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ARDMORE SHIPPING CORPORATION

Fourth Quarter & Full Year 2015

Earnings Presentation

Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards with upgrades to improve fuel efficiency and commercial capability

2

Disclaimer

This presentation contains certain statements that may be deemed to be “forward-looking statements” within the

meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that

address activities, events or developments that Ardmore Shipping Corporation (“Ardmore” or the “Company”)

expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements

about: future operating or financial results; global and regional economic conditions and trends; pending vessel

acquisitions or possible upgrades to vessels; the Company’s business strategy and expected capital spending or

operating expenses; competition in the tanker industry; shipping market trends; the Company’s financial condition

and liquidity, including ability to obtain financing in the future to fund capital expenditures, acquisitions and other

general corporate activities; the Company’s share repurchase program; ability to enter into fixed-rate charters after

the current charters expire and the Company’s ability to earn income in the spot market; expectations of the

availability of vessels to purchase and the time it may take to construct new vessels and vessels’ useful lives are

forward-looking statements. Although the Company believes that its expectations stated in this presentation are

based on reasonable assumptions, actual results may differ from those projected in the forward-looking

statements.

Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors

described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the

Company’s Annual Report on Form 20-F for the year ended December 31, 2014. This presentation is for

information purposes only and does not constitute an offer to buy or sell securities of the Company. For more

complete information about the Company, the information in this presentation should be read together with the

Company 's filings with the SEC which may be accessed on the SEC website at www.sec.gov.

http://www.sec.gov/


3

Earnings Release – Fourth Quarter & Full Year 2015

Performance and Recent Activity

Product and Chemical Tanker Markets

Fleet Update

Financial Results

Summary

Appendix

Agenda


4

Highlights


5

Performance and Recent Market Activity

Reported EBITDA of $17.1 million and net income of $5.4 million, equating

to $0.21 per share for the quarter

Delivered strong spot MR performance: $18,508 per day for 4Q15 and

$21,548 per day for the 12 months ended Dec 31, 2015

Maintained tight control of operating costs and overhead expenses,

sustaining a meaningful cost advantage

Generated record earnings of $1.23 per share for the 12 months ended

Dec 31, 2015 with an average of 20 vessels in operation

Took delivery of the remaining two vessels in our newbuilding program in

4Q15: 10 product / chemical tankers delivered 2015 bringing the fleet to 24

Agreed the terms of sale for the Ardmore Calypso and Ardmore Capella:

en bloc sale price of $38.5 million, resulting in a net gain on delivery

Completed a refinancing of $344 million of debt, reducing our interest

expense by ~$2 million and improving surplus cashflow by ~$6 million in

2016

Declared a quarterly cash dividend of $0.13 / share, which brings the total

dividend declared for 2015 to $0.64 / share. Annualized run rate under new

dividend policy is $0.88 / share

Highlights

6

High Quality Fleet

1. Agreed sale of the Ardmore Calypso and Ardmore Capella, expected to deliver to buyer in 2Q162. Average age of fleet as at Jan 27th, 2016

