ARDMORE SHIPPING CORPORATION

Fourth Quarter and Full Year 2019

Earnings Presentation

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, are among these forward-looking statements including, without limitation, statements about: future

operating or financial results, including expected profitability in fourth quarter of 2019; global and regional economic conditions and

trends, including in emerging economies; the Company’s business strategy and expected operating expenses and operating

leverage; the Company’s ability to benefit from tanker rate increases, including expected increases in Earnings Per Share (“EPS”)

for given tanker rate increases; competition in the tanker industry; shipping market trends and market fundamentals, including

expected tanker demand and scrapping levels and the sustainability of current market improvement; changes in governmental

rules and regulations or actions taken by regulatory authorities and their consequences; the effect on tanker demand of the IMO

2020 regulations, including expected stockpiling and market disruption, the winter season and sanctions and the timing and

duration of such effects; future tanker rates; expected tanker market fleet growth; expected timing of return of sanctioned fleets to

worldwide trading fleet; the Company’s financial condition, liquidity and debt amortization; new credit facilities to refinance vessels

and expected increase in cash flow as a result of refinancings and expected timing of refinancing; drydocking and expected capital

expenditure including ballast water treatment systems; expected debt repayments during and debt balance at end of fourth quarter

of 2019; expected contributions to earnings from any decrease in LIBOR due to Ardmore’s floating-rate obligations; future

dividends; instances of off-hire and expected 2019 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/A for the year ended December 31, 2018. 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

3Earnings Release: Fourth Quarter and Full Year 2019

▪ Highlights

▪ Key Industry Developments

▪ Quarterly Performance

▪ Tanker Market Activity and Outlook

▪ Product Tanker Fundamentals

▪ Financial Review

▪ Summary

Agenda

3

4Highlights

▪ Reporting adjusted net profit(1) of $2.5 million, or $0.08 per share, for 4Q19

compared to a loss of $5.7 million, or $0.17 per share, for 3Q19

▪ Product tankers have had an excellent run since October resulting from IMO

2020 demand overlay, winter market conditions, and ongoing fundamental

demand growth coupled with constrained supply

▪ In 4Q19 our MRs earned $17,725 / day and our chemical tankers $14,300 /

day(2), and so far in 1Q20 the MRs are close to $20,000 / day and chemical

tankers $19,600 / day with 55% and 65% fixed respectively(3)

▪ Notwithstanding, we have hit a major “air pocket” in the form of the coronavirus

outbreak, reducing China oil consumption and tanker demand, but also creating

knock-on effects e.g. long-haul product arbitrage trades

▪ Leaving aside the virus outbreak whose full impact is still conjectural, Ardmore

is delivering strong earnings in these market conditions with its fleet of 25

modern, fuel-efficient ships employed 100% in the spot market, where each

$1,000 / day increase in rates translates into $0.27 in EPS(4)

▪ In keeping with our current dividend policy of paying out 60% of earnings from

continuing operations, the Board has authorized a quarterly cash dividend of

$0.05 per share

▪ Our priorities for the year ahead remain unchanged: continuing to improve

operating performance, de-risking through debt reduction, and maximizing long-

term value through good capital allocation, of which an effective dividend policy

is an integral part

4

1. Adjusted net profit is a non-GAAP measure. A definition of this measure and a reconciliation of this measure to its nearest GAAP comparable measure are included within Ardmore’s earnings release for

December 31, 2019

2. TCE is reported on a discharge to discharge basis. This is the net rate after deducting voyage expenses incurred, divided by revenue days, including among other expenses, all commissions and pool

administration fees

3. 1Q20 rates to date as of February 7, 2020

4. Calculations based on existing cost structure and assume (a) fleet of 25 vessels, (b) utilization of 99.3%, (c) 33.1mln shares as at December 31, 2019. Assumes no change in tax rate, cost of debt or share count

