Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2020 | |
Document And Entity Information | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | Ardmore Shipping Corp |
Entity Central Index Key | 0001577437 |
Current Fiscal Year End Date | --12-31 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 64,468,662 | $ 51,723,107 |
Receivables, net of allowance for bad debts of $0.8 million (2019: $0.9 million) | 27,705,982 | 30,083,358 |
Prepaid expenses and other assets. | 2,068,890 | 1,940,030 |
Advances and deposits | 4,083,461 | 4,114,065 |
Inventories | 10,696,789 | 10,158,735 |
Total current assets | 109,023,784 | 98,019,295 |
Non-current assets | ||
Vessels and vessel equipment, net | 653,611,582 | 660,823,330 |
Deferred drydock expenditures, net | 10,172,068 | 7,668,711 |
Ballast water treatment systems, installation in progress | 320,607 | 384,408 |
Other non-current assets, net | 841,054 | 917,222 |
Amount receivable in respect of finance leases | 2,880,000 | 2,880,000 |
Operating lease, right of use asset | 1,921,419 | 1,745,464 |
Total non-current assets | 669,746,730 | 674,419,135 |
TOTAL ASSETS | 778,770,514 | 772,438,430 |
Current liabilities | ||
Accounts payable | 6,679,219 | 4,789,935 |
Accrued expenses and other liabilities | 11,547,706 | 16,278,084 |
Accrued interest on debt and finance leases | 775,949 | 880,183 |
Current portion of long-term debt | 32,638,262 | 20,216,171 |
Current portion of finance lease obligations | 18,069,882 | 17,975,322 |
Current portion of operating lease obligations | 402,619 | 289,231 |
Total current liabilities | 70,113,637 | 60,428,926 |
Non-current liabilities | ||
Non-current portion of long-term debt | 182,627,341 | 187,066,842 |
Non-current portion of finance lease obligations | 193,170,794 | 197,704,372 |
Non-current portion of operating lease obligations | 1,189,607 | 1,182,522 |
Total non-current liabilities | 376,987,742 | 385,953,736 |
Stockholders' equity | ||
Common stock | 351,469 | 350,192 |
Additional paid in capital | 415,934,903 | 416,841,494 |
Treasury stock | (15,348,909) | (15,348,909) |
Accumulated deficit | (69,268,328) | (75,787,009) |
Total stockholders' equity | 331,669,135 | 326,055,768 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 778,770,514 | $ 772,438,430 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Condensed Interim Consolidated Balance Sheets | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 0.8 | $ 0.9 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statement of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Interim Consolidated Statement of Operations | ||
Revenue, net | $ 65,193,515 | $ 62,266,387 |
Voyage expenses | (23,662,392) | (27,250,124) |
Vessel operating expenses | (15,686,154) | (16,838,288) |
Depreciation | (7,854,959) | (8,230,492) |
Amortization of deferred drydock expenditure | (1,285,342) | (1,138,763) |
General and administrative expenses | ||
Corporate | (3,985,678) | (3,583,173) |
Commercial and chartering | (867,387) | (1,056,621) |
Loss on sale of vessel | 0 | (6,569,763) |
Interest expense and finance costs | (5,446,621) | (6,957,660) |
Interest income | 144,202 | 238,338 |
Income / (loss) before taxes | 6,549,184 | (9,120,159) |
Income tax | (30,503) | (33,620) |
Net income / (loss) and comprehensive income / (loss) | $ 6,518,681 | $ (9,153,779) |
Earnings / (loss) per share, basic | $ 0.20 | $ (0.28) |
Weighted average number of shares outstanding, basic | 33,196,917 | 33,097,831 |
Earnings / (loss) per share, diluted | $ 0.20 | $ (0.28) |
Weighted average number of shares outstanding, diluted | 33,317,114 | 33,097,831 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Changes in Equity - USD ($) | Share capital | Additional paid-in capital | Treasury stock | Accumulated deficit | Total |
Balance at Dec. 31, 2018 | $ 350,192 | $ 414,508,403 | $ (15,348,909) | $ (52,925,752) | $ 346,583,934 |
Balance (in shares) at Dec. 31, 2018 | 33,097,831 | ||||
Share based compensation | $ 0 | 442,051 | 0 | 0 | 442,051 |
Loss/Income for the year | 0 | 0 | 0 | (9,153,779) | (9,153,779) |
Balance at Mar. 31, 2019 | $ 350,192 | 414,950,454 | (15,348,909) | (62,079,531) | 337,872,206 |
Balance (in shares) at Mar. 31, 2019 | 33,097,831 | ||||
Balance at Dec. 31, 2019 | $ 350,192 | 416,841,494 | (15,348,909) | (75,787,009) | 326,055,768 |
Balance (in shares) at Dec. 31, 2019 | 33,097,831 | ||||
Issue of common stock | $ 1,277 | (1,277) | 0 | 0 | 0 |
Issue of common stock (in shares) | 127,704 | ||||
Share based compensation | $ 0 | 753,994 | 0 | 0 | 753,994 |
Payment of dividend | $ 0 | (1,659,308) | 0 | 0 | (1,659,308) |
Payment of dividend (in shares) | 0 | ||||
Loss/Income for the year | $ 0 | 0 | 0 | 6,518,681 | 6,518,681 |
Balance at Mar. 31, 2020 | $ 351,469 | $ 415,934,903 | $ (15,348,909) | $ (69,268,328) | $ 331,669,135 |
Balance (in shares) at Mar. 31, 2020 | 33,225,535 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income / (loss) | $ 6,518,681 | $ (9,153,779) |
Adjustment to reconcile net income / (loss) to net cash provided by operating activities: | ||
Depreciation | 7,854,959 | 8,230,492 |
Amortization of deferred drydock expenditures | 1,285,342 | 1,138,763 |
Share based compensation | 753,994 | 442,051 |
Loss on sale of vessels | 0 | 6,569,763 |
Amortization of deferred finance fees | 435,046 | 514,887 |
Foreign exchange | (55,485) | (36,799) |
Deferred drydock expenditure | (2,171,613) | (1,918,672) |
Changes in operating assets and liabilities: | ||
Receivables | 2,377,376 | (190,350) |
Prepaid expenses and other assets | (128,860) | (166,937) |
Advances and deposits | 30,604 | (724,475) |
Inventories | (538,054) | 1,547,871 |
Accounts payable | 561,129 | (2,742,536) |
Accrued expenses and other liabilities | (4,907,658) | (1,961,724) |
