Ardmore Shipping (ASC) 6-K27 Jul 222022 Q2 Current report (foreign)Financial data

Company Profile

Document And Entity Information

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2022
Document And Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Ardmore Shipping Corp
Entity Central Index Key	0001577437
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Amendment Flag	false

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 45,385	$ 55,449
Receivables, net of allowance for bad debts of $1.3 million (2021: $0.5 million)	51,921	20,304
Prepaid expenses and other assets	4,224	3,511
Advances and deposits	11,547	3,551
Inventories	18,638	11,095
Vessel held for sale	26,938	0
Current portion of derivative assets	5,773	307
Total current assets	164,426	94,217
Non-current assets
Investments and other assets, net	11,481	11,082
Vessels and vessel equipment, net	544,653	603,227
Deferred drydock expenditures, net	4,627	8,879
Advances for ballast water treatment systems	2,066	2,033
Amount receivable in respect of finance leases	0	2,880
Non-current portion of derivative assets	561	982
Operating lease, right-of-use asset	5,229	1,232
Total non-current assets	568,617	630,315
TOTAL ASSETS	733,043	724,532
Current liabilities
Accounts payable	6,390	8,578
Accrued expenses and other liabilities	13,844	10,742
Deferred revenue	1,455	2,070
Accrued interest on debt and finance leases	828	651
Current portion of long-term debt	15,138	15,103
Current portion of finance lease obligations	24,909	21,084
Current portion of operating lease obligations	2,293	273
Total current liabilities	64,857	58,501
Non-current liabilities
Non-current portion of long-term debt	118,282	129,998
Non-current portion of finance lease obligations	173,114	205,371
Non-current portion of operating lease obligations	2,665	722
Other non-current liabilities	943	943
Total non-current liabilities	295,004	337,034
TOTAL LIABILITIES	359,861	395,535
Redeemable Preferred Stock
Cumulative redeemable preferred stock	37,043	37,043
Stockholders' equity
Common stock	391	364
Additional paid in capital	445,051	426,102
Accumulated other comprehensive income	5,253	1,044
Treasury stock	(15,636)	(15,636)
Accumulated deficit	(98,920)	(119,920)
Total stockholders' equity	336,139	291,954
Total redeemable preferred stock and stockholders' equity	373,182	328,997
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	$ 733,043	$ 724,532

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 1.3	$ 0.5
Cumulative Series A redeemable Preferred Stock
Divided rate	8.50%

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unaudited Interim Condensed Consolidated Statements of Operations
Revenue, net	$ 107,125	$ 47,274	$ 170,493	$ 92,825
Voyage expenses	(41,178)	(20,493)	(68,253)	(40,885)
Vessel operating expenses	(15,943)	(15,077)	(32,530)	(29,580)
Operating expense component	(1,238)	(708)	(2,344)	(1,335)
Vessel lease expense component	(1,140)	(652)	(2,156)	(1,229)
Depreciation	(6,982)	(7,907)	(14,772)	(15,716)
Amortization of deferred drydock expenditures	(959)	(1,268)	(2,156)	(2,750)
General and administrative expenses
Corporate	(4,291)	(4,260)	(8,759)	(8,437)
Commercial and chartering	(1,053)	(686)	(1,944)	(1,447)
Loss on vessel held for sale			(6,917)	0
Unrealized gains / (losses) on derivatives	296	(22)	900	80
Interest expense and finance costs	(4,894)	(4,310)	(9,032)	(8,088)
Interest income	20	17	30	30
Income/(Loss) before taxes	29,763	(8,092)	22,560	(16,532)
Income tax	(9)	(33)	(43)	(91)
(Loss)/profit from equity method investments	(67)		169	0
Net Income/(loss)	29,687	(8,125)	22,686	(16,623)
Preferred dividend	(838)	(82)	(1,686)	(82)
Net income/ (loss) attributable to common stockholders	$ 28,849	$ (8,207)	$ 21,000	$ (16,705)
Earnings/(loss) per share, basic (in dollars per share)	$ 0.82	$ (0.24)	$ 0.60	$ (0.50)
Earnings/(loss) per share, diluted (in dollars per share)	$ 0.81	$ (0.24)	$ 0.60	$ (0.50)
Weighted average number of shares outstanding, basic (in shares)	35,071,435,000	33,500,030,000	34,752,045,000	33,394,008,000
Weighted average number of shares outstanding, diluted (in shares)	35,574,082	33,500,030	34,830,153	33,394,008

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unaudited Interim Condensed Consolidated Statements of Comprehensive (Loss)Income
Net Income/(loss)	$ 29,687	$ (8,125)	$ 22,686	$ (16,623)
Other comprehensive income, net of tax
Net change in unrealized gains/(losses) on cash flow hedges	1,205	(3)	4,209	585
Other comprehensive income/(loss), net of tax	1,205	(3)	4,209	585
Comprehensive income/(loss)	$ 30,892	$ (8,128)	$ 26,895	$ (16,038)