Vessel Name Type Dwt Tonnes IMO Built Country Flag SpecificationArdmore Seavaliant Product/Chemical 49,998 2/3 Feb-13 Korea MI Eco-designArdmore Seaventure Product/Chemical 49,998 2/3 Jun-13 Korea MI Eco-designArdmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea MI Eco-designArdmore Seavanguard Product/Chemical 49,998 2/3 Feb-14 Korea MI Eco-designArdmore Sealion Product/Chemical 49,999 2/3 May-15 Korea MI Eco-designArdmore Seafox Product/Chemical 49,999 2/3 Jun-15 Korea MI Eco-designArdmore Seawolf Product/Chemical 49,999 2/3 Aug-15 Korea MI Eco-designArdmore Seahawk Product/Chemical 49,999 2/3 Nov-15 Korea MI Eco-designArdmore Endeavour Product/Chemical 49,997 2/3 Jul-13 Korea MI Eco-designArdmore Seafarer Product/Chemical 45,744 3 Aug-04 Japan MI Eco-modArdmore Seatrader Product 47,141 — Dec-02 Japan MI Eco-modArdmore Seamaster Product/Chemical 45,840 3 Sep-04 Japan MI Eco-modArdmore Seamariner Product 45,726 — Oct-06 Japan MI Eco-modArdmore Sealeader Product 47,463 — Aug-08 Japan MI Eco-modArdmore Sealifter Product 47,472 — Jul-08 Japan MI Eco-modArdmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea MI Eco-designArdmore Defender Product/Chemical 37,791 2 Feb-15 Korea MI Eco-designArdmore Centurion Product/Chemical 29,006 2 Nov-05 Korea MI Eco-modArdmore Cherokee Product/Chemical 25,215 2 Jan-15 Japan MI Eco-designArdmore Cheyenne Product/Chemical 25,217 2 Mar-15 Japan MI Eco-designArdmore Chinook Product/Chemical 25,217 2 Jul-15 Japan MI Eco-designArdmore Chippewa Product/Chemical 25,217 2 Nov-15 Japan MI Eco-designArdmore Calypso(1) Product/Chemical 17,589 2 Jan-10 Korea MI Eco-modArdmore Capella(1) Product/Chemical 17,567 2 Jan-10 Korea MI Eco-mod

Average Age (Yrs)(2): 4.6


7

Product and Chemical Tanker Market

8

Product Tanker Market

Average MR Triangulation Rates(1)

Product Tanker Orderbook and Fleet Development(4)

Product tanker rates eased in 4Q15 but still strong:

o Spot & Pool TCE averaged $18,508 in 4Q15 down from a very

strong $23,974 in 3Q15

o Primarily driven by refinery maintenance in USG and Asia reducing

cargo volumes

• Seaborne product trade increased by 1.3 million bpd to 22 million bpd

in 2015 (~6% YoY increase), while tonne mile demand grew by ~7%

YoY(4)

EIA data shows US Gulf Coast (PADD 3) exports of finished

petroleum products averaged ~2.3 million bpd from Jan to Nov 2015,

a 7% increase YoY(3)

US Gulf refineries currently operating at 83.5% utilization(2) due to:

o Scheduled maintenance (turnarounds)

o Power outage at Exxon's 344kbd Beaumont refinery on Jan 21st

Orderbook at ~9.5% of the fleet which is the lowest level since 2001:

o 146 MR’s delivered and 20 MR’s scrapped in 2015

o Est. 99 MR deliveries and net fleet growth of ~4% in 2016(5)

o Orderbook may be <5% of the fleet by year end 2016(6)

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

$24,000

$26,000 Trailing 12 Mth. Average Rates

1. Source: HRP - Trailing 12 month average of TC11/TC4 and TC2/TC14 triangulation rates as at December 31st, 20152. Source: EIA Weekly Inputs & Utilization report for the week ending January 22nd, 20163. Source: EIA Finished Petroleum Product Export Data4. Source: Clarksons Shipping Intelligence Network 5. Based on management estimates6. Assumes no new orders placed in 2016

0%

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Product Tanker Demand Outlook

Seaborne Volume of Oil Products Traded(2)Estimate of 2016 Seaborne Imports / Exports(1)

1. Source: Clarkson's Shipping Intelligence Network, forecast for 2016 according to Clarkson’s SIN data2. Source: Seaborne volume of Oil Products sourced from Clarkson's Shipping Intelligence Network, forecast for 2016 according to Clarkson’s SIN data3. Source: IEA Medium Term Market Report 2015 and management estimates

Global Refinery Capacity Growth(3)

94.0

95.0

96.0

97.0

98.0

99.0

100.0

101.0

102.0

2015 2016e 2017e 2018e

mb

/d

+1.6mbd

+1.2mbd

+1.5mbd

12.2

22.8

0.0

5.0

10.0

15.0

20.0

25.0

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e

MM

bp

d

Import Export NetImports as % Total Trade

Exports as % Total Trade

Middle East 1.2 2.7 1.5 5.3% 11.8%

North America 1.8 3.3 1.5 7.9% 14.5%

China 0.5 0.6 0.1 2.2% 2.6%

Asia (ex China) 8.1 5.7 -2.4 35.5% 25.0%

Europe 7.1 5.7 -1.4 31.1% 25.0%

Latin America 1.9 0.6 -1.3 8.3% 2.6%

Africa 1.3 0.4 -0.9 5.7% 1.8%

FSU n/a 3.1 n/a n/a 13.6%

Other 0.9 0.7 -0.2 3.9% 3.1%

Total Trade MMbpd 22.8 22.8 100% 100%

CAGR +4%

~1.6 million bpd of new refining capacity expected to come on

stream in 2016(3):