Accrued interest on debt and finance leases | (104,234) | 16,496 |
Net cash provided by operating activities | 11,911,227 | 1,565,051 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sale of vessels | 0 | 17,558,372 |
Payments for vessel equipment and Ballast water treatment systems, installation in progress | (605,523) | (888,890) |
Payments for other non-current assets | (9,368) | (61,092) |
Net cash (used in) / provided by investing activities | (614,891) | 16,608,390 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 10,948,727 | 3,048 |
Repayments of long-term debt | (3,229,177) | (10,003,609) |
Repayments of finance leases | (4,611,023) | (12,787,540) |
Payment of dividends | (1,659,308) | 0 |
Net cash provided by/ (used in) financing activities | 1,449,219 | (22,788,101) |
Net increase/ (decrease) in cash and cash equivalents | 12,745,555 | (4,614,660) |
Cash and cash equivalents at the beginning of the year | 51,723,107 | 56,903,038 |
Cash and cash equivalents at the end of the period | $ 64,468,662 | $ 52,288,378 |
General information and signifi
General information and significant accounting policies | 3 Months Ended |
Mar. 31, 2020 | |
General information and significant accounting policies | |
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 March 31, 2020, the Company had 25 vessels in operation. The average age of the Company’s operating fleet as at March 31, 2020 was 6.7 years. On March 11, 2020, the World Health Organization declared the recent novel coronavirus (“COVID-19”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have caused and will likely continue to cause severe trade disruptions. The extent to which COVID-19 will 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 new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact 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 December 31 , 2019, ASC had 75 wholly owned subsidiaries, the majority of which represent single ship-owning companies for ASC’s fleet, and one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to a majority of the ASC fleet. Ardmore Shipping (Bermuda) Limited, a wholly owned subsidiary incorporated in Bermuda, 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. 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 2019 Annual Report on Form 20-F, filed with the SEC on April 3, 2020. The condensed consolidated balance sheet as of December 31, 2019 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. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All subsidiaries are 100% directly or indirectly owned by ASC. AASML, which is a 50% owned joint venture, is accounted for using the equity method. All intercompany balances and transactions have been eliminated on consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported consolidated results of operations. 1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three months ended March 31, 2020 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2019. 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, 2019. 1.5. Recently adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13: Financial Instruments - Credit Losses (Topic 326) which requires recognition of management’s estimates of current expected credit losses, rather than the current incurred losses model. The new model is generally applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The implementation of this standard on January 1, 2020 did not represent a significant impact on the consolidated financial statements and related disclosures. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Debt | 2. Debt As at March 31, 2020, 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 13 vessels as at March 31, 2020. 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 March 31, 2020 and December 31, 2019 were as follows: As at March 31, 2020 December 31, 2019 NIBC Bank Facility 5,690,000 6,045,000 Nordea / SEB Joint Bank Facility 97,125,823 100,000,000 Nordea / SEB Revolving Facility 40,000,000 40,000,000 ABN / CACIB Joint Bank Facility 61,462,500 61,462,500 ABN AMRO Revolving Facility 14,967,734 4,019,007 Total debt 219,246,057 211,526,507 Deferred finance fees (3,980,454) (4,243,494) Net total debt 215,265,603 207,283,013 Current portion of long-term debt 33,668,970 21,274,111 Current portion of deferred finance fees (1,030,708) (1,057,940) Total current portion of long-term debt 32,638,262 20,216,171 Non-current portion of long-term debt 182,627,341 187,066,842 Future minimum scheduled repayments under the Company’s loan facilities for each year are as follows: As at March 31, 2020 2020 (1) 28,993,661 2021 21,906,236 2022 17,281,236 2023 17,281,236 2024 133,783,688 219,246,057 (1) NIBC Bank Facility On September 12, 2014, one of ASC’s subsidiaries entered into a $13.5 million long-term loan facility with NIBC Bank N.V. to finance a secondhand vessel acquisition which delivered to the Company in 2014. The facility was drawn down in September 2014. Interest is calculated at a rate of LIBOR plus 2.90%. 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 September 2021. 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 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. The term loan and revolving credit facility mature in December 2024. 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 is calculated at a rate of LIBOR plus 3.5%. Interest payments are payable on a quarterly basis. The facility matures in October 2020 with an option to extend for a further year. 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 March 31, 2020 was $21.3 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 March 31, 2020 and December 31, 2019. |
Finance Leases
Finance Leases | 3 Months Ended |
