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us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001577437 us-gaap:TreasuryStockMember 2017-12-31 0001577437 us-gaap:RetainedEarningsMember 2017-12-31 <div style="margin-bottom: 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 0pt;;font-weight:bold;display:inline;">6. Receivables, trade</div></div></div></div><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; margin-top: 0pt; font-size: 4pt; background: none;"><div style="font-size: 4pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; margin-top: 0pt; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">There was no provision for doubtful accounts as at December 31, 2018 (2017: $0). The maximum amount of loss due to the credit risk is the full amount of trade receivables. All trade receivables are current. The carrying value of receivables approximates their fair value.&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="margin-bottom: 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5. Cash and cash equivalents</div></div></div></div><div style="margin-bottom: 0px; font-family: calibri, sans-serif; margin-top: 0px; background: none; font-size: 10pt;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table style="width: 75%; border-collapse: collapse; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="padding: 0px 0in; vertical-align: bottom; background: none;;width:;">&#160;</td><td style="padding: 0in; vertical-align: bottom;;width:;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td><td colspan="6" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td></tr><tr><td style="padding: 0px 0in; font-size: 8pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: calibri, sans-serif; margin-top: 0px; text-align: center; background: none; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;">&#160;&#160;</div></div></div></div></div></div></div></td><td style="padding: 0in; font-size: 8pt; vertical-align: bottom;;width:;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td><td colspan="2" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Dec 31, 2018</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></div></div></td><td colspan="2" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Dec 31, 2017&#160;</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td></tr><tr><td style="width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(255, 255, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; font-family: calibri, sans-serif; margin-left: 10pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; background-color: rgb(255, 255, 255); vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; margin-right: 0in; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56,903,038</div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; margin-right: 0in; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">39,457,407</div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin-bottom: 0px; font-family: calibri, sans-serif; background: none; margin-top: 0px; font-size: 10pt;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div><div style="margin-bottom: 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Ardmore is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 9) and long-term finance lease facility agreements (see Note 10).</div></div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">8. Non-current assets</div></div></div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; padding: 3pt 0pt 3pt 4px; margin: 0pt; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The scrap value of the vessels is estimated at $300 (2017: $300) per lightweight ton. Interest capitalized in relation to vessels under construction during the year ended December 31, 2018 was nil (2017: $0). Vessels, which are owned and operated by Ardmore, have been provided as collateral under certain loan agreements entered into by Ardmore (see Note 9). Sellers credit in relation to the finance leases for the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Sealeader</div>&#160;and&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Sealifter</div>&#160;of $2.9 million are included within non-current assets (see Note 10). Leasehold improvements consist of fit-out costs in relation to work completed on Ardmore&#8217;s offices in Ireland and Singapore. Other non-current assets consist of office equipment, and fixtures and fittings. No impairment has been recognized as at the balance sheet date.</div></div></div> <div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">9. Debt</div></div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="margin: 0in 0in 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As at December 31, 2018, Ardmore had five loan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction and also for working capital. ASC&#8217;s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for Ardmore&#8217;s obligations under the loan facilities, which totaled 15 vessels as at December 31, 2018. ASC and its subsidiary ASLLC have provided guarantees in respect of the loan facilities&#160;and&#160;ASC has&#160;granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. <div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">These guarantees can be called </div></div><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"></div></div></div></div></div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; background: none; text-decoration: none; color: rgb(0, 0, 0);;display:inline;"></div></div></div></div></div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">upon following a payment default. 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background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">86,371,847</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">132,272,938</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ABN AMRO Facility</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">64,201,180</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ABN AMRO Revolving Facility</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; 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border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">11,092,158</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; 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margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">232,262,720</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">412,666,867</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Deferred finance fees</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(3,908,472</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0px; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; 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line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; 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background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Current portion of long-term debt</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">24,217,892</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">39,282,538</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Current portion of deferred finance fees</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgba(255, 255, 255, 0); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">(2,210,990</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0px; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">)</div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Total current portion of long-term debt</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; 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font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">37,071,548</div></div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;"><div style="font-weight:bold;display:inline;">Non-current portion of long-term debt</div></div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgba(255, 255, 255, 0); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">205,519,705</div></div></td><td style="border-image: initial; 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width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></td><td style="background: rgba(255, 255, 255, 0); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgba(255, 255, 255, 0); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; 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margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; 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text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgba(255, 255, 255, 0); padding-top: 0in; padding-right: 0in; padding-left: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">142,311,491</div></div></div></td><td style="background: rgba(255, 255, 255, 0); 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Ardmore exercised its purchase option on the financing transaction in January 2019 and repaid all amounts outstanding under the finance lease. 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text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Seatrader</div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Sales proceeds</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; 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General and administrative expenses</div></div></div><div style="margin: 0px 0in; font-family: calibri, sans-serif; font-size: 3pt; background: none;"><div style="font-size: 3pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">14.1. 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">219,910</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">676,600</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">558,600</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">1,280,163</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; 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margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0px 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; 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margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">33,441,879</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; 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text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">0.12</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="margin: 0in 0in 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt;;display:inline;">For the </div> year ended December 31, 2018, stock appreciation rights (&#8220;SARs&#8221;) granting the right to acquire 1,984,983 shares (2017: 1,343,375, 2016: 1,343,375) were outstanding. The SARs have been excluded from the computation of diluted earnings per share as they are anti-dilutive.</div></div></div></div> <div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.7. Finance leases</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Finance leases relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statement of operations using the effective interest method over the life of the lease.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Following the implementation of ASC 842, Leases, the transactions for the sale and leaseback of vessels, which were previously classified as capital leases under ASC 840, Leases, are now classified as finance leases with no other changes.