o United States +300kbd (primarily PADD3)

o China +490kbd / Other Asia +330kbd / Middle East +296kbd

Increasing diesel exports from China driving trade

Refinery margins remain strong, particularly for gasoline,

resulting in higher outputs worldwide

Comments

10

Chemical Tanker Market

25k Dwt / 37k Dwt Chemical Tanker TCE $/day(1)

Chemical Tanker Orderbook and Fleet Development (2)

1. TCE $/day based on internal chemical tanker voyage data2. Orderbook for coated IMO2 with average tank size <3000m3 and stainless steel ships above 10,000 Dwt3. Based on comparison of Chemical Tanker “Eco-Mod” rates FY2015 vs FY20144. Based on management estimates5. Based on management estimates and assumes no new orders placed in 20166. Source: Richardson Lawrie Associates, Chemical Carrier World No. 40. Calculation based on the growth in the combined exports of the US and Middle East from 2014 to 2015

Chemical tanker charter rates were strong in 2015, evidenced by

ASC rate performance up 18% year-on-year(3)

The chemical tanker market continues to improve:

o Continued expansion of petrochemical plants in US and Middle

East leading to increased exports of commodity chemicals (+6%

YoY)(6)

o Imports of chemicals into China remain strong despite slowdown in

GDP growth, in particular those used in light industrial / textile

manufacturing

o Strong start to 2016 with Veg Oil / Biodiesel volumes at historical

highs

Simpler, coated chemical tankers such as those in ASC fleet are

benefiting from strong product tanker market:

o Continuing to engage in regional CPP trade to a greater degree

o ASC chemical fleet spending 50% of time in CPP trade, 25% in veg

oils and 25% in commodity chemicals

o As chemical market strengthens further, these ships can swing

back into more chemical business

Fleet growth expected to be relatively moderate with:

o Orderbook at ~11% of the fleet

o Est. 80 deliveries (~2 mln Dwt), resulting in net fleet growth of ~5%

in 2016(4)

o Orderbook expected to be <5% of the fleet by year end 2016(5),

assuming no new orders placed

0

5,000

10,000

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25,000

TCE

$/d

ay

CHEM-25s CHEM-37s

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11

Fleet Update and 1Q16 Outlook

12

Chartering Profile

Revenue Day Estimates 1Q16(1)Fleet Employment Profile

Vessel Employment TC Expiry

Ardmore Seavantage Time Charter Jan-17

Ardmore Seavanguard Time Charter Feb-17

Ardmore Seafarer Time Charter Feb-16

Ardmore Cheyenne Time Charter Mar-16

Ardmore Chinook Time Charter May-16

Ardmore Chippewa Time Charter Sep-16

Ardmore Calypso Time Charter Apr-16

Ardmore Capella Time Charter Apr-16

Ardmore Seavaliant Spot n/a

Ardmore Seaventure Spot n/a

Ardmore Endeavour Spot n/a

Ardmore Sealifter Spot n/a

Ardmore Sealeader Spot n/a

Ardmore Seatrader Spot n/a

Ardmore Seamaster Spot n/a

Ardmore Seamariner Spot n/a

Ardmore Centurion Spot n/a

Ardmore Sealion Pool n/a

Ardmore Seafox Pool n/a

Ardmore Seawolf Pool n/a

Ardmore Seahawk Pool n/a

Ardmore Dauntless Pool n/a

Ardmore Defender Pool n/a

Ardmore Cherokee Pool n/a

29%

71%

1Q 2016 E

31%

69%

FY 2015

634

466

273

153182

60

273

120

MR Eco-design MR Eco-mod Prod/Chem Eco-design Prod/Chem Eco-mod

Spot / Pool TC Days

1. Includes estimated drydock days for 1Q16

4,280

7,071

8,221

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

FY14 1Q15 ACT 2Q15 ACT 3Q15 ACT 4Q15 ACT FY15 ACT FY16 EST

Rev

enu

e D

ays

13

Fleet Update

Revenue Days Growth From New Deliveries(1)Fleet Update

+16% (Y-o-Y) 10 product / chemical tankers delivered in 2015 contributing to

earnings and cash flow:

