter ended December 31, 2024. All interested parties are invited to listen to the live conference call and review the related slide presentation by choosing from the following options:

Participants should dial into the call 10 minutes before the scheduled time.

If you are unable to participate at this time, an audio replay of the call will be available through February 20, 2025 at 888-660-6345 or 646-517-4150. Enter the passcode 16498 to access the audio replay. A recording of the webcast, with associated slides, will also be available on the Company’s website. The information provided on the teleconference is only accurate at the time of the conference call, and the Company takes no responsibility for providing updated information.

About Ardmore Shipping Corporation

Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Ardmore provides, through its modern, fuel-efficient fleet of mid-size tankers, seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.

Ardmore’s core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the company grows. Ardmore provides its services to customers through voyage charters and time charters, and enjoys close working relationships with key commercial and technical management partners.

Ardmore’s Energy Transition Plan (“ETP”) focusses on three key areas: transition technologies, transition projects, and sustainable (non-fossil fuel) cargos. The ETP is an extension of Ardmore’s strategy, building on its core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance.

​

Ardmore Shipping Corporation

Unaudited Condensed Consolidated Balance Sheets

​

​

​

​

Ardmore Shipping Corporation

Unaudited Condensed Consolidated Statements of Operations

​

​

​

​

​

​

Ardmore Shipping Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

​

​

​

​

​

​

​

​

Ardmore Shipping Corporation

Unaudited Other Operating Data

​

​

​

​

CO₂ Emissions Reporting⁽¹⁾

​

In April 2018, the International Maritime Organization’s (“IMO”) Marine Environment Protection Committee (“MEPC”) adopted an initial strategy for the reduction of greenhouse gas (“GHG”) emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out as soon as possible. Ardmore is committed to transparency and contributing to the reduction of CO₂ emissions in the Company’s industry. Ardmore’s reporting methodology is in line with the framework set out within the IMO’s Data Collection System (“DCS”) initiated in 2019.

​

On January 1, 2023, the BIMCO CII Operations Clause for Time Charter Parties came into force. This clause outlines that the charterer should take responsibility for a ship’s emissions. On this basis, Ardmore’s GHG emissions analysis has been updated to exclude the impact of ships time-chartered out and to include the impact of ships time-chartered in. Previously all vessels were included in Ardmore’s analysis from the fleet except for vessels commercially managed by Ardmore.

Ardmore Performance

It should be noted that results vary quarter to quarter depending on ship activity, ballast / laden ratio, cargo carried, weather, waiting time, time in port, and vessel speed. However, analysis is also presented on a trailing 12-month basis to provide a more accurate assessment of Ardmore's progress over a longer period and to mitigate seasonality. From a weather perspective rougher weather (based on Beaufort Scale wind force rating being greater than 4 BF) will generally have a mitigating impact on the ability to optimize fuel consumption, while idle time will impact ships metrics as they will still require power to run but will not be moving. Overall Ardmore Shipping’s carbon emissions for the trailing 12-month period have increased by 1.0% from 418,022 metric tons to 422,083 metric tons of CO2, due to an increase in shorter voyages. Fleet EEOI for the period decreased from 13.34 g / ctm to 12.38 g / ctm, primarily due to a reduction in ballasting, while AER increased from 6.05g / tm to 6.13 g / tm due to an increase in shorter voyages and cargo heating requirements. Ardmore seeks to achieve continued improvements through a combination of technological advancements and operational optimization.

¹ Ardmore's emissions data is based on the reporting tools and information reasonably available to Ardmore and its applicable third-party technical managers for Ardmore’s owned fleet. Management assesses such data and may adjust and restate the data to reflect latest information.

It is expected that the shipping industry will continue to refine the performance measures for emissions and efficiency over time. AER and EEOI metrics are impacted by external factors such as charter speed, vessel orders and weather, in conjunction with overall market factors such as cargo load sizes and fleet utilization rate. As such, variance in performance can be found in the reported emissions between two periods for the same vessel and between vessels of a similar size and type. Furthermore, other companies may report slight variations (e.g. some shipping companies report CO₂ in tons per kilometer as opposed to CO₂ in tons per nautical mile) and consequently it is not always practical to directly compare emissions from different companies. The figures reported above represent Ardmore’s initial findings; the Company is committed to improving the methodology and transparency of its emissions reporting in line with industry best practices. Accordingly, the above results may vary as the methodology and performance measures set out by the industry evolve.

² Includes time-chartered out and time-chartered in vessels.

³ Annual Efficiency Ratio (“AER”) is a measure of carbon efficiency using the parameters of fuel consumption, distance travelled, and design deadweight tonnage (“DWT”). AER is reported in unit grams of CO₂ per ton-mile (gCO₂/dwt-nm). It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO₂ by (ii) DWT multiplied by distance travelled in nautical miles. A lower AER reflects better carbon efficiency.

⁴ The AER and EEOI figures are presented including the impact of cargo heating and tank cleaning operations unless stated.

⁵ Energy Efficiency Operational Indicator (“EEOI”) is a tool for measuring CO₂ gas emissions in a given time period per unit of transport work performed. It is calculated by dividing (i) mass of fuel consumed by type converted to metric tons of CO₂ by (ii) cargo carried in tons multiplied by laden voyage distance in nautical miles. This calculation is performed as per IMO MEPC.1/Circ684. A lower EEOI reflects lower CO2 gas emissions in a given time period per unit of transport work performed.

⁶ Idle time is the amount of time a vessel is waiting in port or awaiting the laycan or waiting in port/at sea unfixed.