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13.1. Capital upgrades</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#8217;s judgment as to expenditures that extend a vessel&#8217;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13.2. Ballast water treatment systems (BWTS)</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore is in the process of installing BWTS on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization&#8217;s Ballast Water Management Convention which comes into force from September 2019. Ardmore capitalizes and depreciates the costs of BWTS on each vessel, from the date of completion of the system, over the remaining useful life of the vessel. As none of these systems were completed nor in use at December 31, 2018 depreciation has not yet commenced.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">10. Finance leases</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; padding: 3pt 0pt 3pt 4px; margin: 0pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">As at December 31, 2018 Ardmore was a party, as the lessee, to seven finance lease facilities, which it has used primarily to finance vessel acquisitions and for working capital. ASC&#8217;s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for Ardmore&#8217;s obligations under the finance lease facilities, which totaled 13 vessels as at December 31, 2018&#160;(2017: three vessels)</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">. ASC has provided guarantees in respect of the finance lease facilities. 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top: 0px; color: rgb(0, 0, 0);;display:inline;">As at</div></div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td></tr><tr><td style="padding: 0px 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="margin: 0px 0in; font-family: calibri, sans-serif; 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letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">River Hudson LLC</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">11,767,600</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">36,253,400</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">41,094,600</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Japanese Lease No.3</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">17,870,500</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; 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width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Japanese Lease No.4</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; 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white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">26,061,943</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; 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width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; 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white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total minimum finance lease payments</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">296,181,882</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">52,862,200</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amounts representing interest and deferred finance fees</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(54,705,784</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(10,368,181</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net minimum finance lease payments</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">241,476,098</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">42,494,019</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amount receivable in respect of finance leases</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,880,000</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0px; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Adjusted net minimum finance lease payments</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">238,596,098</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">39,614,019</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); 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line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">26,589,017</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">3,783,044</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Current portion of deferred finance fees</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(739,817</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(245,578</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Non-current portion of finance lease obligations</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">218,985,447</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">39,402,440</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Non-current portion of deferred finance fees</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(3,358,549</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(445,887</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total finance lease obligations</div></div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">241,476,098</div></div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">42,494,019</div></div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amount receivable in respect of finance leases</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; 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font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="6" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10.6667px;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; 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padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">River Hudson LLC</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On December 22, 2016, one of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Seatrader</div>. The facility was drawn down in December 2016. Repayments on the lease are made on a monthly basis and include principal and interest. The finance lease is scheduled to expire in 2021 and includes a mandatory purchase obligation for Ardmore to repurchase the vessel, as well as a purchase option exercisable by Ardmore, which Ardmore could elect to exercise at an earlier date. On January 2, 2019, Ardmore exercised the purchase option and repaid the facility in full.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">Japanese Leases No. 1 and 2</div></div> <div style="font-weight:bold;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On May 30, 2017, two of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Sealeader</div>&#160;and&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Sealifter</div>, respectively,&#160;with JPV. 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 fixed&#160;price&#160;purchase options exercisable by Ardmore. As part of the lease arrangement, Ardmore 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 as a receivable within &#8216;Other non-current assets, net&#8217; in the consolidated balance sheet, with the associated finance lease liability presented gross of the $2.9 million.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">Japanese Lease No. 3</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On January 30, 2018, one of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Sealancer</div>&#160;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.&#160;The finance lease is scheduled to expire in 2024 and includes fixed&#160;price&#160;purchase options exercisable by Ardmore. As part of the lease arrangement, Ardmore 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 sheet, with the associated finance lease liability presented net of the $1.4 million.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">CMBFL Leases No. 1 to 4</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On June 26, 2018, two of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Endurance and Ardmore Enterprise,&#160;</div>respectively, with CMB Financial Leasing Co., Ltd (&#8220;CMBFL&#8221;). 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 Ardmore to repurchase the vessels, as well as purchase options exercisable by Ardmore, which Ardmore could elect to exercise at an earlier date.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On October 25, 2018, two of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Encounter</div>&#160;and&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Explorer</div>, 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 fixed&#160;price&#160;purchase options exercisable by Ardmore.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">Ocean Yield ASA</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On October 25, 2018, two of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Dauntless</div>&#160;and&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Defender</div>, respectively&#160;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 fixed&#160;price&#160;purchase options exercisable by Ardmore.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">Japanese Lease No. 4</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On November 30, 2018, one of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), with Rich Ocean Shipping of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Engineer</div>. The facility was drawn down in December 2018. Interest is calculated at a rate of LIBOR plus 3.20%. Principal repayments on the leases are made on a monthly basis. The finance lease&#160;is&#160;scheduled to expire in 2029 and includes&#160;fixed&#160;price&#160;purchase options exercisable by Ardmore.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">China Huarong Leases</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">On November 30, 2018, two of ASC&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), of the&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Seavanguard</div>&#160;and&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Exporter</div>, respectively, with China Huarong Financial Leasing Co., Ltd (&#8220;China Huarong&#8221;).&#160;<div style="font-size: 10pt; text-indent: 0pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">The facility was drawn down in December 2018. Interest is calculated at a rate of </div>LIBOR<div style="font-size: 10pt; text-indent: 0pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> 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 </div>Ardmore<div style="font-size: 10pt; text-indent: 0pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> to repurchase the vessels, as well as purchase options exercisable by </div>Ardmore<div style="font-size: 10pt; text-indent: 0pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">, which </div>Ardmore<div style="font-size: 10pt; text-indent: 0pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> could elect to exercise at an earlier date.