Mar. 31, 2020 | |
Finance Leases | |
Finance Leases | 3. Finance Leases As at March 31, 2020, 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 March 31, 2020. 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 March 31, 2020 and December 31, 2019 were as follows: As at March 31, 2020 December 31, 2019 Japanese Leases No.1 and 2 30,188,600 31,398,900 Japanese Lease No.3 14,906,500 15,498,000 Japanese Lease No.4 23,471,655 23,983,699 CMBFL Leases No.1 to 4 78,021,550 79,896,836 Ocean Yield ASA 59,805,120 61,153,740 China Huarong Leases 45,526,585 46,717,764 Finance lease obligations 251,920,010 258,648,939 Amounts representing interest and deferred finance fees (40,679,334) (42,969,245) Finance lease obligations, net of interest and deferred finance fees 211,240,676 215,679,694 Current portion of finance lease obligations 18,733,136 18,650,022 Current portion of deferred finance fees (663,254) (674,700) Non-current portion of finance lease obligations 195,641,299 200,335,437 Non-current portion of deferred finance fees (2,470,505) (2,631,065) Total finance lease obligations, net of deferred finance fees 211,240,676 215,679,694 Maturity analysis of the Company’s finance lease facilities for each year are as follows: As at March 31, 2020 2020 (1) 20,139,168 2021 26,523,339 2022 26,470,805 2023 38,028,900 2024 24,179,292 2025 - 2030 116,578,506 Finance lease obligations 251,920,010 Amounts representing interest and deferred finance fees (40,679,334) Finance lease obligations, net of interest and deferred finance fees 211,240,676 (1) Nine-month period ending December 31, 2020 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 and Ardmore Sealifter, with JPV No. 7 and JPV No. 8, respectively. The facility was drawn down in May 2017. Repayments on the leases are made on a monthly basis and include principal and interest. The finance leases are scheduled to expire in 2023 and include purchase options exercisable by the Company. As part of the lease arrangement, the Company provided the purchasers with $2.9 million in the aggregate which shall be repaid at the end of the lease period, or upon the exercise of any of the purchase options. This amount is included in the consolidated balance sheets as 'Amount receivable in respect of finance leases' with the associated finance lease liability presented gross of the $2.9 million. 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 with Neil Co., Ltd. The facility was drawn down in January 2018. Repayments on the lease are made on a monthly basis and include principal and interest. The finance lease is scheduled to expire in 2024 and includes purchase options exercisable by the Company. As part of the lease arrangement, the Company provided the purchaser with $1.4 million in the aggregate which shall be repaid at the end of the lease period, or upon the exercise of any of the purchase options. This amount has been offset against the finance lease liability in the consolidated balance sheets, with the associated finance lease liability presented net of the $1.4 million. 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 with Rich Ocean Shipping. The facility was drawn down in December 2018. Interest is calculated at a rate of LIBOR plus 3.20%. Principal repayments on the lease are made on a monthly basis. The finance lease is scheduled to expire in 2029 and includes a mandatory purchase obligation for the Company to repurchase the vessel, as well as purchase options exercisable by the Company, which the Company could elect to exercise at an earlier date. 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 and Ardmore Enterprise, respectively , with CMB Financial Leasing Co., Ltd (“CMBFL”). The facility was drawn down in June 2018. Interest is calculated at a rate of LIBOR plus 3.10%. Principal repayments on the leases are made on a quarterly basis. The finance leases are scheduled to expire in 2025 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. 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 and Ardmore Explorer , respectively, with CMBFL. The facility was drawn down in October 2018. Interest is calculated at a rate of LIBOR plus 3.00%. Principal repayments on the leases are made on a quarterly basis. The finance leases are scheduled to expire in 2025 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. 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 and Ardmore Defender , respectively with Ocean Yield ASA. The facility was drawn down in October 2018. Interest is calculated at a rate of LIBOR plus 4.50%. Principal repayments on the leases are made on a monthly basis. 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. 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 and Ardmore Exporter , respectively, with China Huarong Financial Leasing Co., Ltd (“China Huarong”). The facility was drawn down in December 2018. Interest is calculated at a rate of LIBOR plus 3.50%. Principal repayments on the leases are made on a quarterly basis. The finance leases are scheduled to expire in 2025 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. 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 2. The Company was in full compliance with all of its finance lease related financial covenants as at March 31, 2020 and December 31, 2019. |
Loss on sale of vessels
Loss on sale of vessels | 3 Months Ended |
Mar. 31, 2020 | |
Loss on sale of vessels | |
