Ardmore Shipping : 2023 Annual Report

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2023 ANNUAL REPORT

Contents

Our Company

Our Strategy

Letter From The Chair

Letter From The CEO

Directors & Senior Management Our Fleet

Performance and Progress ESG Highlights

Form 20-F

1

2

3

5

9

17

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23

Our Company

Ardmore Shipping owns and operates a fleet of mid-size product and chemical tankers.

We provide seaborne transportation of chemicals, sustainable fuels, and petroleum products worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of tankers. Ardmore's core strategy is to develop a modern, high-quality fleet of product and chemical tankers through well-timed growth, build key long-term commercial relationships, and maintain our cost advantage in assets, operations, and overhead through hands-on management, while creating significant synergies and economies of scale as the Company grows. We provide our services to customers through our in-house chartering and commercial team. We maintain a broad range of vessel employment strategies to maximize commercial flexibility and customer diversification, enjoying close working relationships with key commercial and technical management partners. Maintaining outstanding customer service is a cornerstone of our business, and we seek customers who value our active approach to fuel efficiency and excellent service delivery.

Our Energy Transition Plan ("ETP") is focused on three key areas: (1) Transition Projects, (2) Transition Technologies, and (3) Sustainable Cargos (non-fossil fuel). Balancing the energy transition with energy realism, the ETP is an extension of our existing strategy, building on our core strengths of tanker chartering, shipping operations, technical and operational fuel efficiency improvements, technical management, construction supervision, project management, investment analysis, and ship finance. We continue to invest in diverse technological and process optimization initiatives to minimize emissions, maximize performance, and advance industry best practices.

Ardmore Shipping Board and Leadership Team:. Pictured left to right: Mr. Mark Cameron, Ms. Helen Tveitan de Jong, Mr. Mats Berglund, Mr. James Fok, Ms. Aideen O'Driscoll, Mr. Bart Kelleher, Mr. Curtis Mc Williams, Mr Gernot Ruppelt, Ms. Kirsi Tikka, Mr. Anthony Gurnee

Our Strategy

Energy Transition Plan	Long-Term Value
("ETP") Framework	Creation
Transition projects:	Disciplined capital allocation
working closely with customers	Conservative balance sheet
Transition technologies:
High-quality fleet
efficiency and future fuels
Transparent corporate structure
Sustainable (non-fossil fuel) cargos:
long-term growth	Effective Cost &
Focus
Investment Management
Mid-size product and chemical tankers	Low breakeven levels
Driving performance while simultaneously	Disciplined investment
pursuing progress	Well-timed asset acquisitions
Voyage optimization
Fuel efficiency and emissions reduction

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Ardmore Shipping ┃ Annual Report 2023

Our Strategy

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Letter From The Chair

Curtis Mc Williams

Dear Fellow Shareholders,

On behalf of the Board, I am pleased to report on another excellent year for Ardmore Shipping. Our company continues to thrive in these complex and volatile markets, delivering strong commercial and operating performance, while maintaining a strict focus on our capital allocation priorities and investing in Ardmore's long-term future, guided by our Energy Transition Plan.

Ardmore continues to be a leader in the Energy Transition, supporting the drive for decarbonization of the shipping industry. We also acknowledge the reality that this will take time and understand the importance of meeting the ongoing demand for transportation of refined products and chemicals to support the global economy. With this in mind, we introduced our Energy Transition Plan ("ETP") in early 2021, as a natural extension of our strategy, with a focus on delivering improved operating performance and reducing emissions, while strategically positioning Ardmore for the future.

Central to this approach was the establishment of an internal team dedicated to the energy transition, working collaboratively with customers, technology providers, and our broader organization to develop valuable projects and investments. In 2023, guided by our ETP team, we invested in several efficiency enhancing projects, which have demonstrated strong financial returns as well as reducing the carbon emissions of our fleet.