o Ardmore Sealion: 49,999 Dwt - SPP Shipbuilding, Korea

o Ardmore Seafox: 49,999 Dwt - SPP Shipbuilding, Korea

o Ardmore Seawolf: 49,999 Dwt - SPP Shipbuilding, Korea

o Ardmore Seahawk: 49,999 Dwt - SPP Shipbuilding, Korea

o Ardmore Dauntless: 37,764 Dwt - Hyundai Mipo, Korea

o Ardmore Defender: 37,791 Dwt - Hyundai Mipo, Korea

o Ardmore Cherokee: 25,215 Dwt - Fukuoka, Japan

o Ardmore Cheyenne: 25,217 Dwt - Fukuoka, Japan

o Ardmore Chinook: 25,217 Dwt - Fukuoka, Japan

o Ardmore Chippewa: 25,217 Dwt - Fukuoka, Japan

Four scheduled drydockings in 2016:

o Ardmore Seamariner expected to enter drydock in 1Q16

o Others later in year, timing dependent on positioning

Continued growth in revenue days forecast for 2016: 16%

increase in 2016 vs. 2015

1. Revenue Days based on managements estimates. FY16 estimates included the impact of sale of Ardmore Calypso and Ardmore Capella


14

Financial


15

Solid Financial Performance

1. EBITDA is a non-GAAP measures, a reconciliation of this measure is included in Appendix of this presentation 2. Definitions: Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as appropriate, per revenue day plus Communication Victualing and Entertainment Income (“CVE”). For vessels employed on voyage

charters, TCE is the net rate after deducting voyage costs incurred by commercial managers.3. Fleet operating costs per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils and communication costs. They do not include additional costs related to upgrading or

enhancement of the vessels that are not capitalized. 4. Technical management fees per day are fees paid to third-party technical managers

INCOME STATEMENT DATA Three months ended Twelve months ended

US$ millions, unless otherwise stated Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014

Results

Revenue 41.8 22.3 157.88 67.33

EBITDA(1) 17.1 8.0 70.58 22.70

Net profit 5.4 1.9 31.95 1.66

Earnings per share ($/share) 0.21 0.07 1.23 0.07

OTHER OPERATING DATA

Average Number of Vessels 23.3 14.0 19.8 12.1

Fleet time charter equivalent per day ($/day)(2) 16,967 15,327 18,309 14,393

Fleet operating costs per day ($/day)(3) 6,133 6,500 5,976 6,197

Technical management fees per day ($/day)(4) 370 353 357 359

Upgrades / enhancements expensed in period ($) 240,654 191,331 915,677 586,446

14,393

15,913

14,793

-

11,404

18,309 19,149

20,223

17,507

13,417

AVG. FLEET TCE MR ECO-DES MR ECO-MOD PROD/CHEM ECO-DES PROD/CHEM ECO-MOD

FY 2014 FY 2015

16

Charter Rates Increased Substantially YoY

1. Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as appropriate, per revenue day plus Communication Victualing and Entertainment Income (“CVE). For vessels employed on voyage charters, TCE is the net rate after deducting voyage costs incurred by commercial managers

2. Calculations based on existing cost structure and assume (a) a fully-delivered fleet of 24 vessels, (b) utilization of 99.45% and (c) 26.1 mln shares. Assumes no change in tax rate, cost of debt or share count

For every $1,000/day increase in rates, EPS increases by $0.34 cents(2)

Time Charter Equivalent ($ / day)(1)

+27% YoY

+20% YoY

+37% YoY

+18% YoY

Low Financial Leverage and every $1M increase in vessel values = $0.92 in NAV / share(2)