</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0px 0pt;"><div style="font-weight:bold;display:inline;">Finance leases financial covenants</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Some of Ardmore&#8217;s existing finance lease facilities (as described above) include financial covenants which are consistent with, or no more onerous than, ASC&#8217;s long-term debt financial covenants described in Note 9. The Company was in full compliance with all of its finance lease covenants as of December 31, 2018 and 2017.<div style="font-size: 12px; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Future minimum scheduled payments under Ardmore&#8217;s finance lease facilities for each year are as follows:</div></div><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;">&#160;</div><div style="margin: 0in 0in 0.0001pt; 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Lease revenue from voyage charters</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For the majority of the Company&#8217;s spot charters, the Company make its vessels and crew available to operate as determined by the charterer. On this basis, the Company has concluded that these spot charter contracts contain a lease. For spot charters where the customer is not taking control of the vessel and only requires a method of transportation, the Company has concluded that these charters do not contain a lease and are considered service contracts.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For those spot charters that contain a lease, the Company has performed a quantitative and qualitative analysis to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company has determined that the appropriate timeframe for the Company&#8217;s quantitative analysis, is a period of 10 years. The Company believes that a 10-year period is an appropriate timeframe because this period is expected to include low and high points in the normal shipping cycle. Therefore, the conclusion on this quantitative analysis is expected to be consistent, regardless of when the analysis is done in the determined timeframe. The Company&#8217;s conclusion on the quantitative analysis done on this basis is that the lease component is the predominant component. For its qualitative analysis, the Company considered that the predominant benefit for its customers is taking control of the vessel and having the right to direct its use, rather than the benefit derived from the service the Company provides executing their instructions. Based on the Company&#8217;s qualitative analyses, the Company has also concluded that the lease component is the predominant component. As the period the Company makes its vessels and crew available is the same period that it provides the service to execute the customer&#8217;s orders, the Company has concluded that lease and non-lease component have the same pattern of transfer. As permitted by ASC 842, the Company has taken the practical expedient to not disclose the different lease and non-lease components.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Additionally, for those spot charters that the Company determined contain a lease the Company is the lessor and these spot charters have terms that allow the charterer to exercise substantive decision-making rights which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel will be used. Under these charters there are no substantive substitution rights and the vessel is specified in the contract. Voyage expenses will be recognized over the term of the lease. Initial costs, such as broker commissions, are deferred and expensed over the voyage term.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Lease revenues from voyage charters on the spot market are recognized ratably on a discharge-to-discharge basis i.e. from when cargo is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. On those cases where the charterer directs the use of the vessel from the loading port, lease revenue is recognized ratably on a load to discharge basis. Revenue is recognized in both of these cases, provided an agreed non-cancellable charter between the Company and the charterer is in existence, and collectability is reasonably assured. Lease revenue under voyage charters is not recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Demurrage revenue represents payments by the charterer to the Company when the loading or discharging time exceeds the stipulated time in the voyage charter. Demurrage is only included in the voyage revenue recognition when the excess time has been incurred. The additional time required to execute the charterer&#8217;s orders are not considered distinct but to form part of the single obligation of making the vessel and the crew available and executing the charterer&#8217;s orders. Demurrage revenue is recognized ratably on a discharge-to-discharge basis, (i.e. from when cargo is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage), provided collection is reasonably assured.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> The difference in measurement between the right of use asset and lease liability is included in general and administrative expenses in the consolidated statement of operations. <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; 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font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Operating lease, right of use asset</div></div></td><td style="border-top: none; border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2,169,158</div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2,169,158</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); 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width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; 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border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; 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border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total foreign exchange gain on operating leases</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; 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white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">10,380,600</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; 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color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">11,767,600</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; 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vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; 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width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">CMBFL Leases No.1 to 4</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; 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letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; 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text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; 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margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Japanese Lease No.4</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">26,061,943</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; 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padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">China Huarong Leases</div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">51,555,997</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; vertical-align: bottom; text-align: left;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total minimum finance lease payments</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">296,181,882</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">52,862,200</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amounts representing interest and deferred finance fees</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(54,705,784</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(10,368,181</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net minimum finance lease payments</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">241,476,098</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">42,494,019</div></div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amount receivable in respect of finance leases</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,880,000</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0px; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,880,000</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0px; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Adjusted net minimum finance lease payments</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">238,596,098</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">39,614,019</div></div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Current portion of finance lease obligations</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">26,589,017</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">3,783,044</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Current portion of deferred finance fees</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(739,817</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(245,578</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Non-current portion of finance lease obligations</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">218,985,447</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">39,402,440</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; 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width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(3,358,549</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(445,887</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">241,476,098</div></div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">42,494,019</div></div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; font-family: calibri, sans-serif; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amount receivable in respect of finance leases</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in; font-size: 10pt;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,880,000</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0px; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; font-family: calibri, sans-serif; white-space: nowrap; text-indent: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt; font-size: 10pt;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">11. Operating leases</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;"><div style="font-weight:bold;display:inline;">11.1. Operating leases&#160;&#8212;&#160;spot charter</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For those spot charters that the Company has determined are operating leases, the term of the lease is always less than one year. The lease payments to be received for ongoing charters at December 31, 2018 relate to outstanding freight and demurrage revenue expected to be received in the coming months. Therefore, the disclosure of the maturity analysis of lease payments required by ASC 842, Leases, is limited to one year. 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Operating leases&#160;&#8212;&#160;office rent</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore has chosen to early adopt, as of January 1, 2018 ASC 842 Leases which requires lessees to recognize on their balance sheet a right of use asset and a corresponding liability in respect of all material lease contracts. The discount rate used is the incremental cost of borrowing. The weighted average remaining term of the office leases as of December 31, 2018 was 6.5 years.