In keeping with our long-term focus, we established a Sustainability Committee in early 2023, to oversee and advise on environmental, social and energy transition matters. This will ensure continued Board focus and support as we strive to make progress in these complex but extremely important areas of our business.

Ranked as the number one tanker company

of decarbonization and the energy transition are likely to result in many interesting opportunities. Ardmore's guiding principles of performance and progress, along with its commitment to best in- class governance and disciplined capital allocation, position the company very well for the long term.

Once again, we appreciate the strong support we receive from our shareholders, financiers, customers, employees, and business partners. On behalf of the Board of Directors, I would like to take this opportunity to thank you for your support, and we look forward to continuing to work together on your behalf.

Curtis Mc Williams

Chair - Ardmore Shipping Corporation

1. Webber Research, 2023 ESG Scorecard

First and foremost, I would like to recognize the important and often dangerous work of our seafarers in helping to ensure the smooth functioning of global supply chains, which has been brought into focus by recent events in the Red Sea. Ensuring their continued safety remains Ardmore's number one priority.

To say that we live in interesting times would be an understatement. Conflicts in Europe and the Middle East, and congestion caused by climate-related drought conditions in the Panama Canal, have resulted in profound changes to trade flows for our product and chemical tankers. These changes have added to the already tight underlying supply-demand fundamentals, leading to a period of sustained market strength.

Ardmore has benefited from these strong markets as well as the nimble approach of our commercial team, delivering another year of outstanding

financial results. The company's robust earnings have resulted in us further strengthening our balance sheet and lowering our breakeven levels, thereby allowing us to pursue all of our capital allocation priorities simultaneously.

At Ardmore, we believe that effective capital allocation is one of the key drivers to delivering long-term shareholder value, and this is why we continue to emphasize the importance of our Capital Allocation Policy. In 2023 we made several important investments in our fleet, while further de-levering our balance sheet and returning almost $40 million to our shareholders, pursuant to our dividend policy. Furthermore, we recently announced the acquisition of a 2017-built MR tanker and the simultaneous sale of the 2010-built Ardmore Seafarer as part of a gradual fleet modernization program.

on the Webber ESG Scorecard

Ardmore has always been committed to maintaining the highest standards of Corporate Governance, and it remains an area of critical importance. We are very pleased to have once again been ranked as the number one tanker company on the Webber ESG Scorecard(1), which recognizes companies in the shipping industry that prioritize strong corporate governance and capital stewardship.

Looking forward, we believe that the persistent reordering of global product trades as well as the strong underlying supply-demand fundamentals have created a positive outlook for product and chemical tankers. At the same time, the ongoing challenges

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Ardmore Shipping ┃ Annual Report 2023

Letter From The Chair

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Letter From The CEO

Anthony Gurnee

Dear Shareholders,

It is my pleasure to report on the performance and progress of Ardmore Shipping Corporation for the year ended December 31, 2023.

disruption in the Red Sea and Suez Canal, with the majority of vessels now navigating around the Cape of Good Hope, adding 40-70% to voyage distances. In addition, the climate-related drought issues in the Panama Canal have forced authorities to implement a substantial reduction in traffic, further adding to the inefficiencies in the market.

Product Tankers Supply

Growth 1.8%

On the supply side, product tanker net supply growth was 1.8% in 2023, while chemical tanker net supply growth was 1.4%(1). The combination of a historically high fleet age along with a low orderbook means net fleet growth should be limited in the coming years with the potential for significant scrapping.

Meanwhile, the global economy remained surprisingly resilient in 2023 despite a rising interest rate environment. At the time of writing, a soft-landing in the U.S. looks increasingly likely, with inflation now closer to target levels.

benefits. Furthermore, we pro-actively established a streamlined process to oversee the implementation of the EU Emissions Trading System (EU ETS) which came into force in January 2024.