5Key Industry Developments

▪ Product tankers are clearly benefiting from IMO 2020:

o Demand for compliant fuels (VLSFO and MGO)(1) has surged since October, with

refineries increasing throughput and redirecting feedstocks to increase gasoil

production

o Global availability of compliant fuels is adequate; price differential between HSFO

and VLSFO has eased to below $200 / tonne(2), while price differential between

VLSFO and MGO is negligible, resulting in heightened gasoil demand

o Operational delays and concerns with fuel quality have effectively reduced

available tanker supply, as have ships stuck in China awaiting scrubber

installations

▪ Coronavirus outbreak is now impacting product tanker market:

o China consumption reportedly down 20%(3), but government is initiating policies

and funding to get industry and consumer activity back on track as soon as

possible

o Surplus Asian jet-fuel is already being shipped to Western Hemisphere; we

expect other product slate imbalances and oil price volatility to drive additional oil

trading activity

▪ Product tanker supply-demand fundamentals continue to be strong, supporting

a rebound from the virus outbreak and a continued upturn:

o Demand from oil consumption growth is robust despite near-term concerns;

positive secular trends such as refinery developments and increasing trade

complexity add to ongoing demand growth

o Product tanker orderbook remains at historical lows; owners hesitant to order new

vessels in face of pending regulatory change and capital constraints

▪ Tanker stock price decline in response to coronavirus outbreak looks overdone

given very positive longer-term outlook

5

1. VLSFO = Very Low Sulfur Fuel Oil; MGO = Marine Gas Oil

2. Bebeka Daily Bunker Report, HSFO vs. VLSFO spread averaged over Rotterdam, Singapore, Fujairah and Houston prices, February 7, 2020

3. Bloomberg, February 2, 2020

6

6

Performance and Tanker Market

7

▪ Reporting net profit of $1.9 million, or $0.06 per share, and net profit from

continuing operations(1) of $2.5 million, or $0.08 per share, for 4Q19, compared to

GAAP net loss and net loss from continuing operations of $5.7 million, or $0.17 per

share for 3Q19

▪ Ardmore fleet TCE averaged $16,900 / day in 4Q19 and $14,690 / day for the full

year, up significantly from prior periods

o MR spot rates averaged $17,725 / day in 4Q19

o Chemical tankers averaged $14,284 / day in 4Q19

▪ Charter rates settling in at much higher levels; with 55% of the days booked for

1Q20 to date MR rates are averaging $19,800 / day(2)

▪ Fleet continues to perform very well operationally; drydockings and operating

expenses came in below budget for 2019

▪ Completed drydockings for the Ardmore Cherokee in 4Q19 and for the Ardmore

Dauntless in January; two remaining drydockings scheduled in 1Q20

▪ Completed refinancing of 12 vessels for $201.5 million with our existing relationship

banks in December; cash balance at year end was $51.7 million with $11 million

available and undrawn

7

Quarterly Performance

1. Net profit from continuing operations is a non-GAAP measure. A definition of this measure and a reconciliation of this measure to its nearest GAAP comparable measure are included within Ardmore’s earnings

release for December 31, 2019

2. 1Q20 rates to date as of February 7, 2020

8

13,585

15,546

18,353 18,263

19,800

13,784

17,725

19,800

5

10

15

20

25

Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 3Q19 4Q19 1Q20 YTD

TCE

(Th

ou

san

d $

/ d

ay)

▪ Product tanker charter rates are benefiting from a significant increase in demand

associated with IMO 2020:

o Overall charter rates up 45% since end of 3Q19; increased cargo volumes seen in

all regions, particularly exports from the US Gulf, AG and North East Asia

o Surge in demand for compliant fuels resulting in regional imbalances and trading

activity; notably Singapore inventories in decline while US inventories are building

o Many refineries diverting feedstocks to produce more gasoil and VLSFO due to

stronger margins(1) and product demand

o Strong crude tanker market enticed some ships to move to dirty; 36 LR2s moved

from clean to dirty in 4Q19(2)

▪ Bunker fuels market has settled after a short period of volatility and dislocation:

o Price differential between HSFO and VLSFO has settled in below $200 / tonne

globally(3); scrubber premiums reduced accordingly

▪ Coronavirus outbreak has temporarily resulted in a softening of charter rates:

o China oil consumption expected to decline as the virus continues; China planning to

cut refinery throughput by 1.8 mbd in February(4)

o Global efforts to contain and manage the virus are intensifying

▪ Outlook for MR charter rates remains positive:

o Global refining throughput is forecast to increase by 1.1 mbd in 2020 supported by a

recovery in refined product demand(5)

o Price volatility, inventory imbalances and dislocations should continue to support

trading activity and demand for product tankers

8

Recent Tanker Market Activity and OutlookASC MR TCE Rates(6)

1. Neste and other industry sources

2. Clarksons, January 2020

3. Bebeka Daily Bunker Report, HSFO vs. VLSFO spread averaged over Rotterdam, Singapore, Fujairah and Houston prices, February 7, 2020