​

​

​

​

​

​

​

​

​

Non-GAAP Measures

​

EBITDA + vessel lease expense component (i.e., EBITDAR) and Adjusted EBITDAR

​

EBITDAR is defined as EBITDA (i.e., earnings before interest, unrealized gains/(losses) on interest rate derivatives, taxes, depreciation and amortization) plus the vessel lease expense component of total charter hire expense for chartered-in vessels. Adjusted EBITDAR is defined as EBITDAR before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels.

​

For the three months ended December 31, 2024, we recognized total charter hire expense of $5.8 million in respect of time charter-in vessels under operating leases. The total expense includes (i) $2.8 million in respect of the right to use the leased assets (i.e., vessel lease expense component), and (ii) $3.0 million in respect of the costs of operating the vessels (i.e. operating expense component). Under U.S. GAAP, the expense related to the right to use the leased assets (i.e. capital component) is treated as an operating item on our consolidated statement of operations, and is not added back in our calculation of EBITDA.  The treatment of operating lease expenses differs under U.S. GAAP as compared to international financial reporting standards (“IFRS”). Under IFRS, the expense of an operating lease is presented in depreciation and interest expense. 

​

Many companies in our industry report under IFRS; we therefore use EBITDAR and Adjusted EBITDAR as tools to compare our valuation with the valuation of these other companies in our industry. We do not use EBITDAR and Adjusted EBITDAR as measures of performance or liquidity.  We present below reconciliations of net income / (loss) attributable to common stockholders to EBITDAR (which includes an adjustment for vessel lease operating expenses) and Adjusted EBITDAR.

​

EBITDAR and Adjusted EBITDAR, as presented, may not be directly comparable to similarly titled measures presented by other companies. In addition, EBITDAR and Adjusted EBITDAR should not be viewed as measures of overall performance since they exclude vessel rent, which is a normal, recurring cash operating expense related to our in-chartering of vessels that is necessary to operate our business. Accordingly, you are cautioned not to place undue reliance on this information.

​

EBITDA, Adjusted EBITDA, Adjusted earnings and Adjusted earnings (for purposes of dividend calculations)

EBITDA, Adjusted EBITDA and Adjusted earnings are not measures prepared in accordance with U.S. GAAP and are defined and reconciled below. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain items that Ardmore believes are not representative of its operating performance, including gain or loss on sale of vessels, gain on extinguishment, unrealized gains/(losses) on derivatives and profit/(loss) on equity method investments. Adjusted earnings excludes certain items from net income attributable to common stockholders, including gain or loss on sale of vessels and write-off of deferred finance fees (i.e., loss on extinguishment) because they are considered to not be representative of the Company’s operating performance.

EBITDA, Adjusted EBITDA and Adjusted earnings are presented in this press release as the Company believes that they provide investors with a means of evaluating and understanding how Ardmore’s management evaluates operating performance. EBITDA and Adjusted EBITDA increase the comparability of the Company’s fundamental performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest expense, taxes, depreciation or amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Company believes that including EBITDA, Adjusted EBITDA and Adjusted earnings as financial and operating measures assists investors in making investment decisions regarding the Company and its common stock.

For purposes solely of the quarterly common dividend calculation, Adjusted earnings represents the Company’s Adjusted earnings for the quarter ended December 31, 2024, but excluding the impact of unrealized gains / (losses) and certain non-recurring items.

​

These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to, financial measures prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures may not have a standardized meaning and therefore may not be comparable to similar measures presented by other companies.

​

​

​

​

​

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “should”, “may”, “will”, “expect” and similar expressions are among those that identify forward-looking statements.

Forward-looking statements in this press release include, among others, statements regarding: future operating or financial results, including future earnings and financial position; global and regional economic conditions and trends; shipping market trends and market fundamentals, including tanker demand and supply and future spot and charter rates; expected growth in oil demand and expanding biofuel trade;  the Company’s capital allocation priorities and business strategies and energy transition, sustainability and other initiatives the potential effect of geopolitical conflicts, including the Russia-Ukraine war, the Israel-Hamas war and attacks against merchant vessels in the Red Sea area on the shipping industry and the Company; expected drydocking days; trends and improvements in the Company’s performance as measured by energy efficiency and emission-reduction metrics; and the timing and payment of quarterly dividends by the Company. The forward-looking statements in this press release are based upon various assumptions, including, among others, the Company’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company cautions readers of this release not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies and currencies; general market conditions, including fluctuations in spot and charter rates and vessel values; changes in demand for and the supply of tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs; changes in the projections of spot and time charter or pool trading of the Company’s vessels; geopolitical conflicts, including future developments relating to the Russia-Ukraine war (including related sanctions and import bans)  and or the Israel-Hamas war; changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs; general domestic and international political and trade conditions; potential disruption of shipping routes due to accidents, piracy or other events; fluctuations in oil prices; the market for the Company’s vessels; competition in the tanker industry; availability and completion of financing and refinancing; the Company’s operating results and capital requirements and the declaration of any future dividends by the Company’s board of directors; charter counterparty performance; any unanticipated delays or complications with scheduled drydockings, or with anticipated installations of scrubbers; ability to comply with covenants in the Company’s financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; the Company’s ability to charter vessels for remaining revenue days during the first quarter of 2025 in the spot market; new or revised accounting pronouncements; vessel breakdowns and instances of off-hire; and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Form 20-F for the year ended December 31, 2024, for a more complete discussion of these and other risks and uncertainties.  

​

Investor Relations Enquiries:

​

​