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholder Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Treasury stock	Accumulated deficit	Redeemable Preferred Stock	Total
Balance at Dec. 31, 2020	$ 352	$ 418,181	$ (729)	$ (15,636)	$ (81,833)		$ 320,335
Balance (in shares) at Dec. 31, 2020	33,187
Issue of common stock	$ 12	5,308					5,320
Issue of common stock (in shares)	1,177
Share-based compensation		1,140					1,140
Changes in unrealized gain on cash flow hedges			585				585
Net income/(loss)							(16,623)
Net income/ (loss) attributable to common stockholders					(16,704)		(16,705)
Balance at Jun. 30, 2021	$ 364	424,629	(144)	(15,636)	(98,537)		310,676
Balance (in shares) at Jun. 30, 2021	34,364
Balance at Mar. 31, 2021	$ 354	418,698	(141)	(15,636)	(90,330)		312,945
Balance (in shares) at Mar. 31, 2021	33,335
Issue of common stock	$ 10	5,310					5,320
Issue of common stock (in shares)	1,029
Share-based compensation		622					622
Changes in unrealized gain on cash flow hedges			(3)				(3)
Net income/(loss)							(8,125)
Net income/ (loss) attributable to common stockholders					(8,207)		(8,207)
Balance at Jun. 30, 2021	$ 364	424,629	(144)	(15,636)	(98,537)		310,676
Balance (in shares) at Jun. 30, 2021	34,364
Balance at Dec. 31, 2021	$ 364	426,102	1,044	(15,636)	(119,920)		291,954
Balance (in shares) at Dec. 31, 2021	34,364
Issue of common stock	$ 3	(3)
Issue of common stock (in shares)	306
Share-based compensation		1,246					1,246
Changes in unrealized gain on cash flow hedges			4,209				4,209
Net Proceeds from Equity Offering (in shares)	2,437
Net Proceeds from Equity Offering	$ 24	17,706					17,730
Preferred dividend					(1,686)		(1,686)
Net income/(loss)					22,686		22,686
Net income/ (loss) attributable to common stockholders							21,000
Balance at Jun. 30, 2022	$ 391	445,051	5,253	(15,636)	(98,920)		336,139
Balance (in shares) at Jun. 30, 2022	37,107
Balance at Dec. 31, 2021						$ 37,043	37,043
Balance (in shares) at Dec. 31, 2021						40
Balance at Jun. 30, 2022						$ 37,043	37,043
Balance (in shares) at Jun. 30, 2022						40
Balance at Mar. 31, 2022	$ 366	426,671	4,048	(15,636)	(127,770)		287,679
Balance (in shares) at Mar. 31, 2022	34,574
Issue of common stock	$ 1	(1)
Issue of common stock (in shares)	96
Share-based compensation		675					675
Changes in unrealized gain on cash flow hedges			1,205				1,205
Net Proceeds from Equity Offering (in shares)	2,437
Net Proceeds from Equity Offering	$ 24	17,706					17,730
Preferred dividend					(838)		(838)
Net income/(loss)					29,688		29,687
Net income/ (loss) attributable to common stockholders							28,849
Balance at Jun. 30, 2022	$ 391	$ 445,051	$ 5,253	$ (15,636)	$ (98,920)		336,139
Balance (in shares) at Jun. 30, 2022	37,107
Balance at Mar. 31, 2022						$ 37,043
Balance (in shares) at Mar. 31, 2022						40
Balance at Jun. 30, 2022						$ 37,043	$ 37,043
Balance (in shares) at Jun. 30, 2022						40

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income/(loss)	$ 22,686	$ (16,623)
Adjustments to reconcile net income / (loss) to net cash (used in) / provided by operating activities:
Depreciation	14,772	15,716
Amortization of deferred drydock expenditures	2,156	2,750
Share-based compensation	1,246	1,140
Loss on vessel held for sale	6,917	0
Amortization of deferred finance fees	803	1,401
Unrealized (gains) on derivatives	(900)	(80)
Foreign exchange	(34)	(44)
Profit from equity method investments	(169)	0
Deferred drydock payments	(760)	(3,330)
Changes in operating assets and liabilities:
Receivables	(31,636)	1,175
Prepaid expenses and other assets	(714)	65
Advances and deposits	1,256	(1,730)
Inventories	(7,542)	817
Accounts payable	(1,893)	(1,114)
Accrued expenses and other liabilities	3,122	(713)
Deferred revenue	(614)	976
Accrued interest on debt and finance leases	177	(89)
Net cash provided by operating activities	8,873	317
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of vessels	13,759	9,895
Payments for acquisition of vessels and vessel equipment	(43)	(1,057)
Advances for ballast water treatment systems	(180)	(158)
Payments for other non-current assets	(46)	(34)
Payments for equity investments	(238)	(4,998)
Net cash provided by investing activities	13,252	3,648
CASH FLOWS FROM FINANCING ACTIVITIES
Prepayment of finance lease obligation	(9,253)	0
Proceeds from long-term debt	9,811	0
Repayments of long-term debt	(21,872)	(68,512)
Proceeds from finance leases	2,880	49,000
Repayments of finance leases	(28,922)	(9,466)
Payments for deferred finance fees	0	(980)
Issuance of common stock	16,747	0
Issuance of preferred stock, net	0	23,047
Payment of preferred dividend	(1,580)	0
Net cash (used in) financing activities	(32,189)	(6,911)
Net (decrease) in cash and cash equivalents	(10,064)	(2,946)
Cash and cash equivalents at the beginning of the year	55,449	58,365
Cash and cash equivalents at the end of the period	45,385	55,419
Cash paid during the year for:
Cash paid during the period for interest in respect of debt	2,004	2,539
Cash paid during the period for interest in respect of finance leases	2,766	4,035
Cash paid during the period for operating lease liabilities	364	228
Cash paid during the period for income taxes	37	90
Non-cash investing activity: Investment in Element 1 by issuing 950,000 shares of common stock	0	5,320
Non-cash financing activity: Accrued preferred dividends	568	82
Non-cash financing activity: Receivable for net proceeds on issue of common stock	$ 983	$ 0

Unaudited Interim Condensed C_7

Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical)	Jun. 30, 2021 shares
Element 1 Corp. Ardmore Shipping (Bermuda) Limited
CASH FLOWS FROM OPERATING ACTIVITIES
Common stock, shares issued (in shares)	950,000

General information and signifi

General information and significant accounting policies	6 Months Ended
General information and significant accounting policies	Jun. 30, 2022
Overview
General information and significant accounting policies	1. General information and significant accounting policies 1.1. Background Ardmore Shipping Corporation (NYSE: ASC) (“ASC”), together with its subsidiaries (collectively, the “Company”), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in one operating segment, the transportation of refined petroleum products and chemicals. As at June 30, 2022, the Company had 24 owned vessels and three chartered-in vessels in operation. The average age of the Company’s owned fleet as at June 30, 2022 was 8.6 years. In response to the COVID-19 pandemic, many countries, ports and organizations, including those where ASC conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have caused severe trade disruptions. In addition, the pandemic initially resulted and may again result in a significant decline in global demand for refined oil products. As the Company’s business is the transportation of refined oil products on behalf of oil majors, oil traders and other customers, any significant decrease in demand for the cargo the Company transports has and could continue to adversely affect demand for its vessels and services. The extent to which the pandemic may impact the Company’s results of operations and financial condition, including possible impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including, among others, new information which may emerge concerning the virus and its variants and the level of the effectiveness and administration of vaccines and other actions to contain or treat its impact. Accordingly, an estimate of the impact of the COVID-19 pandemic on the Company cannot be made at this time. 1.2. Management and organizational structure ASC was incorporated in the Republic of the Marshall Islands on May 14, 2013. ASC commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010. As at June 30, 2022, ASC had (a) 79 wholly owned subsidiaries, the majority of which represent single ship-owning companies for ASC’s fleet, (b) one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to a majority of the ASC fleet, (c) one 33.33%-owned joint venture, e1 Marine LLC, to market and sell Element 1 Corp.’s methanol-to-hydrogen technology to the marine sector, and (d) a 10% equity stake, on a fully diluted basis, in Element 1 Corp. During the three months ended June 30, 2021, the Company paid an aggregate of $5.0 million in cash and $5.3 million through the issuance of ASC common shares for the Company’s equity stake in Element 1 Corp. and its equity interest in e1 Marine which is included in investments and other assets, net in the condensed consolidated balance sheet as of June 30, 2022. Ardmore Maritime Services (Asia) Pte, a wholly owned subsidiary incorporated in Singapore, carries out the Company’s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company’s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company. 1.3. Basis of preparation The accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that apply to interim condensed financial statements. 1.3. Basis of preparation (continued) Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 20-F, filed with the SEC on March 11, 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the footnotes required by U.S. GAAP for complete financial statements. The accompanying interim condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. All intercompany balances and transactions have been eliminated on consolidation. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. 1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three and six months ended June 30, 2022 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2021. The accounting policies used in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those applied in the audited financial statements for the year ended December 31, 2021.