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The liabilities described below are for the Company&#8217;s offices in Cork, Ireland, Singapore, Bermuda and Houston, Texas and are denominated in various currencies. Under ASC 842, the right of use asset is a nonmonetary asset and is remeasured into the Company&#8217;s reporting currency of the US Dollar using the exchange rate for the applicable currency as at the adoption date of ASC 842. The operating lease liability is a monetary liability and is remeasured quarterly using the current forward exchange rates. The difference in measurement between the right of use asset and lease liability is included in general and administrative expenses in the consolidated statement of operations. </div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: center;"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div></div><div>&#160;</div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="6" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10.6667px;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;width:100%;"><div style="color: rgb(0, 0, 0); font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; top: 0px; display: inline !important;;display:inline;">As at</div></div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="padding: 0px 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; text-align: center;"><div style="background: none; font-size: 10pt;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></div></td><td style="padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal; font-size: 10.6667px;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;width:100%;"><div style="color: rgb(0, 0, 0); font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: center; 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top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; 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border-image: initial; border-bottom: 1pt solid white; background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Operating lease, right of use asset</div></div></td><td style="border-top: none; border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; 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text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 8083405 0 0 0 Yes Common stock <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.1. Basis of preparation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;). The consolidated financial statements include the accounts of ASC and its subsidiaries. All subsidiaries are 100% directly or indirectly owned by ASC. One 50% owned joint venture entity is accounted for using the equity method (please refer to note 2.21, Equity accounted investments for more details). All intercompany balances and transactions have been eliminated on consolidation.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.2. Uses of estimates</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.3. Reporting currency</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The consolidated financial statements are stated in U.S. Dollars. The functional currency of Ardmore is U.S. Dollars because Ardmore operates in international shipping markets which typically utilize the U.S. Dollar as the functional currency. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. 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The Company may repurchase these shares in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, but the Company is not obligated under the terms of the New Plan to repurchase any shares, and at any time the Company may suspend, delay or discontinue the New Plan.</div><div style="margin: 0px 0in; font-family: &quot;times new roman&quot;, serif; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During </div></div>the year ended December 31, 2017, the Company repurchased 1,435,654 common shares at a weighted-average price of approximately $7.72 per share for a total of approximately $11.1 million from GA Holdings LLC, formerly the Company&#8217;s largest shareholder. 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Commitments and contingencies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Debt commitments are disclosed above in Note 9. Finance lease commitments are disclosed above in Note 10.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">23. Subsequent events</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In November 2018, Ardmore agreed to terms for the sale of the Ardmore Seatrader. Ardmore exercised its purchase option for the vessel under the finance lease on January 2, 2019 and repaid all amounts outstanding under the finance lease. 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Each SAR provides for a payment of an amount equal to the excess, if any, of the fair market value of a share of ASC&#8217;s common stock at the time of exercise of the SAR over the per share exercise price of the SAR, multiplied by the number of shares for which the SAR is then exercised. Payment under the SAR will be made in the form of shares of ASC&#8217;s common stock, based on the fair market value of a share of ASC&#8217;s common stock at the time of exercise of the SAR.</div></div><div style="margin: 6pt 0in 0.0001pt; line-height: 12pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt;">On April 4, 2018 ASC cancelled the 1,078,125 SARs awarded on August 1, 2013 (the &#8220;IPO SARs&#8221;), which had a per share exercise price significantly in excess of the current fair market value of a share of ASC&#8217;s common stock and replaced the IPO SARs with new awards of 1,719,733 SARs (the &#8220;New SARs&#8221;) that will vest in three equal annual tranches. 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The New SARs&#160;&#160;do not have a market condition and&#160;were valued using the Black-Scholes model.</div><div style="margin: 6pt 0in 10pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">The SAR awards granted prior to the 2018 award contain a market condition whereby, in no event will the appreciation per share for any portion of the SAR award be deemed to exceed four times (i.e. 400%) the per share exercise price of the SAR. The market condition does not apply after July 31, 2016. The SAR awards with a market condition, were valued by applying a model based on the Monte Carlo simulation. The model inputs were the grant price, dividend yield based on the initial intended dividend set out by the Company, a risk-free rate of return equal to the zero-coupon U.S. Treasury bill commensurate with the contractual terms of the units and expected volatility based on the average of the most recent historical volatilities in the Company&#8217;s peer group. Both the Monte-Carlo simulation and Black-Scholes model rely on the same underlying financial theory.</div></div></div><div style="margin: 6pt 0in 0.0001pt; line-height: 12pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of awards, simulation inputs, outputs and valuation methodology is as follows:</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;">&#160;</div><table style="width: 100%; border-collapse: collapse; border-spacing: 0px; margin-left: 0px;;text-align:left;"><tr><td colspan="40" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0.0001pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 8pt;"><div style="font-size: 8pt;;font-weight:bold;display:inline;">Model Inputs</div></div></td><td style="border-top: none; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 8pt; white-space: nowrap;"><div style="font-size: 8pt;;font-weight:bold;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">Exercise<br/>Price</div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 8pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; width: 10%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">01-Sept-14</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; 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text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">10.25</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">205,519</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; 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font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; 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font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: center; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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The recognition of share-based compensation costs related to the tranches that vested before July 31, 2016 would have been accelerated if the market condition had been met and the requisite service period had been completed. 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vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt;">SARs exercised/converted/replaced during the twelve months ended December 31, 2018</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; 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vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap;">($14.00</div></td><td style="background: rgb(204, 238, 255); padding-top: 0in; padding-right: 0in; padding-bottom: initial; padding-left: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; text-indent: 0in;">)</div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgba(255, 255, 255, 0); padding: 0px 0in 0px 0pt; font-size: 10pt; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt;">SARs forfeited during the twelve months ending December 31, 2018</div></td><td style="border-image: initial; 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text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt;"><div style="font-weight:bold;display:inline;">Balance as at December 31, 2018 (none of which are exercisable or convertible)</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none; margin-bottom: 0px; 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white-space: nowrap;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">7.72</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The total cost related to non-vested awards expected to be recognized through 2020 is set forth below:</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;">&#160;</div><div style="color: rgb(0, 0, 0); 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letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 3pt 0in 3pt 0pt; font-size: 9pt; line-height: 9pt; width: 39%; vertical-align: top;"><div style="margin-bottom: 0pt; text-indent: -10pt; font-family: calibri, sans-serif; margin-left: 10pt; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ardmore Shipping (Bermuda) Limited</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Executive offices and fleet<br/>management</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; 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letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 3pt 0in 3pt 0pt; font-size: 9pt; line-height: 9pt; width: 39%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-indent: -10pt; font-family: calibri, sans-serif; margin-left: 10pt; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ardmore Shipping (Americas) LLC</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; 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width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ship ownership and operations</div></div></div></td><td style="background: white; 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width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ship ownership and operations</div></div></div></td><td style="background: white; 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padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ship ownership and operations</div></div></div></td><td style="background: white; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; 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line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 18%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Marshall Islands</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; 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padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">100</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.17. Vessels held for sale</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are tested for impairment. An impairment charge is recognized when the carrying value of the asset exceeds the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.18. Deposit for vessel acquisition</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Cash paid as deposit for an acquisition of a vessel that is considered restricted cash.