Loss on sale of vessels | 4. Loss on sale of vessel In February 2019, Ardmore agreed to terms for the sale of the Ardmore Seamaster . Effective February 1, 2019, Ardmore reclassified the vessel as held for sale and ceased to depreciate the vessel. Ardmore repaid the outstanding debt facility on the vessel in February 2019. The sales price for the vessel was $9.7 million, resulting in a net loss of $6.6 million when the vessel delivered to the buyer in February 2019. The loss on the sale of vessel for the three months ended March 31, 2019 is calculated as follows: Seamaster Sales proceeds (1) 9,700,000 Net book value of vessel (15,979,901) Sales related costs (289,862) Net loss on sale of vessel (6,569,763) There was no sale of vessels in the three months ended March 31, 2020. (1) Proceeds from sale of vessel per the condensed consolidated statement of cash flows is $17.6 million as this includes proceeds of $7.9 million related to the Ardmore Seatrader that was held for sale at 31 December 2018 and delivered to the buyer in January 2019. |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based compensation | |
Share-based compensation | 5 . Share-based compensation Stock appreciation rights As at March 31, 2020, the Company had granted 3,099,782 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 Average Risk-free Average Expected SARs Exercise Vesting Grant Dividend rate of Expected Fair Value Exercise Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Life Method Mar 12, 2013 22,118 $ 13.66 3 yrs. $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 - 5.0 yrs. Monte Carlo Sep 1, 2014 5,595 $ 13.91 3 yrs. $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 - 5.0 yrs. Monte Carlo Mar 6, 2015 37,797 $ 10.25 3 yrs. $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 - 5.0 yrs. Monte Carlo Jan 15, 2016 205,519 $ 9.20 3 yrs. $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 - 5.0 yrs. Monte Carlo Apr 4, 2018 1,719,733 $ 7.40 3 yrs. $ 7.40 % 2.51 % 40.59 % $ 2.67 4.25 yrs. Black- Scholes Mar 7, 2019 560,000 $ 5.10 3 yrs. $ 5.10 % 2.43 % 43.65 % $ 2.00 4.5 yrs. Black- Scholes Mar 4, 2020 549,020 $ 5.25 3 yrs. $ 5.25 % 0.73 % 46.42 % $ 2.04 4.5 yrs. Black- Scholes Changes in the SARs for the three months ended March 31, 2020 are set forth below: Weighted average No. of SARs exercise price Balance as at January 1, 2020 2,544,983 $ 7.14 SARs granted during the three months ended March 31, 2020 549,020 $ 5.25 SARs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are exercisable or convertible) 3,094,003 $ 6.80 The total cost related to non-vested SAR awards expected to be recognized through 2023 is set forth below: Period Total 2020 (1) 1,152,530 2021 746,667 2022 435,556 2023 62,222 2,396,975 (1) Nine-month period ending December 31, 2020. Restricted stock units As at March 31, 2020, the Company had granted 406,022 restricted stock units (“RSUs”) to certain of its officers and directors under its 2013 Equity Incentive Plan. A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price January 2, 2019 176,659 2 years $ 4.64 March 7, 2019 86,210 3 years $ 5.10 May 28, 2019 59,237 1 year $ 7.47 March 4, 2020 83,916 2 years $ 5.25 Changes in the RSUs for the three months ended March 31, 2020 are set forth below: Weighted average fair No. of RSUs value at grant date Balance as at January 1, 2020 322,106 $ 5.28 RSUs granted during the three months ended March 31, 2020 83,916 $ 5.25 RSUs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are vested) 406,022 $ 5.27 The total cost related to non-vested RSU awards expected to be recognized through 2023 is set forth below: Period Total 2020 (1) 611,054 2021 306,557 2022 184,426 2023 26,667 1,128,704 (1) Nine-month period ending December 31, 2020. Dividend equivalent rights As at March 31, 2020, the Company had granted 1,146,517 dividend equivalent rights (“DERs”) 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 DERs Service Fair Dividend Risk-free rate Expected Valuation Grant Date Awarded Period Value Yield of Return Volatility Method Nov 4 , 2019 1,146,517 2 yrs. $ 0.49 2.93 % 2.06 % 30.22 % Monte Carlo Changes in the DERs for the three months ended March 31, 2020 are set forth below: Weighted average fair value at grant No. of DERs date Balance as at January 1, 2020 1,146,517 $ 0.49 DERs granted during the three months ended March 31, 2020 — — DERs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are vested) 1,146,517 $ 0.49 The total cost related to non-vested DER awards expected to be recognized through 2021 is set forth below: Period Total 2020 (1) 210,673 2021 234,081 444,754 (1) Nine-month period ending December 31, 2020. |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent events | |
Subsequent events | 6. Subsequent events There have been no significant events subsequent to March 31, 2020 that require adjustment to or disclosure in the financial statements. |
General information and signi_2
General information and significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
General information and significant accounting policies | |
Basis of preparation | 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. 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 2019 Annual Report on Form 20-F, filed with the SEC on April 3, 2020. The condensed consolidated balance sheet as of December 31, 2019 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. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All subsidiaries are 100% directly or indirectly owned by ASC. AASML, which is a 50% owned joint venture, is accounted for using the equity method. All intercompany balances and transactions have been eliminated on consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported consolidated results of operations. |
Significant accounting policies | 1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three months ended March 31, 2020 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2019. 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, 2019. |