4. Platts: Small China refineries to post deepest throughput cuts amid coronavirus outbreak, February 5, 2020

5. IEA, Oil Market Report, January 2020

6. TCE is reported on a discharge to discharge basis. This is the net rate after deducting voyage expenses incurred, divided by revenue days, including among other expenses, all commissions and pool

administration fees. 1Q20 rates to date as of February 7, 2020; Jan-20 rates include fixtures up to the first week of February 2020

7. Scrubber payback period assumes cost of scrubber + installation of approx. $3 mln for an MR, with 40 days off-hire at market rates (average MR TCE in 4Q19)

Monthly Quarterly

Bunker Spreads Affecting Scrubber Economics(3)(7)

1.5

2

2.5

3

3.5

4

150

200

250

300

350

400

Scru

bb

er P

ayb

ack

Per

iod

(Ye

ars)

HSF

O /

VLS

FO S

pre

ad (

$ /

MT)

Average HSFO / VLSFO Spread

Illustrative Scrubber Economics

9

-

10%

20%

30%

40%

50%

60%

70%

-

20

40

60

80

100

120

140

160

180

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

20

18

20

20

OB

as

% o

f Fl

eet

Pro

du

ct T

anke

r Fl

eet

(Dw

t)

Fleet

Orderbook (%)

Product Tanker Fundamentals

▪ Product tanker supply-demand fundamentals remain positive:

o Oil consumption growth is forecast at 1.2 mbd for 2020 up from 1 mbd in 2019(1)

o Refinery capacity additions in export-oriented locations expected to average 1.7

mbd per year to 2027 leading to increased seaborne volumes(2)

o Supply of vessels expected to be well below demand growth; low orderbook,

continued scrapping and regulatory uncertainty on technology and GHG(3) targets

curtailing new orders of ships

▪ Product tanker (MR / LR1 / LR2) net fleet growth remains exceptionally low(4)(5):

o Total orderbook stands at 171 product tankers (37 LRs and 134 MRs) or 5.8% of

existing fleet delivering from 1Q20 to 1Q23

o Forecasting 89 product tankers (16 LRs and 73 MRs) to deliver for full year 2020

while scrapping run rate is approx. 30-40 ships per year (currently 95 product

tankers over 23 years old)

o Total product tanker fleet growth, net of scrapping, reducing from approx. 3.3% in

2019 to approx. 1.5% in 2020 (estimated MR net fleet growth approx. 1.6% in 2020)

▪ Chemical tanker fundamentals remain strong:

o Orderbook at historical lows of 4.2% with net fleet growth at 1.4% for 2020(4)(5)

▪ Seaborne product tonne-mile demand growth of 4.8% in 2020 in line with the long-

term average(6)

▪ Overall, we believe the strong tanker fundamentals will provide a solid foundation

for a sustained upturn in product and chemical tanker rates

1. IEA, Oil Market Report, January 2020

2. Maritime Strategies International, October 2019

3. GHG = Greenhouse gas

4. Clarksons Shipping Intelligence Network and Management’s estimates. Note these numbers include slippage. Management’s estimates based on 12.5% of full year scheduled deliveries slipping into 2021; scrapping

levels estimated from current fleet age; 22 ships were scrapped in 2019

5. Clarksons Shipping Intelligence Network and Management’s estimates for MR, LR1 and LR2 fleet

6. Clarksons Shipping Intelligence Network, Seaborne Trade Tables, January 2020

9

5.8%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

E

20

20

F

Bill

ion

To

nn

e-M

iles

2003 – 2019 CAGR: 4%2020 growth estimate~4.8%

Seaborne Products Tonne-Mile Demand Growth(6)

Product Tanker Orderbook and Fleet Development(4)(5)

10Financial Review

10

11Fleet Update

Revenue Days Profile▪ Revenue days estimated to be 8,907 for the full year 2020

▪ Drydocking and Ballast Water Treatment System (“BWTS”)

installation:

o 4Q19: 15 drydocking days; Ardmore Cherokee completed in

December, 2019

o 1Q20: 70 drydocking days estimated in respect to three

drydockings

11

2,197 2,213 2,275 2,222

8,907

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1Q20 EST 2Q20 EST 3Q20 EST 4Q20 EST 2020 EST