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.19. Leasehold improvements</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Leasehold improvements relate to fit-out costs for work completed on Ardmore&#8217;s offices in Ireland and Singapore. These are recorded at their cost less accumulated depreciation and are depreciated over the life of the respective leases.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.20. Other non-current assets</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other assets relate to office equipment, fixtures and fittings. These are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.21. Equity accounted investments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore&#8217;s investment in Anglo Ardmore Ship Management Limited is accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or losses and distributions. Ardmore evaluates its equity accounted investment for impairment when events or circumstances indicate that the carrying value of such investment may have experienced and other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in Ardmore&#8217;s consolidated statements of operations.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.22. Payables, trade</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Payables, trade include all accounts payable and accrued liabilities in relation to the operating and running of the vessels, along with amounts due for general and administrative expenses.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.23. Other payables</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other payables primarily consist of amounts due for minor ad hoc payables.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.24. Contingencies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Claims, suits and contingencies arise in the ordinary course of Ardmore&#8217;s business. Ardmore provides for these contingencies when (i) it is probable that a liability has been incurred at the date of the financial statements and (ii) the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred at the balance sheet date. Any such matters that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements, are discussed in Note 22&#160;to the consolidated financial statements.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.25. Distributions to shareholders</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the additional paid in capital account. Ardmore operates a policy of paying out distributions equal to 60% of Earnings from Continuing Operations.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.26. Equity issuance costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#8217; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.27. Debt issuance costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Financing charges which include fees, commissions and legal expenses associated with securing loan facilities and finance lease agreements are presented in the consolidated balance sheet as a direct deduction from the carrying amount of debt liability. These costs are amortized to interest expense and finance costs in the consolidated statement of operations using the effective interest rate method over the life of the related debt.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.29. Treasury stock</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as a reduction in additional paid in capital and any loss as a reduction in retained earnings.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.30. Dividend Reinvestment Plan</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In April 2015, Ardmore established a Dividend Reinvestment Plan (&#8220;DRIP&#8221;) to enable shareholders to reinvest their quarterly dividend in common shares of the Company. The Form F-3D registration statement detailing these shares is available from the SEC website. The DRIP allows for the purchase of additional common shares by either full dividend reinvestment or partial dividend reinvestment.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">When a shareholder signs up to the plan there are two options available to Ardmore when sourcing the shares for settlement under the DRIP.</div><div style="padding: 3pt 0pt;"><table cellpadding="0" cellspacing="0" style="letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; margin: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left;"><td style="width: 21px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td style="width: 20px; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">1.</td><td style="text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Open Market (&#8220;OM&#8221;): Ardmore issues shares already available in the open market or in privately negotiated transactions.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="padding: 3pt 0pt;"><table cellpadding="0" cellspacing="0" style="letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; margin: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left;"><td style="width: 21px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td style="width: 20px; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">2.</td><td style="text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Original Issue (&#8220;OI&#8221;): Ardmore registers and issues additional new shares.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The purchase price for shareholders of common shares under the DRIP depends on which option Ardmore chooses. For OM shares the price is the weighted average of the actual price paid for all shares purchased by the Transfer Agent on behalf of the participants of the DRIP. For OI shares the price is the daily high and the daily low average share price for the five business days immediately preceding the dividend payment date. In instances where Ardmore chooses OM settlement, the accounting treatment is the same as when a regular dividend is paid and not reinvested by shareholders, since Ardmore makes a cash payment equal to the amount of the dividend.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Where Ardmore chooses OI settlement, the Company records an increase in Share Capital for the par value of the shares and record any excess of market value over par within Additional Paid in Capital. The dividend is distributed first from retained earnings but is applied to additional paid in capital if retained earnings are not sufficient.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Where Ardmore utilizes existing treasury shares (which can only occur under an OI transaction), the Company reduces Treasury Shares and increase Share Capital for the par value of the shares to be issued. Any excess of market value over cost is recorded in Additional Paid in Capital. If a gain arises on utilizing Treasury Stock for the dividend reinvestment, the Company recognizes the gain within Additional Paid in Capital. If a loss arises, the Company records the loss within retained earnings</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.31. Financial instruments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheet are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.32. Income taxes</div></div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Republic of the Marshall Islands</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping Corporation (&#8220;ASC&#8221;), Ardmore Shipping LLC (&#8220;ASLLC&#8221;), Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands. ASC believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to ASC will not be subject to any taxes under the laws of the Republic of the Marshall Islands.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Bermuda</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Bermuda) Limited (&#8220;ASBL&#8221;) is incorporated in Bermuda. ASC, ASLLC and ASBL are managed and controlled in Bermuda. ASC is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to ASC will be subject to any taxes under the laws of Bermuda.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ireland</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipholding Limited (&#8220;ASHL&#8221;) and Ardmore Shipping Services (Ireland) Limited (&#8220;ASSIL&#8221;) are incorporated in Ireland. ASHL is dormant and as such is not anticipated to generate trading income subject to corporation tax in Ireland.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">ASSIL&#8217;s trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading/passive income is taxed at the higher corporation tax rate which is currently 25%.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">United States of America</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;) and Ardmore Trading (USA) LLC (&#8220;ATUSA&#8221;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Singapore</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Asia) Pte. Limited (&#8220;ASA&#8221;) and Ardmore Tanker Trading (Asia) Pte. Limited (&#8220;ATTA&#8221;) are incorporated in Singapore. ASA qualified as an &#8220;Approved International Shipping Enterprise&#8221; by the Singapore authorities with effect from August 1, 2015. This entitles the company to tax exemption on profits derived from ship operations for any ships which are owned or chartered in by ASA.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">ATTA will be subject to Singapore tax on its worldwide profits. However, the company had not commenced business as at December 31, 2018 and therefore the Company does not expect it to be taxed for 2018.