Equity Investments

Equity Investments	6 Months Ended
Equity Investments	Jun. 30, 2022
Equity Investments
Equity Investments	2. Equity Investments Element 1 Corp. - e1 Marine LLC - The Company records its share of earnings and losses in these investment on a quarterly basis. The Company recorded an investment of $10.9 million, inclusive of transaction costs (E1 investment of $9.8 million and e1 Marine LLC investment of $1.1 million), which is included in investments and other assets, net in the condensed consolidated balance sheet as of June 30, 2022.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2022
Debt
Debt	3. Debt As at June 30, 2022, the Company had five loan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction and also for working capital. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under the loan facilities, which totaled 11 vessels as at June 30, 2022. ASC and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and ASC has granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. These guarantees can be called upon following a payment default. The outstanding principal balances on each loan facility as at June 30, 2022 and December 31, 2021 were as follows: As at In thousands of U.S. Dollars June 30, 2022 December 31, 2021 Nordea/SEB Joint Bank Facility 52,374 56,599 Nordea/SEB Revolving Facility 15,000 28,954 ABN/CACIB Joint Bank Facility 48,447 51,340 ABN AMRO Revolving Facility 11,491 1,680 IYO Bank Facility 7,600 8,400 Total debt 134,912 146,972 Deferred finance fees (1,492) (1,871) Net total debt 133,420 145,101 Current portion of long-term debt 15,834 15,834 Current portion of deferred finance fees (696) (731) Total current portion of long-term debt 15,138 15,103 Non-current portion of long-term debt 118,282 129,998 Future minimum scheduled repayments under the Company’s loan facilities for each year are as follows: As at In thousands of U.S. Dollars June 30, 2022 2022 (1) 7,917 2023 27,326 2024 96,069 2025 3,600 134,912 (1) Six-month period ending December 31, 2022 Nordea / SEB Joint Bank Facility and Nordea / SEB Revolving Facility On December 11, 2019, eight of ASC’s subsidiaries entered into a $100 million long-term loan facility and a $40 million revolving credit facility with Nordea Bank AB (publ) and Skandinaviska Enskilda Banken AB (publ) to refinance existing facilities. The facility was fully drawn down in December 2020 and 2019. Interest is calculated at a rate of LIBOR plus 2.4%. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final instalment. The revolving facility may be drawn down or repaid with five days‘ notice. On June 25, 2021, Ardmore partially repaid the facility in connection with the refinancing of two of the vessels under a new sale and leaseback arrangement. The term loan and revolving credit facility mature in December 2024. 3. Debt (continued) ABN/CACIB Joint Bank Facility On December 11, 2019, four of ASC’s subsidiaries entered into a $61.5 million long-term loan facility with ABN AMRO Bank N.V. and Credit Agricole Corporate and Investment Bank to refinance existing facilities. Interest is calculated at a rate of LIBOR plus 2.4%. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final instalment. The loan facility matures in December 2024. ABN AMRO Revolving Facility On October 24, 2017, the Company entered into a $15 million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate of LIBOR plus 3.9%. On October 7, 2021, the Company exercised an option to extend this facility for a further year to July 2023. Interest payments are payable on a quarterly basis. IYO Bank Facility On December 17, 2020, one of ASC’s subsidiaries entered into a $10.0 million long-term loan facility with IYO Bank to finance a secondhand vessel acquisition which vessel delivered to the Company in 2020. The facility was drawn down in December 2020. Interest is calculated at a rate of LIBOR plus 2.25%. Principal repayments on the loans are made on a quarterly basis, with a balloon payment payable with the final instalment. The loan facility matures in December 2025. Long-term debt financial covenants The Company’s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company: ● maintain minimum solvency of not less than 30% ; ● maintain minimum cash and cash equivalents (of which at least 60% of such minimum amount is held in cash and which includes the undrawn portion of the Nordea/SEB Revolving Facility), based on the number of vessels owned and chartered-in and 5% of outstanding debt; the required minimum cash and cash equivalents as at June 30, 2022 was $16.8 million; ● ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than 130% of the debt outstanding for the facility; ● maintain a corporate net worth of not less than $150 million; and ● maintain positive working capital, excluding balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months. The Company was in full compliance with all of its long-term debt financial covenants as at June 30, 2022 and December 31, 2021.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2022
Leases
Leases	4. Leases As at June 30, 2022, the Company was a party, as the lessee, to six finance lease facilities. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under the finance lease facilities, which totaled 12 vessels as at June 30, 2022. ASC has provided guarantees in respect of the finance lease facilities. These guarantees can be called upon following a payment default. The outstanding principal balances on each finance lease facility as at June 30, 2022 and December 31, 2021 were as follows: As at In thousands of U.S. Dollars June 30, 2022 December 31, 2021 Japanese Leases No.1 and 2 — 21,677 Japanese Lease No.3 9,237 10,747 CMBFL Leases No.1 to 4 61,615 65,187 Ocean Yield ASA 47,638 50,320 Japanese Lease No.4 18,819 19,942 China Huarong Leases 35,131 37,385 CMBFL / Shandong 62,802 65,625 Finance lease obligations 235,242 270,883 Amounts representing interest and deferred finance fees (37,219) (44,428) Finance lease obligations, net of interest and deferred finance fees 198,023 226,455 Current portion of finance lease obligations 25,428 21,783 Current portion of deferred finance fees (519) (699) Non-current portion of finance lease obligations 175,091 207,592 Non-current portion of deferred finance fees (1,977) (2,221) Total finance lease obligations, net of deferred finance fees 198,023 226,455 Maturity analysis of the Company’s finance lease facilities for each year are as follows: As at In thousands of U.S. Dollars June 30, 2022 2022 (1) 21,720 2023 24,528 2024 23,887 2025 81,558 2026 12,550 2027 - 2030 70,999 Finance lease obligations 235,242 Amounts representing interest and deferred finance fees (37,219) Finance lease obligations, net of interest and deferred finance fees 198,023 (1) Six-month period ending December 31, 2022 4 . Leases (continued) Japanese Leases No. 1 and 2 On May 30, 2017, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Sealeader Ardmore Sealifter, Japanese Lease No. 3 On January 30, 2018, one of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Sealancer CMBFL Leases No. 1 to 4 On June 26, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Endurance Ardmore Enterprise, On October 25, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Encounter Ardmore Explorer 4. Leases (continued) Ocean Yield ASA On October 25, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Dauntless Ardmore Defender The finance leases are scheduled to expire in 2030 and include a mandatory purchase obligation for the Company to repurchase the vessels, as well as purchase options exercisable by the Company, which the Company could elect to exercise at an earlier date. Japanese Lease No. 4 On November 30, 2018, one of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), of the Ardmore Engineer China Huarong Leases On November 30, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), of the Ardmore Seavanguard Ardmore Exporter CMBFL / Shandong On June 25, 2021, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Seawolf Ardmore Seahawk Finance Leases Financial Covenants Some of the Company’s existing finance lease facilities (as described above) include financial covenants which are the same, or no more onerous than, the Company’s long-term debt financial covenants described in Note 3. The Company was in full compliance with all of its finance lease related financial covenants as at June 30, 2022 and December 31, 2021. 4. Leases (continued) Long Term Operating Leases The Company sold the Ardmore Sealeader Operating leases are included in operating lease, right-of-use (“ROU”) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company’s consolidated balance sheets. ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of 4.5% is obtained independently and is comparable with what the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company’s time charters. The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices. The Company have entered into two further long term lease agreements for a period of 24 months, for which an ROU asset and lease liability will be recognized. This will be effective in the third quarter of 2022. Short Term Leases The Company has entered into two short term lease agreements with one agreement effective July 30, 2021 to charter-in a 2010 built vessel for a period of 12 months and the other agreement effective March 1, 2022 to charter-in a 2009 built vessel for a period of six months.