Recently adopted accounting pronouncements | 1.5. Recently adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13: Financial Instruments - Credit Losses (Topic 326) which requires recognition of management’s estimates of current expected credit losses, rather than the current incurred losses model. The new model is generally applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The implementation of this standard on January 1, 2020 did not represent a significant impact on the consolidated financial statements and related disclosures. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Schedule outstanding principal balances on each loan facility | As at March 31, 2020 December 31, 2019 NIBC Bank Facility 5,690,000 6,045,000 Nordea / SEB Joint Bank Facility 97,125,823 100,000,000 Nordea / SEB Revolving Facility 40,000,000 40,000,000 ABN / CACIB Joint Bank Facility 61,462,500 61,462,500 ABN AMRO Revolving Facility 14,967,734 4,019,007 Total debt 219,246,057 211,526,507 Deferred finance fees (3,980,454) (4,243,494) Net total debt 215,265,603 207,283,013 Current portion of long-term debt 33,668,970 21,274,111 Current portion of deferred finance fees (1,030,708) (1,057,940) Total current portion of long-term debt 32,638,262 20,216,171 Non-current portion of long-term debt 182,627,341 187,066,842 |
Schedule of future minimum repayments under the loan facilities | Future minimum scheduled repayments under the Company’s loan facilities for each year are as follows: As at March 31, 2020 2020 (1) 28,993,661 2021 21,906,236 2022 17,281,236 2023 17,281,236 2024 133,783,688 219,246,057 (1) |
Finance Leases (Tables)
Finance Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Finance Leases | |
Schedule of outstanding principal balances on finance lease facility | As at March 31, 2020 December 31, 2019 Japanese Leases No.1 and 2 30,188,600 31,398,900 Japanese Lease No.3 14,906,500 15,498,000 Japanese Lease No.4 23,471,655 23,983,699 CMBFL Leases No.1 to 4 78,021,550 79,896,836 Ocean Yield ASA 59,805,120 61,153,740 China Huarong Leases 45,526,585 46,717,764 Finance lease obligations 251,920,010 258,648,939 Amounts representing interest and deferred finance fees (40,679,334) (42,969,245) Finance lease obligations, net of interest and deferred finance fees 211,240,676 215,679,694 Current portion of finance lease obligations 18,733,136 18,650,022 Current portion of deferred finance fees (663,254) (674,700) Non-current portion of finance lease obligations 195,641,299 200,335,437 Non-current portion of deferred finance fees (2,470,505) (2,631,065) Total finance lease obligations, net of deferred finance fees 211,240,676 215,679,694 |
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 March 31, 2020 2020 (1) 20,139,168 2021 26,523,339 2022 26,470,805 2023 38,028,900 2024 24,179,292 2025 - 2030 116,578,506 Finance lease obligations 251,920,010 Amounts representing interest and deferred finance fees (40,679,334) Finance lease obligations, net of interest and deferred finance fees 211,240,676 (1) Nine-month period ending December 31, 2020 |
Loss on sale of vessels (Tables
Loss on sale of vessels (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loss on sale of vessels | |
Schedule of Capital Leased Assets | The loss on the sale of vessel for the three months ended March 31, 2019 is calculated as follows: Seamaster Sales proceeds (1) 9,700,000 Net book value of vessel (15,979,901) Sales related costs (289,862) Net loss on sale of vessel (6,569,763) There was no sale of vessels in the three months ended March 31, 2020. (1) Proceeds from sale of vessel per the condensed consolidated statement of cash flows is $17.6 million as this includes proceeds of $7.9 million related to the Ardmore Seatrader that was held for sale at 31 December 2018 and delivered to the buyer in January 2019. |
Share-based compensation (Table
Share-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stock appreciation rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of awards, simulation inputs and outputs | A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs Weighted Average Risk-free Average Expected SARs Exercise Vesting Grant Dividend rate of Expected Fair Value Exercise Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Life Method Mar 12, 2013 22,118 $ 13.66 3 yrs. $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 - 5.0 yrs. Monte Carlo Sep 1, 2014 5,595 $ 13.91 3 yrs. $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 - 5.0 yrs. Monte Carlo Mar 6, 2015 37,797 $ 10.25 3 yrs. $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 - 5.0 yrs. Monte Carlo Jan 15, 2016 205,519 $ 9.20 3 yrs. $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 - 5.0 yrs. Monte Carlo Apr 4, 2018 1,719,733 $ 7.40 3 yrs. $ 7.40 % 2.51 % 40.59 % $ 2.67 4.25 yrs. Black- Scholes Mar 7, 2019 560,000 $ 5.10 3 yrs. $ 5.10 % 2.43 % 43.65 % $ 2.00 4.5 yrs. Black- Scholes Mar 4, 2020 549,020 $ 5.25 3 yrs. $ 5.25 % 0.73 % 46.42 % $ 2.04 4.5 yrs. Black- Scholes |
Schedule of changes in the Stocks | Changes in the SARs for the three months ended March 31, 2020 are set forth below: Weighted average No. of SARs exercise price Balance as at January 1, 2020 2,544,983 $ 7.14 SARs granted during the three months ended March 31, 2020 549,020 $ 5.25 SARs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are exercisable or convertible) 3,094,003 $ 6.80 |
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 2023 is set forth below: Period Total 2020 (1) 1,152,530 2021 746,667 2022 435,556 2023 62,222 2,396,975 (1) Nine-month period ending December 31, 2020. |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of awards, simulation inputs and outputs | A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price January 2, 2019 176,659 2 years $ 4.64 March 7, 2019 86,210 3 years $ 5.10 May 28, 2019 59,237 1 year $ 7.47 March 4, 2020 83,916 2 years $ 5.25 |