Re

ven

ue

Day

s

12

12

Financial Performance Data

1. Adjusted EBITDA is a non-GAAP measure. A definition of this measure and a reconciliation of this measure to its nearest GAAP comparable measure are included within Ardmore’s earnings release for December

31, 2019

2. Adjusted net profit / loss is a non-GAAP measure. A definition of this measure and a reconciliation of this measure to its nearest GAAP comparable measure are included within Ardmore’s earnings release for

December 31, 2019

3. Time Charter Equivalent (“TCE”) rate represents net revenues (a non-GAAP measure representing revenues less commissions and voyage expenses) divided by revenue days. Revenue days are the total number

of calendar days the vessels are in Ardmore’s possession less off-hire days generally associated with drydocking or repairs. For vessels employed on voyage charters, TCE is the net rate after deducting voyage

expenses incurred, divided by revenue days, including among other expenses, all commissions and pool administration fees. TCE is reported on a discharge to discharge basis

4. Fleet operating costs per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils, communication costs and technical management fees paid to third-party

managers. They do not include additional expenses related to the upgrading or enhancement of the vessels that are not capitalized

Financial Performance

INCOME STATEMENT DATA Three Months Full YearUS$ millions, unless otherwise stated Dec 31, 2019 Dec 31, 2019

ResultsAdjusted EBITDA(1) $17.8 $53.3 Adjusted net profit / (loss)(2) $2.5 ($9.2)Adjusted net profit / (loss) per share ($/share)(2) $0.08 ($0.28)

General and administrative expensesCorporate ($3.6) ($15.0)Commercial and chartering ($0.7) ($3.2)

Depreciation & amortization ($9.4) ($37.1)Interest & finance ($6.5) ($25.8)Loss on sale of vessel - ($13.2)

OTHER OPERATING DATAAverage number of vessels 25.0 25.6

Fleet time charter equivalent per day ($/day)(3) $16,899 $14,686

Vessel operating expenses (US$ million) $16.0 $62.5

Fleet operating cost per day ($/day)(4) $6,707 $6,562

Eco-Design MR operating cost per day ($/day)(4) $6,795 $6,560Eco-Mod MR operating cost per day ($/day)(4) $6,813 $6,636Eco-Design Chemical operating cost per day ($/day)(4) $6,498 $6,409

13

For every $1,000 / day increase in rates, EPS expected to increase by approximately $0.27 cents(3)

Time Charter Equivalent ($ / day)(1)

AVG. FLEET MR ECO-DES MR ECO-MOD CHEM. TANKERS

13

MR RATES BY QUARTER(2)

1. Time Charter Equivalent (“TCE”) daily rate, represents net revenues (a non-GAAP measure representing revenues less commissions and voyage expenses) divided by revenue days. Revenue days are the total

number of calendar days the vessels are in Ardmore’s possession less off-hire days generally associated with drydocking or repairs. For vessels employed on voyage charters, TCE is the net rate after deducting

voyage expenses incurred, divided by revenue days, including among other expenses, all commissions and pool administration fees. TCE is reported on a discharge to discharge basis. Fleet TCE excludes one-

off costs related to the transfer of vessels to Ardmore MR Pool

2. 1Q20 shows rates to date as of February 7, 2020

3. Calculations based on existing cost structure and assume (a) fleet of 25 vessels, (b) utilization of 99.3%, (c) 33.1mln shares as at December 31, 2019. Assumes no change in tax rate, cost of debt or share count

Product and Chemical Tanker Charter Rates

12,475

13,784

17,725

19,800

4Q18 3Q19 4Q19 1Q20 YTD

12,089 12,894

11,471 10,779

13,029 13,811 13,680

10,670

16,899

18,149

16,133

14,284

4Q18 3Q19 4Q19

14

14

▪ Maintaining a conservative capital structure and strong liquidity position

BALANCE SHEET DATA As atUS$ millions, unless otherwise stated Dec 31, 2019 Dec 31, 2018

Cash 51.7 56.9Receivables, Inventories and Other Current Assets 46.3 44.5Vessels Held for Sale - 8.1Vessels, Drydocking & Other Non-Current Assets(1) 670.1 730.4Total Assets 768.1 839.9

Payables and Accruals 21.9 26.4Debt & Capital Lease Obligations(2) 420.1 467.0Equity 326.1 346.6Total Liabilities and Equity 768.1 839.9