Interest Rate Swaps

Interest Rate Swaps	6 Months Ended
Interest Rate Swaps	Jun. 30, 2022
Interest Rate Swaps
Interest Rate Swaps	5. Interest Rate Swaps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the second quarter of 2020, the Company entered into floating-to-fixed interest rate swap agreements, associated with existing variable-rate debt and financing facilities, over a three-year term with multiple counterparties. In accordance with these transactions, the Company will pay an average fixed-rate interest amount of 0.32% and will receive floating rate interest amounts based on LIBOR. These interest rate swaps have a total notional amount of $252.1 million of which $210.2 million is designated as cash flow hedges. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company records the fair value of the interest rate swap as an asset or liability on its balance sheet. The following table shows the interest rate swap assets and liabilities as of June 30, 2022 and December 31, 2021: Derivatives designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location June 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 4,868 254 Interest rate swap Non - current portion of derivative assets $ 388 795 The following table shows the interest rate swap liabilities not designated as hedging instruments as of June 30, 2022 and December 31, 2021: Derivatives not designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location June 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 905 53 Interest rate swap Non - current portion of derivative assets $ 173 187

Share-based compensation

Share-based compensation	6 Months Ended
Share-based compensation	Jun. 30, 2022
Share-based compensation.
Share-based compensation	6. Share-based compensation Stock appreciation rights As at June 30, 2022, the Company had granted 3,710,473 stock appreciation rights (“SARs”) (inclusive of 5,779 forfeited SARs) to certain of its officers and directors under its 2013 Equity Incentive Plan. A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs Weighted Risk-free Average Fair SARs Exercise Vesting Grant Dividend rate of Expected Value Average Expected Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Exercise Life Method 12‑Mar‑14 22,118 $ 13.66 3 yrs $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 – 5.0 yrs Monte Carlo 01‑Sept‑14 5,595 $ 13.91 3 yrs $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 – 5.0 yrs Monte Carlo 06‑Mar‑15 37,797 $ 10.25 3 yrs $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 – 5.0 yrs Monte Carlo 15‑Jan‑16 205,519 $ 9.20 3 yrs $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 – 5.0 yrs Monte Carlo 04‑Apr‑18 1,719,733 $ 7.40 3 yrs $ 7.40 0 % 2.51 % 40.59 % $ 2.67 4.25 yrs Black-Scholes 07‑Mar‑19 560,000 $ 5.10 3 yrs $ 5.10 0 % 2.43 % 43.65 % $ 2.00 4.5 yrs Black-Scholes 04‑Mar‑20 549,020 $ 5.25 3 yrs $ 5.25 0 % 0.73 % 46.42 % $ 2.04 4.5 yrs Black-Scholes 04‑Mar‑21 610,691 $ 4.28 3 yrs $ 4.28 0 % 0.66 % 55.39 % $ 1.93 4.5 yrs Black-Scholes Changes in the SARs for the six months ended June 30, 2022 are set forth below in full numbers: Weighted average No. of SARs exercise price Balance as at January 1, 2022 3,704,694 $ 6.40 SARs granted during the six months ended June 30, 2022 — — SARs forfeited during the six months ended June 30, 2022 — — Balance as at June 30, 2022 (none of which are exercisable or convertible) 3,704,694 $ 6.40 The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below in thousands of U.S. Dollars: Period TOTAL 2022 (1) $ 383 2023 455 2024 65 $ 903 (1) Six-month period ending December 31, 2022 6. Share-based compensation (continued) Restricted stock units As at June 30, 2022, the Company had granted 1,604,270 restricted stock units (“RSUs”) to certain of its officers and directors under its 2013 Equity Incentive Plan, of which 716,868 had vested. A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price 02-Jan-19 176,659 2 years $ 4.64 07-Mar-19 86,210 3 years $ 5.10 28-May-19 59,237 1 year $ 7.47 04-Mar-20 94,105 3 years $ 5.25 29-May-20 78,510 1 year $ 5.84 04-Mar-21 56,957 1 year $ 4.28 04-Mar-21 302,923 3 years $ 4.28 07-Jun-21 95,583 1 year $ 4.31 30-Mar-22 593,671 3 years $ 4.54 07-Jun-22 60,415 1 year $ 8.07 Changes in the RSUs for the six months ended June 30, 2022 are set forth below in thousands of U.S. Dollars: Weighted average fair value at grant No. of RSUs date Balance as at January 1, 2022 546,935 $ 4.44 RSUs granted during the six months ended June 30, 2022 654,086 $ 4.87 RSUs vested during the six months ended June 30, 2022 (313,619) $ (4.46) Balance as at June 30, 2022 (none of which are vested) 887,402 $ 4.75 The total cost related to non-vested RSU awards expected to be recognized through 2024 is set forth below: Period TOTAL 2022 (1) $ 991 2023 1,561 2024 970 2025 225 $ 3,747 (1) Six-month period ending December 31, 2022