Schedule of changes in the Stocks | Changes in the RSUs for the three months ended March 31, 2020 are set forth below: Weighted average fair No. of RSUs value at grant date Balance as at January 1, 2020 322,106 $ 5.28 RSUs granted during the three months ended March 31, 2020 83,916 $ 5.25 RSUs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are vested) 406,022 $ 5.27 |
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 2023 is set forth below: Period Total 2020 (1) 611,054 2021 306,557 2022 184,426 2023 26,667 1,128,704 (1) Nine-month period ending December 31, 2020. |
Dividend equivalent rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of awards, simulation inputs and outputs | A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs DERs Service Fair Dividend Risk-free rate Expected Valuation Grant Date Awarded Period Value Yield of Return Volatility Method Nov 4 , 2019 1,146,517 2 yrs. $ 0.49 2.93 % 2.06 % 30.22 % Monte Carlo |
Schedule of changes in the Stocks | Changes in the DERs for the three months ended March 31, 2020 are set forth below: Weighted average fair value at grant No. of DERs date Balance as at January 1, 2020 1,146,517 $ 0.49 DERs granted during the three months ended March 31, 2020 — — DERs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are vested) 1,146,517 $ 0.49 |
Schedule of cost related to non-vested awards expected to be recognized | Weighted average fair value at grant No. of DERs date Balance as at January 1, 2020 1,146,517 $ 0.49 DERs granted during the three months ended March 31, 2020 — — DERs forfeited during the three months ended March 31, 2020 — — Balance as at March 31, 2020 (none of which are vested) 1,146,517 $ 0.49 The total cost related to non-vested DER awards expected to be recognized through 2021 is set forth below: Period Total 2020 (1) 210,673 2021 234,081 444,754 (1) Nine-month period ending December 31, 2020. |
General information and signi_3
General information and significant accounting policies - Additional information (Details) - item | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number Of Vessels In Operation | 25 | |
Average Age Of Vessels | 6 years 8 months 12 days | |
Corporate Joint Venture [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Debt - Outstanding Principal Ba
Debt - Outstanding Principal Balances (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Total debt | $ 219,246,057 | |
Current portion of deferred finance fees | (663,254) | $ (674,700) |
Total current portion of long-term debt | 32,638,262 | 20,216,171 |
Non-current portion of long-term debt | 182,627,341 | 187,066,842 |
Loans Payable [Member] | ||
Total debt | 219,246,057 | 211,526,507 |
Deferred finance fees | (3,980,454) | (4,243,494) |
Net total debt | 215,265,603 | 207,283,013 |
Current portion of long-term debt | 33,668,970 | 21,274,111 |
Current portion of deferred finance fees | (1,030,708) | (1,057,940) |
Total current portion of long-term debt | 32,638,262 | 20,216,171 |
Non-current portion of long-term debt | 182,627,341 | 187,066,842 |
NIBC Bank Facility [Member] | Loans Payable [Member] | ||
Total debt | 5,690,000 | 6,045,000 |
Nordea SEB Joint Bank Facility [Member] | Loans Payable [Member] | ||
Total debt | 97,125,823 | 100,000,000 |
Nordea SEB Revolving Facility [Member] | Loans Payable [Member] | ||
Total debt | 40,000,000 | 40,000,000 |
ABN CACIB Joint Bank Facility [Member] | Loans Payable [Member] | ||
Total debt | 61,462,500 | 61,462,500 |
ABN AMRO Revolving Facility [Member] | Loans Payable [Member] | ||
Total debt | $ 14,967,734 | $ 4,019,007 |
Debt - Future minimum repayment
Debt - Future minimum repayments (Details) | Mar. 31, 2020USD ($) | |
Debt | ||
2020 | $ 28,993,661 | [1] |
2021 | 21,906,236 | |
2022 | 17,281,236 | |
2023 | 17,281,236 | |
2024 | 133,783,688 | |
Total long-term debt | $ 219,246,057 | |
[1] | Nine-month period ending December 31, 2020 |
Debt - Additional information (
Debt - Additional information (Details) - USD ($) $ in Millions | Dec. 11, 2019 | Oct. 24, 2017 | Sep. 12, 2014 | Mar. 31, 2020 |
Required minimum cash and cash equivalents | $ 21.3 | |||
Minimum Net Worth Required | $ 150 | |||
Minimum [Member] | ||||
Required Minimum Solvency Covenant | 30.00% | |||
Cash and Cash Equivalent Percentage | 5.00% | |||
Fair market Value Percentage | 130.00% | |||
NIBC Bank Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13.5 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.90% | |||
Debt Instrument Maturity Period | September 2021 | |||
NIBC Bank Facility [Member] | LIBOR [Member] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.90% | |||
Nordea SEB Joint Bank Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||
Debt Instrument Maturity Period | December 2024 | |||
Nordea SEB Revolving Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | |||
Number of days to provide notice for draw down or repayment of debt | 5 days | |||
ABN CACIB Joint Bank Facility [Member] | ||||
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 CACIB Joint Bank Facility [Member] | LIBOR [Member] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.4% | |||
ABN AMRO Revolving Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Debt Instrument, Description of Variable Rate Basis | October 2020 | |||
ABN AMRO Revolving Facility [Member] | LIBOR [Member] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.5% |
Finance Leases (Details)
Finance Leases (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | $ 251,920,010 | $ 258,648,939 |
Amounts representing interest and deferred finance fees | (40,679,334) | (42,969,245) |
Finance lease obligations, net of interest and deferred finance fees | 211,240,676 | 215,679,694 |