In addition, as part of a gradual fleet modernization program, we have acquired a 2017-built MR tanker while simultaneously selling the 2010-built Ardmore Seafarer. When considering the increased fuel efficiency of the new vessel and avoiding the expense of an upcoming drydocking for the Ardmore Seafarer, we see this as an interesting investment, effectively buying seven vessel-years, at a cost equivalent to our current average annual depreciation rate.

Adjusted earnings of

$113.4M

Or $2.71 per Share(2)

The robust market, combined with Ardmore's strong operating performance, is reflected in another set of excellent financial results for 2023. We reported net revenue of $396 million and adjusted earnings of $113.4 million, or $2.71 per share, for the year. As a result of our effective cost control, reduced debt levels, and access to revolving credit facilities, we have managed

Summary

2023 was another highly successful year for Ardmore, maintaining a strong trend. The company delivered excellent financial performance and continued to execute on its capital allocation priorities, while also making good progress on our Energy Transition Plan, intended to both reduce carbon emissions and improve operational performance.

Recent events have once again demonstrated the vital role of the shipping industry in providing transportation services to the global economy. During these challenging times, it's important to acknowledge our seafarers and emphasize that their safety and well-being remains our foremost priority.

The Russia-Ukraine conflict and EU Refined Product Embargo, in addition to the ongoing disruption in the Red Sea and Suez Canal, and climate-related issues in the Panama Canal, have added further strength to a product and chemical tanker market which was already experiencing very tight supply-demand fundamentals, resulting in TCE rates remaining elevated throughout the year.

Against this robust market backdrop, we are very pleased with Ardmore's performance, as we have strengthened our balance sheet, managed costs effectively, and performed operationally and commercially at the highest level. Meanwhile, we have continued to deliver on our capital allocation policy, by investing in our fleet, reducing leverage, and returning significant capital to our shareholders. Our Energy Transition Plan remains core to our strategy, driving performance improvements, reducing emissions and positioning Ardmore for long-term success.

I would also like to acknowledge our Board, whose unique blend of skills have been invaluable to us in navigating the significant challenges and complexities faced during the past 12 months.

Market Review

2023 saw several important market developments. The EU Refined Product Embargo, introduced in February, resulted in a bifurcation of the global fleet driving route inefficiencies and higher tonne- miles. This was compounded by the substantial

Company Performance

Our results this year reflect the strength of Ardmore's team and our continuing ability to thrive in complex and volatile markets. We once again delivered strong TCE performance on an absolute and relative basis, as a result of our nimbleness and agility, as well as our significant operating leverage.

In 2023, we completed seven drydockings with a total capital expenditure of nearly $40 million, which included $25 million spent on scrubber installations and other energy efficiency technologies. We expect to complete a further five drydockings in 2024 at an estimated cost of $17 million, and similar to last year, more than 50% of this amount will be allocated to scrubbers and efficiency projects. With the majority of our 2024 drydockings taking place in the first quarter, we expect to have the benefit of our full fleet and its earnings power for the balance of the year.

We successfully completed the transfer of the technical management of eight vessels from a third- party provider to our joint venture partner Anglo Ardmore, providing significant scale and efficiency

to lower our cash breakeven level to $13,900 per day. This is a noteworthy achievement during a period of elevated interest rates and high inflation. In addition, we have a strong liquidity position, with nearly $50 million of cash on hand at the end of the year, and have total debt of just over $125 million, representing a leverage level of approximately 20%.

Sustainability

In early 2023, our Board of Directors established a Sustainability Committee, reinforcing our commitment to environmental stewardship and the energy transition. The committee is chaired by Dr. Kirsi Tikka, who holds a PhD in naval architecture and has extensive experience in the design and classification of vessels, including emerging technologies. She is joined by fellow Board members Helen Tveitan de Jong and Mats Berglund, who provide significant operational and commercial experience in the shipping industry.