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred taxation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheet reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized Ardmore provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statement of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the year ended December 31, 2018 amounted to $0 (2017: $0).</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Uncertainties related to income taxes</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the year ended December 31, 2018 amounted to $0 (2017: $0).</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.28. Share based compensation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore may grant share-based payment awards, such as restricted stock units, as incentive-based compensation to certain employees. Ardmore measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which&#160;generally&#160;equals the vesting period. If the award contains a market condition, such conditions are included in the determination of the fair value of the stock unit. Once the fair value has been determined, the associated expense is recognized in the consolidated statement of operations over the requisite service period.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.14. Impairment</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels and equipment that are &#8220;held and used&#8221; are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock and special survey costs related to the vessel. Net operating cash flows are determined by applying various assumptions regarding future revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. In estimating future revenues, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last 5 years, where available, and historical average one-year time charter rates for the industry over the last 10 years in each case adjusted for inflation. Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#8217;s control, management believes it is reasonable to use estimates based on a combination of more recent inflation-adjusted internally-generated rates and the inflation-adjusted 10-year average historical average industry rates.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">During the fourth quarter of fiscal year 2018, an impairment assessment of long-lived assets was performed. The Company&#8217;s assessment concluded that impairment was not required for any vessel.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">An impairment charge is recognized if the carrying value is in excess of the estimated future undiscounted net operating cash flows. 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margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">162,115,591</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Nordea/SEB Joint Bank Facility</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">86,371,847</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">132,272,938</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ABN AMRO Facility</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">64,201,180</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ABN AMRO Revolving Facility</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; 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border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">11,092,158</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; 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margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">232,262,720</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">412,666,867</div></div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 74%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Deferred finance fees</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); 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line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; 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width: 1%; vertical-align: bottom; padding: 0in 0in 1pt;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; 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background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Current portion of long-term debt</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">24,217,892</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">39,282,538</div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid white; width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Current portion of deferred finance fees</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgba(255, 255, 255, 0); width: 1%; border-bottom: 1pt solid black; border-top: none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">(2,210,990</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0px; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">)</div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-left: 10pt;">Total current portion of long-term debt</div></td><td style="border-image: initial; width: 1%; padding: 0in 0in 0.5pt; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; 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font-family: &quot;times new roman&quot;, times, serif; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2.32. Revenues and expenses</div></div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2.32.1. Pool and voyage revenues</div></div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For pool and voyage revenues please refer to Note 2.4 above.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0px 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2.32.2. 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Under voyage charters, these expenses are borne by Ardmore and are deferred and expensed over the voyage term.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Bunker fuel expenses&#160;under voyage charters are borne by Ardmore and these are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessel operating expenses are costs that are directly attributable to the operation of the vessels such as costs of crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees. 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padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; font-size: 10pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; margin-right: 0in; line-height: normal; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; background: none; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table style="width: 75%; border-collapse: collapse; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="padding: 0px 0in; vertical-align: bottom; background: none;;width:;">&#160;</td><td style="padding: 0in; vertical-align: bottom;;width:;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td><td colspan="6" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td></tr><tr><td style="padding: 0px 0in; font-size: 8pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: calibri, sans-serif; margin-top: 0px; text-align: center; background: none; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;">&#160;&#160;</div></div></div></div></div></div></div></td><td style="padding: 0in; font-size: 8pt; vertical-align: bottom;;width:;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td><td colspan="2" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Dec 31, 2018</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></div></div></td><td colspan="2" style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Dec 31, 2017&#160;</div></div></div></td><td style="padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></div></td></tr><tr><td style="width: 74%; padding: 0px 0in 0px 0pt; font-size: 10pt; background-color: rgb(255, 255, 255); vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-indent: -10pt; font-family: calibri, sans-serif; margin-left: 10pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; background-color: rgb(255, 255, 255); vertical-align: bottom;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; 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line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td><td style="width: 10%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; font-family: calibri, sans-serif; white-space: nowrap; margin-right: 0in; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">39,457,407</div></div></div></div></td><td style="width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom;"><div style="margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; background: none; font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div>&#160;&#160;</div><div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Future minimum scheduled repayments under Ardmore&#8217;s loan facilities for each year are as follows:</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><table style="width: 75%; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">As at</div></div></div><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Dec 31, 2018&#160;</div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2019</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); 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width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; 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letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid white; background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0px 0in 0px 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); 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width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">676,600</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">558,600</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2,009,200</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">1,280,163</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; 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top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#8212;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; 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width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">354,420</div></div></td><td style="border-image: initial; 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text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">3,233,888</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in 0in 1pt;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2,619,748</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); 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white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2,021,487</div></div></div></td><td style="border-image: initial; background: rgb(255, 255, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; font-family: calibri, sans-serif; white-space: nowrap; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Total</div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 48%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Sales proceeds</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; 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padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The net loss on the vessel held for sale for the year ended December 31, 2018 is calculated as follows:</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt; background: none;">&#160;</div><table style="width: 75%; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; font-family: &quot;times new roman&quot;, serif; 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text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgba(255, 255, 255, 0); padding: 0px 0in 0px 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 87%; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt 10pt; text-indent: -10pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net book value of vessel</div></div></td><td style="background: rgba(255, 255, 255, 0); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; 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top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; border-bottom: 1pt solid black; border-top: 0px none; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(6,360,813</div></div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: left; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap; text-indent: 0in;"><div style="white-space: nowrap; font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.5. Recent accounting pronouncements</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In June 2016, the FASB issued ASU 2016 -13: Financial Instruments - Credit Losses (Topic 326) which requires recognition of management&#8217;s estimate 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 will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently assessing the guidance; however, the Company does not expect adoption of this standard to have a material impact on its consolidated financial statements and related disclosures.