Preferred Stock

Preferred Stock	6 Months Ended
Preferred Stock	Jun. 30, 2022
Preferred Stock
Preferred Stock	7. Preferred Stock On June 17, 2021 and on December 3, 2021, ASC issued 25,000 shares and 15,000 shares respectively of Series A Cumulative Redeemable Perpetual Preferred Shares (“Series A Preferred Stock”) to an affiliate of Maritime Partners LLC. The liquidation preference of the Series A Preferred Stock is $1,000.00 per share. The shares of Series A Preferred Stock accrue cumulative dividends, whether or not declared, at an initial annual rate of 8.5% per $1,000.00 of liquidation preference per share, which rate may change based on certain matters. Dividends are payable on January 30, April 30, July 30 and October 30 of each year, commencing July 30, 2021. So long as any share of the Series A Preferred Stock remains outstanding, no cash dividend may be declared or paid on ASC’s common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock. The Company may redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) 103% of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) 102% of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) 100% of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. The Series A Preferred Stock is redeemable, in whole or in part, upon the election of the Company or the Holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group becomes the beneficial owner of a majority of ASC’s total voting power. As it is possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of ASC’s outstanding common stock without Company approval and thereby trigger a “change of control,” the Series A Preferred Stock is classified as temporary equity for accounting purposes. The Company’s obligations to the Holder of shares of Series A Preferred Stock are secured by a pledge of the Company’s stake in E1. The Series A Preferred Stock is presented in the Company’s financial statements net of the related stock issuance costs. As part of the issuance of the Preferred Stock to MP, the Company agreed that MP shall have the right to a profits interest of 20% of all cash or in-kind distributions and proceeds received in respect of the E1 investment which can only be distributed after the Company receives its return of its initial investment of $9.3 million. As the agreement includes a mandatory redemption date, for the profits interest that is the 10 th

Subsequent events

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2022
Subsequent events.
Subsequent events	8. Subsequent Events On July 14, 2022, Ardmore sold the Ardmore Sealifter

Significant accounting policies

Significant accounting policies (Policies)	6 Months Ended
Significant accounting policies (Policies)	Jun. 30, 2022
Significant accounting policies
Summary of significant accounting policies	1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three and six months ended June 30, 2022 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2021. The accounting policies used in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those applied in the audited financial statements for the year ended December 31, 2021.

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2022
Debt
Schedule outstanding principal balances on each loan facility	As at In thousands of U.S. Dollars June 30, 2022 December 31, 2021 Nordea/SEB Joint Bank Facility 52,374 56,599 Nordea/SEB Revolving Facility 15,000 28,954 ABN/CACIB Joint Bank Facility 48,447 51,340 ABN AMRO Revolving Facility 11,491 1,680 IYO Bank Facility 7,600 8,400 Total debt 134,912 146,972 Deferred finance fees (1,492) (1,871) Net total debt 133,420 145,101 Current portion of long-term debt 15,834 15,834 Current portion of deferred finance fees (696) (731) Total current portion of long-term debt 15,138 15,103 Non-current portion of long-term debt 118,282 129,998
Schedule of future minimum repayments under the loan facilities	As at In thousands of U.S. Dollars June 30, 2022 2022 (1) 7,917 2023 27,326 2024 96,069 2025 3,600 134,912 (1) Six-month period ending December 31, 2022

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2022
Leases
Schedule of outstanding principal balances on finance lease facility	As at In thousands of U.S. Dollars June 30, 2022 December 31, 2021 Japanese Leases No.1 and 2 — 21,677 Japanese Lease No.3 9,237 10,747 CMBFL Leases No.1 to 4 61,615 65,187 Ocean Yield ASA 47,638 50,320 Japanese Lease No.4 18,819 19,942 China Huarong Leases 35,131 37,385 CMBFL / Shandong 62,802 65,625 Finance lease obligations 235,242 270,883 Amounts representing interest and deferred finance fees (37,219) (44,428) Finance lease obligations, net of interest and deferred finance fees 198,023 226,455 Current portion of finance lease obligations 25,428 21,783 Current portion of deferred finance fees (519) (699) Non-current portion of finance lease obligations 175,091 207,592 Non-current portion of deferred finance fees (1,977) (2,221) Total finance lease obligations, net of deferred finance fees 198,023 226,455
Schedule of future minimum lease payments required under the finance lease facilities	Maturity analysis of the Company’s finance lease facilities for each year are as follows: As at In thousands of U.S. Dollars June 30, 2022 2022 (1) 21,720 2023 24,528 2024 23,887 2025 81,558 2026 12,550 2027 - 2030 70,999 Finance lease obligations 235,242 Amounts representing interest and deferred finance fees (37,219) Finance lease obligations, net of interest and deferred finance fees 198,023 (1) Six-month period ending December 31, 2022

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
Interest Rate Swaps (Tables)	Jun. 30, 2022
Designated as hedging instrument
Interest Rate Swaps
Schedule of interest rate swap liabilities	Derivatives designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location June 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 4,868 254 Interest rate swap Non - current portion of derivative assets $ 388 795
Not designated as hedging instrument
Interest Rate Swaps
Schedule of interest rate swap liabilities	Derivatives not designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location June 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 905 53 Interest rate swap Non - current portion of derivative assets $ 173 187