Our Energy Transition Team is focused on working collaboratively with customers, technology providers, and our broader organization to develop valuable projects and investments for our fleet, with

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Ardmore Shipping ┃ Annual Report 2023

Letter From The CEO

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a focus on reducing emissions while also driving performance. In 2023, we installed carbon capture- ready modular scrubbers on five of our vessels, with a further four to be installed in early 2024. Notably, since the inception of our Energy Transition Plan less than three years ago, we have assessed over 200 potential projects and successfully implemented 14 of them to date, with returns on investment ranging from 40 to 140%.

We are very pleased that our principled approach to corporate governance continues to set a leading standard within the industry, and we are proud to once again be recognised as the number one ranked publicly traded tanker company on the Webber ESG Scorecard(3).

At Ardmore, our guiding principle is the combination of performance and progress. Performance today allows us to invest in progress, which further enhances our future performance. Ardmore continuously works to cultivate a purpose-driven culture that promotes enhanced productivity, elevated employee engagement, and a constructive work environment for everyone. With a diverse and talented team, and strong collaboration between our seafarers and shore staff, we are driving progress at Ardmore and across the shipping industry.

Market Outlook

We expect the strong market to continue in 2024, despite some near-term economic headwinds. The Russia-Ukraine conflict has resulted in a persistent re-ordering of product tanker trade which has been further amplified by recent geopolitical disruption in the Red Sea and Suez Canal, as well as the climate- related issues in the Panama Canal.

The International Energy Agency, aligning with industry projections, foresees continued growth in oil demand over the medium term. In addition, there is a consistent pattern of refinery expansion in the East, strategically located near points of production which results in heightened tonne-miles for product tankers in order to meet consumption demand in the West.

Meanwhile, there are only 8 million deadweight tonnes on order for MRs while 55 million deadweight tonnes will be within the scrapping age profile in the next five years. While there has been an increase in ordering activity, this is limited by a lack of shipyard capacity, with limited berth availability due to the significant ordering in other shipping segments.

We expect to see further complexity in the market driven by new regulations coming into effect and continuing technological advancement. This will likely create further inefficiencies and may continue to limit the ordering of new vessels, while supporting Ardmore's overall approach.

Closing Comments

Looking ahead, we expect to maintain our momentum, despite the many uncertainties the industry is facing. The evolving energy transition as well as ongoing geopolitical issues present both challenges and opportunities. We believe that our strategic approach, geared towards navigating the complexities of new regulations and technologies, positions us well for the future.

In closing, I extend my deepest gratitude to our customers, financiers, service partners, and shareholders for their unwavering support. I also want to highlight the outstanding work and dedication of our seafarers and shore personnel, whose exceptional performance is the foundation of Ardmore's continued progress.

Anthony Gurnee

CEO - Ardmore Shipping Corporation

1. Clarksons Shipping Intelligence Network, January 2024
2. Adjusted earnings and adjusted diluted EPS are non-GAAP measures.
   A definition of these measures and a reconciliation to the nearest GAAP comparable measures are included within Ardmore's earnings release for December 31, 2023
3. Webber Research, 2023 ESG Scorecard

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Ardmore Shipping ┃ Annual Report 2023

Letter from CEO

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Directors

Curtis McWilliams

CHAIR OF THE BOARD since 2019

Director since 2016

Age: 68

Committees:

• Audit
• Talent and Compensation
• Nominating and Corporate Governance (Chair)

Experience

• Kalera, Inc., a global leader in vertical community farms
• • Chairman of the Board (2022)
  • Interim Chief Executive Officer (2021 - 2022)
• President and Chief Executive Officer, CNL
  Real Estate Advisors, Inc., a REIT focused on properties in the seniors housing and healthcare sectors (2007 - 2010)
• President and Chief Executive Officer, Trustreet Properties Inc., a REIT offering multiple financing options and advisory services to the restaurant industry (1997 - 2007)

• Merrill Lynch & Co.
• • Chair, Private Advisory Service (1996 - 1997)
  • Various roles including Managing Director, co- head of the firm's Transportation Group (1983 - 1996)