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In July 2018, the FASB issued ASU 2018-11: Leases (Topic 842) Target Improvements which provides lessors with a permitted practical expedient to not separate non-lease components from the associated lease component. The Company has elected to apply the expedient in respect of certain voyage revenue from spot charters.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.6. Cash and cash equivalents</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore classifies investments with an original maturity date of three months or less as cash and cash equivalents.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.7. Receivables, trade</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Receivables, trade include amounts due from charterers for hire and other recoverable expenses due to Ardmore. At the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.8. Working capital advances</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Working capital advances relate to capital advanced directly to ship pools in which Ardmore&#8217;s vessels operate. All working capital amounts are classified as current assets where it is expected that the amounts advanced will be realized within one year.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.9. Prepayments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Prepayments consist of payments in advance for insurance or other ad hoc prepaid purchases.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.10. Advances and deposits</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Advances and deposits primarily include amounts advanced to third-party technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.11. Other receivables</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other receivables primarily relate to insurance claims outstanding, and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, at the time Ardmore realizes insured damages, where recovery is highly likely under the related insurance policies and where Ardmore can make an estimate of the amount to be reimbursed following the insurance claim. At the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.12. Inventories</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#8217;s vessels. Inventories are valued at the lower of cost or market value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#8217; invoice price with the addition of charges such as freight or duty where appropriate.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13. Vessels</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels are recorded at their cost less accumulated depreciation. Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. The useful life of Ardmore&#8217;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less estimated residual scrap value. Residual scrap value is estimated as the lightweight tonnage of each vessel multiplied by the estimated scrap value per ton.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.15. Drydock expenditure</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels are typically drydocked every three to five years. Expenditures incurred in drydocking are deferred and amortized until the next scheduled drydocking. Ardmore only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, expenditures that add economic life to the vessel, and expenditures that increase the vessels earnings capacity or improve the vessels operating efficiency. Expenses for routine maintenance and repairs are expensed as incurred.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.16. Vessels under construction</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The carrying value of the vessels under construction represents the accumulated costs to the consolidated balance sheet date which Ardmore has had to pay by way of purchase instalments and other capital expenditures, together with capitalized interest and other pre-delivery costs. The amount of interest expense capitalized in an accounting period is determined by applying an interest rate (&#8220;the capitalization rate&#8221;) to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If Ardmore&#8217;s borrowings are directly attributable to the vessels under construction, Ardmore uses the rate on that borrowing as the capitalization rate. If average accumulated expenditures for the asset exceed the amounts of specific borrowings associated with the asset, the capitalization rate applied to such excess is a weighted average of the rates applicable to other borrowings of Ardmore. Ardmore does not capitalize amounts in excess of actual interest expense incurred in the period. No charge for depreciation is made until the vessel is available for use.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 0 49998 49998 49997 49998 49999 49999 49999 49999 49997 49453 49466 49478 49494 49466 49420 45744 47141 45840 45726 47463 47472 47451 37764 37791 25215 25217 25217 25217 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 1250019 <div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(Loss)/profit before taxes was derived from the following sources:</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 4pt;">&#160;</div><table style="width: 75%; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="10" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times, serif; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">For the year ended</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td></tr><tr><td style="padding: 0px 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; text-align: center;"><div style="background: none; font-size: 10pt;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></div></td><td style="padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="2" style="border-top: 0px none; 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white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin: 0in 0in 0.0001pt; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times, serif; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Dec 31, 2017</div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 1pt; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; font-family: &quot;times new roman&quot;, serif; 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margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0px 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; 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margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; font-family: &quot;times new roman&quot;, serif; white-space: nowrap; width: 10%; text-align: right; vertical-align: bottom;"><div style="margin: 0in 0in 0.0001pt; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">33,441,879</div></div></td><td style="border-image: initial; background: rgb(204, 238, 255); padding: 0in 0in 0.5pt; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">4.17</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; 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text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-right: 0in;">10.25</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; 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font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: left; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; text-align: right; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 6%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: center; line-height: normal; font-family: &quot;times new roman&quot;, times, serif; 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font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 9pt; white-space: nowrap; width: 1%; 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padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Chartering services</div></div></div></td><td style="background: white; 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 18%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Bermuda</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Executive offices and fleet<br/>management</div></div></div></td><td style="background: rgb(204, 238, 255); 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background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">100</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></div></div></td></tr><tr><td style="background: white; padding: 3pt 0in 3pt 0pt; font-size: 9pt; line-height: 9pt; width: 39%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-indent: -10pt; font-family: calibri, sans-serif; margin-left: 10pt; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Ardmore Shipping (Asia) Pte Limited</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 18%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Singapore</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Chartering services</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: center; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 8%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; text-align: right; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 18%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">United States</div></div></div></td><td style="background: rgb(204, 238, 255); padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; 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font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 18%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Marshall Islands</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; white-space: nowrap; width: 1%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; 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width: 1%; padding: 3pt 0in; font-size: 9pt; line-height: 9pt;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; background: none; margin-top: 0pt; font-size: 10pt; line-height: normal;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div></td><td style="background: white; padding: 3pt 0in; font-size: 9pt; line-height: 9pt; width: 26%;;vertical-align:bottom;"><div style="margin-bottom: 0pt; font-family: calibri, sans-serif; font-size: 10pt; margin-top: 0pt; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Dormant</div></div></div></td><td style="background: white; 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Significant accounting policies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.1. Basis of preparation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;). The consolidated financial statements include the accounts of ASC and its subsidiaries. All subsidiaries are 100% directly or indirectly owned by ASC. One 50% owned joint venture entity is accounted for using the equity method (please refer to note 2.21, Equity accounted investments for more details). All intercompany balances and transactions have been eliminated on consolidation.