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
Share-based compensation (Tables)	Jun. 30, 2022
Stock appreciation rights
Share-based compensation
Schedule of awards, simulation inputs and outputs	A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs Weighted Risk-free Average Fair SARs Exercise Vesting Grant Dividend rate of Expected Value Average Expected Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Exercise Life Method 12‑Mar‑14 22,118 $ 13.66 3 yrs $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 – 5.0 yrs Monte Carlo 01‑Sept‑14 5,595 $ 13.91 3 yrs $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 – 5.0 yrs Monte Carlo 06‑Mar‑15 37,797 $ 10.25 3 yrs $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 – 5.0 yrs Monte Carlo 15‑Jan‑16 205,519 $ 9.20 3 yrs $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 – 5.0 yrs Monte Carlo 04‑Apr‑18 1,719,733 $ 7.40 3 yrs $ 7.40 0 % 2.51 % 40.59 % $ 2.67 4.25 yrs Black-Scholes 07‑Mar‑19 560,000 $ 5.10 3 yrs $ 5.10 0 % 2.43 % 43.65 % $ 2.00 4.5 yrs Black-Scholes 04‑Mar‑20 549,020 $ 5.25 3 yrs $ 5.25 0 % 0.73 % 46.42 % $ 2.04 4.5 yrs Black-Scholes 04‑Mar‑21 610,691 $ 4.28 3 yrs $ 4.28 0 % 0.66 % 55.39 % $ 1.93 4.5 yrs Black-Scholes
Schedule of changes in the Stocks	Changes in the SARs for the six months ended June 30, 2022 are set forth below in full numbers: Weighted average No. of SARs exercise price Balance as at January 1, 2022 3,704,694 $ 6.40 SARs granted during the six months ended June 30, 2022 — — SARs forfeited during the six months ended June 30, 2022 — — Balance as at June 30, 2022 (none of which are exercisable or convertible) 3,704,694 $ 6.40
Schedule of cost related to non-vested awards expected to be recognized	The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below in thousands of U.S. Dollars: Period TOTAL 2022 (1) $ 383 2023 455 2024 65 $ 903 (1) Six-month period ending December 31, 2022
Restricted stock units
Share-based compensation
Schedule of awards, simulation inputs and outputs	A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price 02-Jan-19 176,659 2 years $ 4.64 07-Mar-19 86,210 3 years $ 5.10 28-May-19 59,237 1 year $ 7.47 04-Mar-20 94,105 3 years $ 5.25 29-May-20 78,510 1 year $ 5.84 04-Mar-21 56,957 1 year $ 4.28 04-Mar-21 302,923 3 years $ 4.28 07-Jun-21 95,583 1 year $ 4.31 30-Mar-22 593,671 3 years $ 4.54 07-Jun-22 60,415 1 year $ 8.07
Schedule of changes in the Stocks	Changes in the RSUs for the six months ended June 30, 2022 are set forth below in thousands of U.S. Dollars: Weighted average fair value at grant No. of RSUs date Balance as at January 1, 2022 546,935 $ 4.44 RSUs granted during the six months ended June 30, 2022 654,086 $ 4.87 RSUs vested during the six months ended June 30, 2022 (313,619) $ (4.46) Balance as at June 30, 2022 (none of which are vested) 887,402 $ 4.75
Schedule of cost related to non-vested awards expected to be recognized	The total cost related to non-vested RSU awards expected to be recognized through 2024 is set forth below: Period TOTAL 2022 (1) $ 991 2023 1,561 2024 970 2025 225 $ 3,747 (1) Six-month period ending December 31, 2022

Overview - Management and organ

Overview - Management and organizational structure (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 17, 2017 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item subsidiary segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Overview
Number of operating segments \| segment			1
Numbered of owned vessels in operation \| item			24
Number of chartered vessels in operations \| item			3
Average Age Of Vessels			8 years 7 months 6 days
Number of wholly owned subsidiaries \| subsidiary			79
Common stock \| $			$ 391		$ 364
Payments for equity investments \| $			$ 238	$ 4,998
Anglo Ardmore Ship Management Limited
Overview
Number of joint ventures \| item			1
Percentage of ownership interest (as a percent)			50%
e1 Marine LLC
Overview
Number of joint ventures \| item			1
Percentage of ownership interest (as a percent)	33.33%		33.33%
Element 1 Corp.
Overview
Percentage of ownership interest (as a percent)	10%		10%
Common stock \| $	$ 5,300	$ 5,300		$ 5,300
Payments for equity investments \| $	$ 4,000	$ 5,000

Equity Investments (Details)

Equity Investments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Equity Investments (Details) - USD ($) $ in Thousands	Jun. 17, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 17, 2021
Equity Investment
Payments for equity investments				$ 238	$ 4,998
Common stock		$ 391		391		$ 364
Income (loss) in equity investments		$ (67)		$ 169	0
Anglo Ardmore Ship Management Limited
Equity Investment
Percentage of ownership interest (as a percent)		50%		50%
Element 1 Corp And Maritime Partners LLC
Equity Investment
Equity Investment							$ 10,900
Element 1 Corp.
Equity Investment
Percentage of ownership interest (as a percent)	10%	10%		10%
Payments for equity investments	$ 4,000		$ 5,000
Common stock	$ 5,300		$ 5,300		$ 5,300
Number of common shares	581,795
Warrants to purchase common shares	286,582
Total investment	$ 9,300	$ 9,300		$ 9,300
Percentage of voting right	20%
Equity Investment		$ 9,800		$ 9,800
e1 Marine LLC
Equity Investment
Percentage of ownership interest (as a percent)	33.33%	33.33%		33.33%
Equity Investment		$ 1,100		$ 1,100

Debt - Outstanding Principal Ba

Debt - Outstanding Principal Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Total debt	$ 134,912	$ 146,972
Deferred finance fees	(1,492)	(1,871)
Net total debt	133,420	145,101
Current portion of deferred finance fees	(519)	(699)
Total current portion of long-term debt	15,138	15,103
Non-current portion of long-term debt	118,282	129,998
Loans Payable
Current portion of long-term debt	15,834	15,834
Current portion of deferred finance fees	(696)	(731)
Total current portion of long-term debt	15,138	15,103
Non-current portion of long-term debt	118,282	129,998
Nordea SEB Joint Bank Facility
Total debt	52,374	56,599
Nordea SEB Revolving Facility
Total debt	15,000	28,954
ABN CACIB Joint Bank Facility
Total debt	48,447	51,340
ABN AMRO Revolving Facility
Total debt	11,491	1,680
IYO Bank Facility
Total debt	$ 7,600	$ 8,400

Debt - Future minimum repayment

Debt - Future minimum repayments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt
2022	$ 7,917
2023	27,326
2024	96,069
2025	3,600
Total long-term debt	$ 134,912	$ 146,972

Debt - Additional information (

Debt - Additional information (Details) $ in Millions					6 Months Ended
Debt - Additional information (Details) $ in Millions	Jun. 25, 2021 item	Dec. 17, 2020 USD ($) subsidiary	Jul. 17, 2020	Dec. 11, 2019 USD ($) subsidiary	Jun. 30, 2022 item facility	Jun. 30, 2022 item	Jun. 30, 2022 USD ($)	Jun. 30, 2022	Oct. 24, 2017 USD ($)
Number of loan facilities					5	6
Number of vessels with loans \| item					11
Required minimum cash and cash equivalents							$ 16.8
Minimum Net Worth Required							$ 150
Minimum [Member]
Required Minimum Solvency Covenant					30%
Cash and Cash Equivalent Percentage								5%
Fair market Value Percentage					130%
Nordea SEB Joint Bank Facility
Number of vessels with loans \| item	2
Number of subsidiaries \| subsidiary				8
Line of Credit Facility, Maximum Borrowing Capacity				$ 100
Debt Instrument, Basis Spread on Variable Rate				2.40%
Debt Instrument, Description of Variable Rate Basis				LIBOR plus 2.4%
Debt Instrument Maturity Period				December 2024
Nordea SEB Revolving Facility
Line of Credit Facility, Maximum Borrowing Capacity				$ 40
Number of days to provide notice for draw down or repayment of debt				5 days
Cash and Cash Equivalent Percentage								60%
ABN CACIB Joint Bank Facility
Number of subsidiaries \| subsidiary				4
Line of Credit Facility, Maximum Borrowing Capacity				$ 61.5
Debt Instrument, Basis Spread on Variable Rate				2.40%
Debt Instrument Maturity Period				December 2024
ABN AMRO Revolving Facility
Line of Credit Facility, Maximum Borrowing Capacity									$ 15
Debt Instrument, Basis Spread on Variable Rate			3.90%
IYO Bank Facility
Number of subsidiaries \| subsidiary		1
Line of Credit Facility, Maximum Borrowing Capacity		$ 10
Debt Instrument, Basis Spread on Variable Rate		2.25%
Debt Instrument Maturity Period		December 2025