Other Public Company Boards

• Director, Modiv Inc. (since 2019)
• Kalera, Inc., Chair (2022 - 2023)
• Braemar Hotels and Resorts (2013 - 2022)
• Campus Crest Communities (2015 - 2016)
• Trustreet Properties (2005 - 2007)

Education

• BSE, Chemical Engineering, Princeton University
• MBA, Finance, University of Chicago Graduate School of Business

Qualifications / Expertise

• Finance and Real Estate Experience: gained during his nearly 40 years in the industry holding leadership positions at several large real estate companies including a REIT focused on acquiring properties and sponsoring alternative investments and advisory services
• Investment Banking Expertise: developed during his more than 13 years of investment banking experience where he facilitated a number of major transactions
• Sustainability and Technology Expertise: obtained through his leadership role at Kalera, a vertical farming company that uses technology to ensure more access to the freshest, most nutritious and cleanest products available by optimizing plant nutrient formulas, developing an advanced automation and data acquisition system using big data analytics and AI capabilities.

Mr.MatsBerglund

Director since 2018

Age: 61

Committees:

• Talent and Compensation (Chair)
• Nominating and Corporate Governance
• Sustainability

Experience

• Chief Executive Officer, Pacific Basin, a Hong Kong-listed owner and operator of dry bulk vessels (2012 - 2021)
• Chief Financial Officer and Chief Operating Officer, Chemoil Energy, a Singapore-listed marine fuel trader (2011 - 2012)
• Head of Crude Transportation, New York-listed
  Overseas Shipholding Group (2005 - 2011)
• The Swedish Stena Group (1986 - 2005); including CFO of listed Concordia Maritime, President of StenTex (a Stena and Texaco joint venture) and President of Stena Rederi (parent company for all shipping activities for the Stena group of companies)

Other Public Company Boards

• Pacific Basin (2012 - 2021; since January 2024)
• Algoma Central Corporation (since 2023)

Other Organizations

• INED of the ship management and offshore services company Northern Marine Group (since 2022)
• Previously served on three P&I Club Member boards
• • Swedish Club
  • Norwegian Hull Club
  • North of England

Education

• Economist Degree, Gothenburg University Business School
• Graduate, Advanced Management Program, Harvard Business School

Qualifications / Expertise

• Shipping Industry Expertise: substantial knowledge developed over his more than 35 years in the shipping industry in Europe, the USA and Asia serving at various companies focused on different aspects of shipping, including tankers, dry bulk, ship management and marine fuel trading
• Global/International Experience: acquired during his tenure at Stena, where he served in a variety of roles in Sweden and the US and then leading Hong Kong-basedPacific Basin
• Financial and Operations Expertise: displayed while serving at Stena, as CFO and COO of Chemoil and then as CEO of
  Pacific Basin, where the company, under his leadership, consistently outperformed the market and grew to one of the world's largest owner/operator of dry bulk vessels with a fleet of more than 250 ships

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Ardmore Shipping ┃ Annual Report 2023

Directors and Senior Management

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• Member, Financial Services Advisory

Committee, Hong Kong Trade Development

Council (2015 - 2021)

			Education
			• BA (Hons), Law and Chinese, School of Oriental
			& African Studies, University of London
			Qualifications / Expertise
			• Finance and Capital Markets Experience:
			gained while playing a major role in a
			number of landmark Chinese capital market
			internationalization initiatives and displayed
			by his extensive writing and speaking
			engagements related to market structure issues
			and the intersection between geopolitics and
			international finance
			• Financial Services Expertise: acquired as a
			result of his more than 20 years of experience
			in the sector including work as an investment
		James Fok	banker and as a corporate executive in the
		market infrastructure sector, and further
		Director since 2023	developed through his service on a wide
		Age: 44	range of public and private sector boards and
		committees
		Committees:	• Global / International Experience: developed
		during his career as an investment banker in
		• Audit	both Europe and Asia, as well as his more
		recent work in Hong Kong and China