Current portion of finance lease obligations | 18,733,136 | 18,650,022 |
Current portion of deferred finance fees | (663,254) | (674,700) |
Non-current portion of finance lease obligations | 195,641,299 | 200,335,437 |
Non-current portion of deferred finance fees | (2,470,505) | (2,631,065) |
Total finance lease obligations, net of deferred finance fees | 211,240,676 | 215,679,694 |
Japanese Leases No.1 and 2 [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 30,188,600 | 31,398,900 |
Japanese Lease No.3 [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 14,906,500 | 15,498,000 |
Japanese Lease No.4 [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 23,471,655 | 23,983,699 |
CMBFL Leases No.1 to 4 [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 78,021,550 | 79,896,836 |
Ocean Yield ASA [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 59,805,120 | 61,153,740 |
China Huarong Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | $ 45,526,585 | $ 46,717,764 |
Finance Leases - Future minimum
Finance Leases - Future minimum lease payments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Finance Leases | |||
2019 | [1] | $ 20,139,168 | |
2021 | 26,523,339 | ||
2022 | 26,470,805 | ||
2023 | 38,028,900 | ||
2024 | 24,179,292 | ||
2025 - 2030 | 116,578,506 | ||
Finance lease obligations | 251,920,010 | $ 258,648,939 | |
Amounts representing interest and deferred finance fees | (40,679,334) | (42,969,245) | |
Finance lease obligations, net of interest and deferred finance fees | $ 211,240,676 | $ 215,679,694 | |
[1] | Nine-month period ending December 31, 2020 |
Finance Leases - Additional Inf
Finance Leases - Additional Information (Details) $ in Millions | Nov. 30, 2018 | Oct. 25, 2018 | Jun. 26, 2018 | Mar. 31, 2020USD ($)item | May 30, 2017USD ($) |
Number Of Finance Lease Facility | item | 6 | ||||
Vessels [Member] | |||||
Number of vessel in operation | item | 12 | ||||
Japanese Leases No.1 and 2 [Member] | |||||
Sellers Credit Note | $ 2.9 | ||||
Japanese Leases No.1 and 2 [Member] | Other Noncurrent Assets [Member] | Finance Liability [Member] | |||||
Sellers Credit Note | $ 2.9 | ||||
Japanese Lease No.3 [Member] | |||||
Sellers Credit Note | 1.4 | ||||
Japanese Lease No.3 [Member] | Finance Liability [Member] | |||||
Sellers Credit Note | $ 1.4 | ||||
Japanese Lease No.4 [Member] | |||||
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 [Member] | |||||
Finance Lease Expiry Period | 2025 | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.10% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.00% | LIBOR plus 3.10% | |||
Ocean Yield ASA [Member] | |||||
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 [Member] | |||||
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% |
Loss on sale of vessels - Addit
Loss on sale of vessels - Additional information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Lessee, Lease, Description [Line Items] | ||||
Loss on sale of vessels | $ 0 | $ 6,569,763 | ||
Ardmore Seamaster [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Loss on sale of vessels | $ 6,600,000 | 6,569,763 | ||
Sale of vessels | $ 9,700,000 | $ 9,700,000 | [1] | |
[1] | Proceeds from sale of vessel per the condensed consolidated statement of cash flows is $17.6 million as this includes proceeds of $7.9 million related to the Ardmore Seatrader that was held for sale at 31 December 2018 and delivered to the buyer in January 2019. |
Loss on sale of vessels (Detail
Loss on sale of vessels (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Property, Plant and Equipment [Line Items] | |||||
Loss on sale of vessel | $ 0 | $ (6,569,763) | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 0 | 17,558,372 | $ 17,600,000 | ||
Ardmore Seamaster [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | $ 9,700,000 | 9,700,000 | [1] | ||
Net book value of vessel | (15,979,901) | ||||
Sales related costs | (289,862) | ||||
Loss on sale of vessel | $ (6,600,000) | $ (6,569,763) | |||
Ardmore Seatrader [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,900,000 | ||||
[1] | Proceeds from sale of vessel per the condensed consolidated statement of cash flows is $17.6 million as this includes proceeds of $7.9 million related to the Ardmore Seatrader that was held for sale at 31 December 2018 and delivered to the buyer in January 2019. |
Share based compensation - Stoc
Share based compensation - Stock appreciation rights - Awards, simulation inputs, outputs (Details) - Stock appreciation rights - $ / shares | Mar. 04, 2020 | Mar. 07, 2019 | Apr. 04, 2018 | Jan. 15, 2016 | Jan. 15, 2016 | Mar. 06, 2015 | Mar. 06, 2015 | Sep. 01, 2014 | Mar. 12, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
SARs Awarded (in shares) | 549,020 | 560,000 | 1,719,733 | 205,519 | 37,797 | 5,595 | 22,118 | ||
Exercise Price (in dollars per share) | $ 5.25 | $ 5.10 | $ 7.40 | $ 9.20 | $ 9.20 | $ 10.25 | $ 10.25 | $ 13.91 | $ 13.66 |
Vesting Period (in years) | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | ||
Grant Price (in dollars per share) | $ 5.25 | $ 5.10 | $ 7.40 | $ 9.20 | $ 9.20 | $ 10.25 | $ 10.25 | $ 13.91 | $ 13.66 |
Dividend Yield (in hundredths) | 0.00% | 0.00% | 0.00% | 6.63% | 3.90% | 2.88% | 2.93% | ||
Risk-free rate of Return (in hundredths) | 0.73% | 2.43% | 2.51% | 1.79% | 1.90% | 2.20% | 2.06% | ||
Expected Volatility (in hundredths) | 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) | $ 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 3 months | ||||||
Valuation Method | Black- Scholes | Black- Scholes | Black- Scholes | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | ||
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 | |||||