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Finance lease obligations	$ 235,242	$ 270,883
Amounts representing interest and deferred finance fees	(37,219)	(44,428)
Finance lease obligations, net of interest and deferred finance fees	198,023	226,455
Current portion of finance lease obligations	25,428	21,783
Current portion of deferred finance fees	(519)	(699)
Non-current portion of finance lease obligations	175,091	207,592
Non-current portion of deferred finance fees	(1,977)	(2,221)
Total finance lease obligations, net of deferred finance fees	198,023	226,455
Japanese Leases No.1 and 2
Lessee, Lease, Description [Line Items]
Finance lease obligations		21,677
Japanese Lease No.3
Lessee, Lease, Description [Line Items]
Finance lease obligations	9,237	10,747
Japanese Lease No.4
Lessee, Lease, Description [Line Items]
Finance lease obligations	18,819	19,942
CMBFL Leases No.1 to 4
Lessee, Lease, Description [Line Items]
Finance lease obligations	61,615	65,187
Ocean Yield ASA
Lessee, Lease, Description [Line Items]
Finance lease obligations	47,638	50,320
China Huarong Leases
Lessee, Lease, Description [Line Items]
Finance lease obligations	35,131	37,385
CMBFL Shandong
Lessee, Lease, Description [Line Items]
Finance lease obligations	$ 62,802	$ 65,625

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases
2022	$ 21,720
2023	24,528
2024	23,887
2025	81,558
2026	12,550
2027 - 2030	70,999
Finance lease obligations	235,242	$ 270,883
Amounts representing interest and deferred finance fees	(37,219)	(44,428)
Finance lease obligations, net of interest and deferred finance fees	$ 198,023	$ 226,455

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands

6 Months Ended

Jun. 25, 2021 USD ($) agreement item

Nov. 30, 2018 subsidiary

Oct. 25, 2018 subsidiary

Jun. 28, 2018

Jun. 26, 2018 subsidiary

Jan. 30, 2018 USD ($) subsidiary

May 30, 2017 USD ($) subsidiary

Jun. 30, 2022

Jun. 30, 2022 USD ($)

Jun. 30, 2022 facility

Jun. 30, 2022 item

Jun. 30, 2022 agreement

Dec. 31, 2021 USD ($)

Number Of Finance Lease Facility

Number of vessel in operation | item

Incremental borrowing rate

4.50%

Advance payment

$ 11,547

$ 3,551

Number of short term lease agreements | agreement

Number of long term lease agreements | agreement

Lease agreement period

24 months

Lease, Practical Expedients, Package [true false]

true

Japanese Leases No.1 and 2

Number of subsidiaries | subsidiary

Sellers Credit Note

$ 2,900

Japanese Leases No.1 and 2 | Other Noncurrent Assets [Member] | Finance Liability [Member]

Sellers Credit Note

$ 2,900

Japanese Lease No.3

Number of subsidiaries | subsidiary

Sellers Credit Note

$ 1,400

Advance payment

$ 9,300

Japanese Lease No.3 | Finance Liability [Member]

Sellers Credit Note

$ 1,400

Japanese Lease No.4

Number of subsidiaries | subsidiary

Finance Lease Expiry Period

2029

Debt Instrument, Basis Spread on Variable Rate

3.20%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 3.20%

CMBFL Leases No.1 to 4

Number of subsidiaries | subsidiary

Finance Lease Expiry Period

2025

Debt Instrument, Basis Spread on Variable Rate

3.10%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 3.00%

Ocean Yield ASA

Number of subsidiaries | subsidiary

Finance Lease Expiry Period

2030

Debt Instrument, Basis Spread on Variable Rate

4.50%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 4.50%

China Huarong Leases

Number of subsidiaries | subsidiary

Finance Lease Expiry Period

2025

Debt Instrument, Basis Spread on Variable Rate

3.50%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 3.50%

CMBFL Shandong

Number of subsidiaries | item

Gross proceeds

$ 49,000

Transaction fees

$ 1,000

Maximum [Member] | CMBFL Shandong

Lessee, Finance Lease, Term of Contract

8 years

Minimum [Member] | CMBFL Shandong

Lessee, Finance Lease, Term of Contract

5 years

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Interest Rate Swaps
Term of the interest rate swap agreements	3 years
Average fixed-rate interest (as a percent)		0.32%
Notional amount		$ 252,100
Current portion of derivative assets		5,773	$ 307
Non-current portion of derivative assets		561	982
Not designated as hedging instrument
Interest Rate Swaps
Current portion of derivative liabilities		905	53
Non-current portion of derivative liabilities		173	187
Cash flow hedge \| Designated as hedging instrument
Interest Rate Swaps
Notional amount		210,200
Current portion of derivative liabilities		4,868	254
Non-current portion of derivative liabilities		$ 388	$ 795