• Nominating and Corporate Governance

Experience

• Chief Commercial Officer, Central
  Moneymarkets Unit, Hong Kong Monetary Authority (since 2023)
• Senior Executive, Hong Kong Exchanges and
  Clearing (2012 - 2021)
• Investment banker, various bulge bracket investment banks (2000 - 2012)

Other Organizations

• Board Member, International Securities Service
  Association (2018 - 2021; since 2024)
• Member, Fintech Advisory Group, Securities and Futures Commission (since 2023)
• Advisor, Bain & Company (2022 - 2023)
• Advisory Board Member, Hex Trust (2021 - 2023)
• Industry Advisory Committee Member, Ireland for Finance (2021 - 2023)

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Kirsi Tikka

Director since 2019

Age: 67

Committees

• Sustainability (Chair)
• Talent and Compensation

Experience

• American Bureau of Shipping Classification
  Society
• • Executive Vice President, Senior Maritime
    Advisor (2018 - 2019)
  • Executive Vice President, Global Marine
    (2016 - 2018)
  • President and Chief Operating Officer, ABS Europe Division (2012 - 2016)
  • VP and Chief Engineer, Global (2011 - 2012)
  • VP, Global Technology, Business Development and Special Projects (2005 - 2011)
  • Vice President, Engineering (2001 - 2005)
• Professor of Naval Architecture, Webb Institute in New York (1996 - 2001)
• Naval architect, operations planner and analyst,
  Chevron Shipping (1989 - 1995)
• Wärtsilä Shipyards in Finland (1980 - 1983)

Other Public Company Boards

• Pacific Basin Shipping Limited (since 2019)

Other Organizations

• Director, Foreship, an employee-owned ship design and engineering company (since 2023)

Directors and Senior Management

• Editorial Board member, Lloyds List, (since 2023), a provider of weekly shipping news in London since 1734
• Foreign Member, U.S. National Academy of Engineering (since 2016)
• Chair, U.S. National Academies Committee on Oil in the Sea IV: Input, Date and Effects (2020 - 2022)
• Member, U.S. National Academies Committee on U.S. Coast Guard Oversight of Recognized Organization (2021)
• Fellow, both the Society of Naval Architects and Marine Engineers and the Royal Institution of Naval Architects (since 2012 and 2004 respectively)

Education

• PhD, Naval Architecture and Offshore
  Engineering, University of California, Berkeley
• MS, Mechanical Engineering and Naval Architecture, University of Technology in Helsinki

Qualifications / Expertise

• Shipping Industry Expertise: acquired over her 30 years of shipping experience in virtually every role from maintenance and repair to design and analytics, and teaching to management
• Engineering Expertise: developed over her significant career in shipping, which includes teaching experience, resulted in extensive knowledge that was acknowledged through her many advisor roles, membership of the United States National Academy of Engineering, and further evidenced through the award of David Taylor Medal which is the highest recognition for a naval architect in the United States
• Sustainability Experience: gained over her career as a marine industry leader and a long- standing advocate for enhancing the safety and environmental performance of the maritime industries and further expanded while chairing a significant update to a study on oil in the sea and its related impacts, as well as during her time at the Webb Institute, where she carried out research on double hull tankers; additionally demonstrated as a contributor to the book "Maritime Decarbonization: Practical Tools, Case Studies and Decarbonization
  Enablers" published in 2023
• Global/International Experience: obtained over her maritime career, which spans nearly four decades living and working in New York, London, San Francisco, and Finland
• • 12