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 | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Balance, No. of Units (Beginning) | shares | 2,544,983 |
Balance, Weighted average exercise price | $ / shares | $ 7.14 |
SARs granted during the three months | shares | 549,020 |
SARs granted during the three months | $ / shares | $ 5.25 |
SARs forfeited during the three months | shares | 0 |
SARs forfeited during the three months | $ / shares | $ 0 |
Balance, No. of Units (Ending) (none of which are exercisable or convertible) | shares | 3,094,003 |
Balance, Weighted average exercise price | $ / shares | $ 6.80 |
Share based compensation - St_3
Share based compensation - Stock appreciation rights - Cost related to non-vested awards (Details) - Stock appreciation rights | Mar. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
2020 | $ 1,152,530 | [1] |
2021 | 746,667 | |
2022 | 435,556 | |
2023 | 62,222 | |
Total | $ 2,396,975 | |
[1] | Nine-month period ending December 31, 2020. |
Share based compensation - Rest
Share based compensation - Restricted stock units - Summary of awards (Details) - Restricted stock units - $ / shares | Mar. 04, 2020 | May 28, 2019 | Mar. 07, 2019 | Jan. 02, 2019 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
SARs Awarded (in shares) | 83,916 | 59,237 | 86,210 | 176,659 | 83,916 |
Service Period | 2 years | 1 year | 3 years | 2 years | |
Grant Price (in dollars per share) | $ 5.25 | $ 7.47 | $ 5.10 | $ 4.64 |
Share based compensation - Re_2
Share based compensation - Restricted stock units - Changes in RSUs (Details) - $ / shares | Mar. 04, 2020 | May 28, 2019 | Mar. 07, 2019 | Jan. 02, 2019 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs forfeited (in shares) | 0 | ||||
RSUs forfeited during the period, Weighted average fair value at grant date | $ 0 | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Balance as at the beginning | 322,106 | ||||
Balance as at the beginning, Weighted average fair value at grant date | $ 5.28 | ||||
Granted (in shares) | 83,916 | 59,237 | 86,210 | 176,659 | 83,916 |
Granted during the period, Weighted average fair value at grant date | $ 5.25 | ||||
Balance as at the end (none of which are vested) | 406,022 | ||||
Balance as at the end (none of which are vested), Weighted average fair value at grant date | $ 5.27 |
Share based compensation - Re_3
Share based compensation - Restricted stock units - Cost related to non-vested awards (Details) - Restricted stock units | Mar. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
2020 | $ 611,054 | [1] |
2021 | 306,557 | |
2022 | 184,426 | |
2023 | 26,667 | |
Total | $ 1,128,704 | |
[1] | Nine-month period ending December 31, 2020. |
Share based compensation - Divi
Share based compensation - Dividend equivalent rights - Summary of awards (Details) - Dividend equivalent rights - $ / shares | Nov. 04, 2019 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SARs Awarded (in shares) | 1,146,517 | 0 |
Service Period | 2 years | |
Granted during the period, Weighted average fair value at grant date | $ 0.49 | $ 0 |
Dividend Yield (as a percent) | 2.93% | |
Risk-free rate of Return (as a percent) | 2.06% | |
Expected Volatility (as a percent) | 30.22% | |
Valuation Method | Monte Carlo |
Share based compensation - Di_2
Share based compensation - Dividend equivalent rights - Changes in DERs (Details) - $ / shares | Nov. 04, 2019 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
DERs forfeited (in shares) | 0 | |
DERs forfeited during the period, Weighted average fair value at grant date | $ 0 | |
Dividend equivalent rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance as at the beginning | 1,146,517 | |
Balance as at the beginning, Weighted average fair value at grant date | $ 0.49 | |
Granted (in shares) | 1,146,517 | 0 |
Granted during the period, Weighted average fair value at grant date | $ 0.49 | $ 0 |
DERs forfeited (in shares) | 0 | |
DERs forfeited during the period, Weighted average fair value at grant date | $ 0 | |
Balance as at the end (none of which are vested) | 1,146,517 | |
Balance as at the end (none of which are vested), Weighted average fair value at grant date | $ 0.49 |
Share based compensation - Di_3
Share based compensation - Dividend equivalent rights - Cost related to non-vested awards expected (Details) - Dividend equivalent rights | Mar. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
2020 | $ 210,673 | [1] |
2021 | 234,081 | |
Total | $ 444,754 | |
[1] | Nine-month period ending December 31, 2020. |
Share based compensation - Addi
Share based compensation - Additional Information (Details) - shares | Mar. 04, 2020 | Nov. 04, 2019 | May 28, 2019 | Mar. 07, 2019 | Jan. 02, 2019 | Apr. 04, 2018 | Jan. 15, 2016 | Mar. 06, 2015 | Sep. 01, 2014 | Mar. 12, 2013 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||||||
Stock appreciation rights | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 549,020 | 560,000 | 1,719,733 | 205,519 | 37,797 | 5,595 | 22,118 | ||||
Dividend equivalent rights | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,146,517 | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||||||
Restricted stock units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 83,916 | 59,237 | 86,210 | 176,659 | 83,916 | ||||||
Equity Incentive Plan 2013 [Member] | Officers And Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,099,782 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 5,779 | ||||||||||
Equity Incentive Plan 2013 [Member] | Officers And Directors [Member] | Dividend equivalent rights | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,146,517 | ||||||||||
Equity Incentive Plan 2013 [Member] | Officers And Directors [Member] | Restricted stock units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 406,022 |