Leverage(3) 54.7% 55.6%Leverage (Net Debt)(3) 51.4% 52.4%

Strong Balance Sheet

1. Excludes $2.9mln receivable in respect of capital leases representing seller’s credit under the sale and leaseback financings of the Ardmore Sealeader and Ardmore Sealifter effected in 2Q17

2. Debt balance includes impact of netting of deferred finance fees of $7.5mln in 4Q19 ($8.0mln in 4Q18) and netting of $2.9mln receivable in respect of capital leases in both 4Q19 and 4Q18

3. Leverage = Debt / Total Liabilities and Equity; Leverage (Net Debt) = Debt less Cash / Total Liabilities and Equity less Cash

15

$427.6 $391.7

$670.1

$51.7 $11.0

$7.8 $9.3 $9.4 $9.4

$24.3

Vessel Assets, Cash &Net Working Capital

Gross Debt @ 4Q19 1Q20 2Q20 3Q20 4Q20 Gross Debt @ 4Q20

Gross Debt Vessel Assets Cash Revolving Credit Undrawn Debt Repayments Working Capital

15

▪ Strong liquidity position at quarter end with cash of $51.7 million plus $11 million available and undrawn under revolving credit facilities

▪ Finalized two new senior debt facilities for $201.5 million in the aggregate to refinance 12 ships on attractive terms

▪ Continuing to pay down debt; all debt and leases are amortizing at approximately $38 million per year(1)

▪ LIBOR has been reducing; over 90% of total debt and leases are LIBOR-based; every 25 bps reduction in interest rates expected to

contribute an additional $1 million of earnings, or $0.03 in EPS annually, based on current floating-rate debt and lease amounts

Debt Repayment Profile ($mln)

(2) (3)

1. Debt repayment profile is based on current schedule and excludes the impact of refinancing

2. Gross debt is net of sellers’ credit of $2.9mln, excludes netting of deferred finance fees of $7.5mln

3. Gross debt is net of sellers’ credit of $2.9mln, excludes netting of deferred finance fees of $7.5mln; Gross debt at 4Q20 is pro-forma, based on closing debt as at 4Q19 adjusted for scheduled debt and lease

amortisation between 1Q20 and 4Q20

Maintaining a Strong Liquidity Position

16

16

Summary

17

17

▪ Reporting adjusted net profit of $2.5 million, or $0.08 per share, for 4Q19

▪ TCE earnings are strong well into the first quarter: our MRs are close to $20,000 / day and chemical tankers $19,600 / day

with 55% and 65% fixed respectively, up substantially from the fourth quarter

▪ We along with everyone else are deeply concerned by the coronavirus outbreak and hope it will soon be contained and further

illness minimized; we are also waiting to get a better sense of the full impact on the business, but in the meantime our fleet

has been performing very well, including some very recent fixtures at solid levels

▪ In keeping with our current dividend policy, we are declaring a quarterly cash dividend of $0.05 per share, representing 60% of

earnings from continuing operations in 4Q19

▪ Our priorities for the year ahead are to continue improving operating performance, de-risk through debt reduction, and

maximize long-term value through good capital allocation, of which an effective dividend policy is an integral part

▪ While our industry now faces considerable uncertainty with the coronavirus outbreak, we believe the impact may well be

temporary, and given the very strong underlying supply-demand fundamentals, we are still positive on the outlook for the rest

of 2020 once the full impact is defined

Summary

18Appendix

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19

19

✓ Modern, highly fuel-efficient fleet of MRs

✓ Average age of 6.4 years(1)

✓ Built at high-quality yards in Korea and Japan

✓ Quality fleet = lower operating cost, higher utilization and maximum value appreciation

✓ Complementary fleet

✓ Increased scale improves commercial flexibility

High Quality Vessels Vessel Name Type Dwt Tonnes IMO Built Country Flag Specification

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

Ardmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea MI Eco-design

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

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

Ardmore Enterprise Product/Chemical 49,453 2/3 Sep-13 Korea MI Eco-design

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

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

Ardmore Engineer Product/Chemical 49,420 2/3 Mar-14 Korea MI Eco-design

Ardmore Seamariner Product/Chemical 45,726 3 Oct-06 Japan MI Eco-mod

Ardmore Sealancer Product 47,451 — Jun-08 Japan MI Eco-mod

Ardmore Sealeader Product 47,463 — Aug-08 Japan MI Eco-mod

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 25 1,111,294 6.4

Fleet Profile

1. Average age as at December 31, 2019