Helen Tveitan de Jong

Director since 2018

Age: 56

Committees

• Audit (Chair)
• Sustainability

Experience

• Chair (since 2007) and Chief Executive Officer
  (since 2017), Carisbrooke Shipping Holdings
  Ltd., a specialist owner operator of mini-bulk and project cargo ships
• Chief Financial Officer, Tidships Group / Eastern Bulk in Norway (2010 - 2017)
• Founding Partner, THG Capital, a shipping finance advisory firm (2001 - 2008)
• Held several positions as interim Finance Director for shipping companies including those in the dry bulk sector (2003 - 2017)
• Nedship Bank N.V., a shipfinance bank specializing in arranging financing for the shipping industry (1993 - 2001)
• • Manager London Representative office (established and managed the office (1996 - 2001)
  • Relationship Manager (1993 - 1996)

Other Public Company Boards

• Taylor Maritime Investments Limited, internally managed investment company listed on
  the premium segment of the London Stock Exchange (2021-2024)

Education

• DRS, Economics, Erasmus University Rotterdam

Qualifications / Expertise

• Shipping Industry Experience: acquired due to her current role as Chair/CEO of a specialist owner operator of mini-bulkand project cargo ships that controls a fleet of 29 ships, and through her experience as an interim Finance Director for shipping companies, most notably in the dry bulk sector
• Financial Expertise: developed as a result of holding a variety of senior finance roles, including as a founding partner at shipping finance advisory firm THG Capital, CFO of Tidships and her several positions as interim Finance Director for other shipping companies and her experience at Nedship, a ship finance bank
• Global / International Experience: gained due to her extensive career with companies in Norway and the United Kingdom

Anthony Gurnee

PRESIDENT & CEO

Director since 2018

Age: 64

Experience

• Founder, Chief Executive Officer and Director, Ardmore (since 2010)
• Chief Executive Officer, Industrial Shipping Enterprises, a containership and chemical tanker company (2007 - 2008)
• Chief Operating Officer, MTM Group, an operator of chemical tankers (1999 - 2003)
• Chief Financial Officer, Teekay Corporation (1992 - 1997)
• Financier, Nedship Bank and Citigroup
  (focused on the shipping and offshore industries)
• Surface Warfare Officer and Intelligence
  Specialist, U.S. Navy (1981-1989)

Other Organizations

• Fellow, Institute of Chartered Shipbrokers
• Independent Director, Simply Blue Energy, engaged in the development of offshore floating wind, wave energy, and sustainable aquaculture projects (2015 - 2023)

Education

• MBA, Columbia Business School
• Graduate, U.S. Naval Academy
• CFA Charter Holder

Qualifications / Expertise

• Shipping Industry and Operations Expertise: gained as a nearly 40-yearveteran of the shipping business with executive leadership and CEO roles at operators of crude tankers, product tankers, chemical tankers, and containerships, including his current role as
  CEO of Ardmore; additionally, he served for nine years as a Surface Warfare Officer and
  Intelligence Specialist in the U.S. Navy, trained to maintain and operate ships, their crews and systems, as well as analyze commercial shipping activity of interest to the US
  Government;
• Finance and Capital Markets Experience: developed during his time as a banker at Citigroup and further expanded as the CFO at
  Teekay, where he led the company's financial restructuring and subsequent IPO in the mid 1990s, as well as leading Ardmore during its IPO in 2013
• Sustainability Experience: gained through his role as director at a company engaged in the development of offshore flowing wind, wave energy and sustainable aquaculture projects

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Ardmore Shipping ┃ Annual Report 2023

Directors and Senior Management

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Senior Management

Bart Kelleher joined Ardmore in 2022 as Chief Financial Officer. He has over 25 years of progressive experience in the maritime, finance, energy, and industrials sectors. From 2016 to 2022, Mr. Kelleher held executive roles with

Mr. Mark Cameron

Executive Vice President and Chief

Operating Officer

Ms. Aideen O'Driscoll

Senior Vice President & Senior Director Corporate Services

Mark Cameron is the Executive Vice President and Chief Operating Officer for Ardmore, appointed in June 2010. In 2022, Mr. Cameron relocated to Singapore and has taken on the additional role as Managing Director of Ardmore Shipping (Asia) Pte Ltd. Mr. Cameron is a past Chairman of the International Parcel Tankers Association (IPTA) and was previously an advisory board member of The Carbon War Room, an NGO. Presently, Mr. Cameron serves on the boards of the West of England (Luxembourg) P&I Club, as well as the joint ventures 'e1 Marine LLC' and 'Anglo Ardmore Ship Management Limited'. Mr. Cameron is a member of the Lloyds Register Marine Committee and an ABS Council member. Prior to Ardmore, from 2001 to 2010, Mr. Cameron served nine years at Teekay Corporation as Vice President, Strategy and Planning.