Share-based compensation - Stoc

Share-based compensation - Stock appreciation rights - Awards, simulation inputs, outputs (Details) - $ / shares	Mar. 04, 2021	Mar. 04, 2020	Mar. 07, 2019	Apr. 04, 2018	Jan. 15, 2016	Mar. 06, 2015	Sep. 01, 2014	Mar. 12, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation Method	Black-Scholes	Black-Scholes	Black-Scholes	Black-Scholes	Monte Carlo	Monte Carlo	Monte Carlo	Monte Carlo
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Awarded (in shares)	610,691	549,020	560,000	1,719,733	205,519	37,797	5,595	22,118
Exercise Price (in dollars per share)	$ 4.28	$ 5.25	$ 5.10	$ 7.40	$ 9.20	$ 10.25	$ 13.91	$ 13.66
Vesting Period (in years)	3 years	3 years	3 years	3 years	3 years	3 years	3 years	3 years
Grant Price (in dollars per share)	$ 4.28	$ 5.25	$ 5.10	$ 7.40	$ 9.20	$ 10.25	$ 13.91	$ 13.66
Dividend Yield (in hundredths)	0%	0%	0%	0%	6.63%	3.90%	2.88%	2.93%
Risk-free rate of Return (in hundredths)	0.66%	0.73%	2.43%	2.51%	1.79%	1.90%	2.20%	2.06%
Expected Volatility (in hundredths)	55.39%	46.42%	43.65%	40.59%	58.09%	61.38%	53.60%	56.31%
Weighted Average Fair Value at grant date (in dollars per share)	$ 1.93	$ 2.04	$ 2	$ 2.67	$ 2.20	$ 2.98	$ 4.20	$ 4.17
Average Expected Exercise Life	4 years 6 months	4 years 6 months	4 years 6 months	4 years 3 months
Stock appreciation rights \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Expected Exercise Life					5 years	5 years	5 years	5 years
Stock appreciation rights \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Expected Exercise Life					4 years	4 years 2 months 12 days	4 years 6 months	4 years 7 months 6 days

Share-based compensation - St_2

Share-based compensation - Stock appreciation rights - Changes in SARs (Details) - Stock appreciation rights	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Balance, No. of Units (Beginning) \| shares	3,704,694
Balance, Weighted average exercise price (Beginning) \| $ / shares	$ 6.40
SARs granted during the year ended \| shares	0
SARs granted during the year ended \| $ / shares	$ 0
Balance, No. of Units (Ending) (none of which are exercisable or convertible) \| shares	3,704,694
Balance, Weighted average exercise price (Ending) \| $ / shares	$ 6.40

Share-based compensation - St_3

Share-based compensation - Stock appreciation rights - Cost related to non-vested awards (Details) - Stock appreciation rights $ in Thousands	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2022	$ 383	[1]
2023	455
2024	65
Total	$ 903

[1] (1) Six-month period ending December 31, 2022

Share-based compensation - Rest

Share-based compensation - Restricted stock units - Summary of awards (Details) - Restricted stock units - $ / shares										6 Months Ended
	Jun. 07, 2022	Mar. 30, 2022	Jun. 07, 2021	Mar. 04, 2021	May 29, 2020	Mar. 04, 2020	May 28, 2019	Mar. 07, 2019	Jan. 02, 2019	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Awarded (in shares)										654,086
Service Period One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Awarded (in shares)	60,415		95,583	56,957	78,510		59,237
Service Period	1 year			1 year	1 year		1 year
Grant Price (in dollars per share)	$ 8.07		$ 4.31	$ 4.28	$ 5.84		$ 7.47
Service Period Two Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Awarded (in shares)									176,659
Service Period									2 years
Grant Price (in dollars per share)									$ 4.64
Service Period Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Awarded (in shares)		593,671		302,923		94,105		86,210
Service Period		3 years		3 years		3 years		3 years
Grant Price (in dollars per share)		$ 4.54		$ 4.28		$ 5.25		$ 5.10

Share-based compensation - Re_2

Share-based compensation - Restricted stock units - Changes in RSUs (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance as at the beginning \| shares	546,935
Balance as at the beginning, Weighted average fair value at grant date \| $ / shares	$ 4.44
RSU granted (in shares) \| shares	654,086
Granted during the period, Weighted average fair value at grant date \| $ / shares	$ 4.87
RSUs vested (in shares) \| shares	(313,619)
RSUs vested during the period, Weighted average fair value at grant date \| $ / shares	$ (4.46)
Balance as at the end (none of which are vested) \| shares	887,402
Balance as at the end (none of which are vested), Weighted average fair value at grant date \| $ / shares	$ 4.75

Share-based compensation - Re_3

Share-based compensation - Restricted stock units - Cost related to non-vested awards (Details) - Restricted stock units $ in Thousands	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2022	$ 991
2023	1,561
2024	970
2025	225
Total	$ 3,747

Share-based compensation - Divi

Share-based compensation - Dividend equivalent rights - Summary of awards (Details)	Mar. 04, 2021	Mar. 04, 2020	Mar. 07, 2019	Apr. 04, 2018	Jan. 15, 2016	Mar. 06, 2015	Sep. 01, 2014	Mar. 12, 2014
Share-based compensation.
Valuation Method	Black-Scholes	Black-Scholes	Black-Scholes	Black-Scholes	Monte Carlo	Monte Carlo	Monte Carlo	Monte Carlo

Share-based compensation - Addi

Share-based compensation - Additional Information (Details) - shares									6 Months Ended
	Mar. 04, 2021	Mar. 04, 2020	Mar. 07, 2019	Apr. 04, 2018	Jan. 15, 2016	Mar. 06, 2015	Sep. 01, 2014	Mar. 12, 2014	Jun. 30, 2022
Equity Incentive Plan 2013 [Member] \| Officers And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU granted (in shares)									1,604,270
RSU's vested (in shares)									716,868
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU granted (in shares)	610,691	549,020	560,000	1,719,733	205,519	37,797	5,595	22,118
Stock appreciation rights \| Equity Incentive Plan 2013 [Member] \| Officers And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU granted (in shares)									3,710,473
RSUs forfeited (in shares)									5,779
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU granted (in shares)									654,086
RSU's vested (in shares)									313,619

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Dec. 03, 2021	Jun. 17, 2017	Jun. 30, 2022	Jun. 17, 2021
Element 1 Corp.
Preferred Stock
Profit interests on distributions			20%
Total investment		$ 9.3	$ 9.3
Cumulative Series A redeemable Preferred Stock
Preferred Stock
Preferred stock issued	15,000	25,000
Liquidation preference per share	$ 1,000	$ 1,000		$ 1,000
Divided rate			8.50%
Cumulative Series A redeemable Preferred Stock \| Other noncurrent liabilities
Preferred Stock
Profit interests distribution liability			$ 0.9
Cumulative Series A redeemable Preferred Stock \| Third anniversary
Preferred Stock
Redemption price (as a percent)			103%
Cumulative Series A redeemable Preferred Stock \| Fourth anniversary
Preferred Stock
Redemption price (as a percent)			102%
Cumulative Series A redeemable Preferred Stock \| Fifth anniversary
Preferred Stock
Redemption price (as a percent)			100%

Subsequent Events (Details)

Subsequent Events (Details) - Ardmore Sealifter [Member] $ in Millions	Jul. 14, 2022 USD ($)
Subsequent Event [Line Items]
Vessel sales price	$ 13.2
Sale Leaseback Transaction, Lease Terms	24 months