17

Strong Balance Sheet

1. Includes impact of netting of deferred finance fees of $8.6 mln in 2015 ($8.5 mln in 2014)2. 24 ships x $1 million = $24 million / 26.1 million shares = $0.92 / share; assumes no change in share count3. Debt = gross debt of $423.6 mln4. Net Debt = gross debt – cash

BALANCE SHEET DATA As at

US$ millions, unless otherwise stated Dec 31, 2015 Dec 31, 2014

Cash 40.1 59.9

Receivables, Inventories and Other Assets 38.6 12.3

Vessels, Instalment Payments & Drydock 699.4 490.0

Total Assets 778.2 562.2

Payables and Accruals 15.6 10.1

Debt & Capital Lease Obligations(1) 415.0 224.9

Equity 347.6 327.2

Total Liabilities and Equity 778.2 562.2

Debt / (Debt + Equity)(3) 54.9% 41.6%

Net Debt / (Net Debt + Equity)(4) 52.5% 34.7%

$423.6

$699.4 $1.3 $9.4 $9.4 $9.4

Vessel Assets @ 4Q15 Gross Debt @ 4Q15 (1) 1Q 2016 2Q 2016 3Q 2016 4Q 2016

Debt Repayments

18

Conservative Capital Structure

Book value of vessel assets ~$700 mln and gross debt of ~$424 mln as at Dec 31, 2015(1)

Low corporate leverage: ~55% as at Dec 31, 2015, with significant balance sheet cash

Completed a refinancing of $344 mln of debt in January 2016, reducing our interest expense by ~$2 mln and improving surplus

cashflow by ~$6 mln in 2016

Additional incremental commitment of ~$20 mln provided by ABN AMRO and DVB Bank to fund future acquisitions

All debt is amortizing at ~$38 mln per year

Debt Profile(2)

1. Gross Debt excludes impact of netting of deferred finance fees as required under US GAAP ($423.6 mln - $8.6 mln = $415 mln)2. Proforma debt repayment profile based on 1Q16 debt refinancing


19

Summary


20

Summary

Reported strong financial results: net income of $5.4 million and EPS of $0.21 for the fourth quarter and net

income of $32 million and EPS of $1.23 for the full year

Near-term outlook remains positive, anticipating a solid charter market in 2016 driven by refinery expansion and

increased output, underpinned by continuation of oil market dynamics (volatility and congestion)

Strong secular demand growth continues as worldwide refinery expansions and complexity of trading activity

drives tonne mile demand, almost independent of underlying oil consumption growth (6% vs 1.4% over the last

seven years)

MR orderbook now at lowest point in 15 years and set to decline by year-end to around 5% without additional

ordering

Maintaining our flexible chartering strategy between spot and time charters to maximize earnings

Ardmore is well positioned to take advantage of continued strong rates - every $1,000 increase in charter rates

across the delivered fleet equates to $0.34 in EPS and $0.20 in dividend(1)

Declaring a quarterly cash dividend of $0.13 / share, which brings the total dividend for 2015 to $0.64 / share,

reflecting both a strong market and a highly efficient operation. Annualized run rate under new dividend policy

is $0.88 / share

1. Calculations based on a full year at our existing cost structure and assumes (a) fleet of 24 vessels, (b) utilization of 99.45% and (c) 26.1 mln shares. Assumes no change in tax rate, cost of debt or share count.


21

Appendix

22

Non-GAAP Measures

1. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. This non-GAAP measure is presented in this press release as the Company believes that it provides investors with a means of evaluating and understanding how Ardmore’s management evaluates operating performance. This non-GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP measure does not have standardized meanings, and are therefore unlikely to be comparable to similar measures presented by other companies.

NON-GAAP MEASURES Three months ended Twelve months ended

expressed in US$, unless otherwise stated Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014

EBITDA

Net profit / (loss) 5,365,550 1,861,883 31,954,965 1,660,474

Interest income (4,883) (3,067) (15,571) (16,444)

Interest expense and finance costs 4,337,015 1,172,531 12,282,704 4,119,283

Income tax 36,172 9,641 79,860 46,749

Depreciation 6,905,001 4,349,854 24,157,022 14,854,885

Amortization of deferred dry dock expenditure 503,175 564,013 2,120,974 2,031,100

EBITDA 17,142,030 7,954,855 70,579,954 22,696,047

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