Mr. Cameron has also held a number of senior management roles ashore with Safmarine and AP Moller specializing in integrating acquisitions covering all facets of ship management including sale and purchase, newbuilding supervision, personnel management, procurement, fleet management and technical projects. Mr. Cameron spent 11 years at sea rising to the rank of Chief Engineer with Safmarine.

Aideen O'Driscoll was appointed Ardmore's Senior Vice President and Director of Corporate Services in 2022, with responsibility for human resources, legal, office management and project management. Ms. O'Driscoll joined Ardmore in June 2015 as Legal Associate, before being appointed to the role of Director of Human Resources in 2019. Prior to Ardmore, Ms. O'Driscoll spent five years practicing as a commercial conveyancing and banking solicitor.

Ms. O'Driscoll holds a Bachelor of Civil Law and an LLM Master's Degree in Law, both from University College Cork. Ms. O'Driscoll was admitted to the Roll of Solicitors in 2013 and has completed an Executive MBA with Cork University Business School. Ms. O'Driscoll is a member of the steering committee of the Diversity Study Group, promoting greater equality, diversity, and inclusion in the shipping industry.

Mr. Bart Kelleher

Chief Financial Officer

Mr. Gernot Ruppelt

Senior Vice President and Chief Commercial

Officer

Chembulk Tankers, an owner and operator of stainless- steel chemical tankers, serving as Chief Executive Officer, Chief Financial Officer and Chief Strategy Officer. From 2010 to 2015, he was the Chief Operating Officer of Principal Maritime Management, which owned and operated a fleet of Suezmax crude carriers and chemical tankers, where he also functioned as acting Chief Financial Officer during the company's start-up and initial growth phases. In addition to his executive experience in the maritime energy transportation sector, Mr. Kelleher has held roles in investment banking, commercial banking, equity research, and capital markets in the maritime and energy-related industries at Bear Stearns and HSH Nordbank. Earlier in his career, he served as a deck officer onboard US-flag crude oil tankers and held management positions in both the cruise industry and with a leading naval architecture firm. Mr. Kelleher holds an MBA from Columbia Business School, an MS in Ocean Systems Management from Massachusetts Institute of Technology, and a BE in Naval Architecture from New York Maritime College. Mr. Kelleher serves as a Director of Element 1 Corporation, a developer of methanol to hydrogen technology, and as an advisory board member to OrbitMI, an innovative technology firm offering advanced AI-based fleet performance management solutions. 

Gernot Ruppelt is Senior Vice President and Chief Commercial Officer for Ardmore. Mr. Ruppelt has built up, led and developed Ardmore's global commercial platform since joining as Chartering Director in 2013. He was promoted to senior management in December 2014. Mr. Ruppelt has extensive management and commercial experience in the maritime industry. Before joining Ardmore, he was a Tanker Projects Broker with Poten & Partners in New York. Previously, he held various positions up to Trade Manager for Maersk in the United States, Europe, and Asia. Mr. Ruppelt holds an Executive MBA from INSEAD. He also graduated from the Institute of Chartered Shipbrokers in London, Hamburg Shipping School, and Maersk International Shipping Education (MISE). Mr. Ruppelt is currently Chairman of INTERTANKO's Commercial and Markets Committee, and he serves on the board of Anglo Ardmore Ship Management.

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Ardmore Shipping ┃ Annual Report 2023

Directors and Senior Management

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