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.2. Uses of estimates</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.3. Reporting currency</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The consolidated financial statements are stated in U.S. Dollars. The functional currency of Ardmore is U.S. Dollars because Ardmore operates in international shipping markets which typically utilize the U.S. Dollar as the functional currency. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than U.S. Dollar are translated to reflect the year end exchange rates. Resulting gains and losses are included in the accompanying consolidated statement of operations.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0px 0pt;"><div style="font-weight:bold;display:inline;">2.4. Summary of significant accounting policies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers, or ASC 606, a standard that supersedes virtually all of the prior revenue recognition guidance in U.S. GAAP. The main principle of ASC 606 is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. The new standard became effective for Ardmore on January 1, 2018. The impact of ASC 606 on the Company&#8217;s consolidated financial statements is described below.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In February 2016, the FASB issued ASC 842, Leases (&#8220;ASC 842&#8221;), a standard which replaces previous topics on lease accounting. The revised guidance requires lessees to recognize on their balance sheet a right of use asset and corresponding liability in respect of all material lease contracts. Ardmore previously recognized on its balance sheet those leases classified as capital leases. Those leases that are currently accounted for as operating leases (primarily for office space) are included on Ardmore&#8217;s balance sheet as a right of use asset and related lease liability in accordance with the new guidance. ASC 842 and related amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted, and requires the modified retrospective method of adoption.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The Company implemented these two new accounting standards and updated their policies as of January 1, 2018, with ASC 842 being early adopted. Both accounting standards were applied using the modified retrospective method. The Company took the practical expedient to not reassess whether any expired or existing contracts are, or contain, leases. (ASC 842-10-65-1(f)). The implementation of ASC 606 did not have a material impact on the financial statements as the majority of the Company&#8217;s spot charters fall under the scope of the new lease standard ASC 842. An adjustment of $418,822 is presented as a cumulative adjustment to opening retained earnings as of January 1, 2018. The corresponding adjustment for 2018 was $454,581 resulting in a cumulative effect to revenue of $35,759.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.1. Lease revenue from voyage charters</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For the majority of the Company&#8217;s spot charters, the Company make its vessels and crew available to operate as determined by the charterer. On this basis, the Company has concluded that these spot charter contracts contain a lease. For spot charters where the customer is not taking control of the vessel and only requires a method of transportation, the Company has concluded that these charters do not contain a lease and are considered service contracts.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">For those spot charters that contain a lease, the Company has performed a quantitative and qualitative analysis to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company has determined that the appropriate timeframe for the Company&#8217;s quantitative analysis, is a period of 10 years. The Company believes that a 10-year period is an appropriate timeframe because this period is expected to include low and high points in the normal shipping cycle. Therefore, the conclusion on this quantitative analysis is expected to be consistent, regardless of when the analysis is done in the determined timeframe. The Company&#8217;s conclusion on the quantitative analysis done on this basis is that the lease component is the predominant component. For its qualitative analysis, the Company considered that the predominant benefit for its customers is taking control of the vessel and having the right to direct its use, rather than the benefit derived from the service the Company provides executing their instructions. Based on the Company&#8217;s qualitative analyses, the Company has also concluded that the lease component is the predominant component. As the period the Company makes its vessels and crew available is the same period that it provides the service to execute the customer&#8217;s orders, the Company has concluded that lease and non-lease component have the same pattern of transfer. As permitted by ASC 842, the Company has taken the practical expedient to not disclose the different lease and non-lease components.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Additionally, for those spot charters that the Company determined contain a lease the Company is the lessor and these spot charters have terms that allow the charterer to exercise substantive decision-making rights which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel will be used. Under these charters there are no substantive substitution rights and the vessel is specified in the contract. Voyage expenses will be recognized over the term of the lease. Initial costs, such as broker commissions, are deferred and expensed over the voyage term.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Lease revenues from voyage charters on the spot market are recognized ratably on a discharge-to-discharge basis i.e. from when cargo is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. On those cases where the charterer directs the use of the vessel from the loading port, lease revenue is recognized ratably on a load to discharge basis. Revenue is recognized in both of these cases, provided an agreed non-cancellable charter between the Company and the charterer is in existence, and collectability is reasonably assured. Lease revenue under voyage charters is not recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Demurrage revenue represents payments by the charterer to the Company when the loading or discharging time exceeds the stipulated time in the voyage charter. Demurrage is only included in the voyage revenue recognition when the excess time has been incurred. The additional time required to execute the charterer&#8217;s orders are not considered distinct but to form part of the single obligation of making the vessel and the crew available and executing the charterer&#8217;s orders. Demurrage revenue is recognized ratably on a discharge-to-discharge basis, (i.e. from when cargo is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage), provided collection is reasonably assured.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.2. Pool revenues</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore includes certain of its vessels in commercial pooling arrangements from time to time. The pooling arrangements in which Ardmore participated in 2018, are arrangements in which the earnings from all participants are pooled and shared. In these arrangements, the members seek to benefit from the more efficient employment of their vessels as the manager leverages the size of the fleet commercially and operationally. The manager is responsible for the commercial management on behalf of the members of the pool, and the pool members are responsible for maintaining the operational efficiency of their participating vessels. Pool revenues and expenses for the Company&#8217;s pool arrangements have been accounted for in accordance with the guidance for collaborative arrangements. Revenues and voyage expenses of Ardmore&#8217;s vessels operating in commercial pooling arrangements are pooled with the revenues and voyage expenses of other pool participants. The resulting net pool revenues are allocated to the pool participants according to an agreed formula. The formulas used to allocate net pool revenues allocate revenue to pool participants on the basis of the number of days a vessel operates in the pool with weighted adjustments made to reflect the vessels&#8217; differing capacities and performance capabilities. Therefore, the determined net revenues represent the pool members&#8217; consideration for their different contribution to the collaborative arrangement. Ardmore accounts for its vessels&#8217; share of net pool revenue on a monthly basis. Net pool revenues due from the pooling arrangements are included in receivables, trade.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;"><div style="font-weight:bold;display:inline;">2.4.3.</div>&#160;<div style="font-weight:bold;display:inline;">Service revenue from voyage charters</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Voyage charters on the spot market that do not meet the lease definition (as described in Note 2.4.1) are recognized ratably on a load-to-discharge basis, (i.e. from when cargo is loaded at the port to when it is discharged after the next voyage). Demurrage revenue, which is included in voyage revenues, represents payments by the charterer to Ardmore when the loading or discharging time exceeds the stipulated time in the voyage charter, and is also recognized ratably on a load-to-discharge basis. This reflects the consideration to which the Company expects to be entitled to receive in exchange for the promised services. Voyage expenses are recognized over the length of the voyage as the performance obligation is satisfied. Initial costs to reposition a vessel are considered fulfillment costs and are deferred and recognized from load to discharge in the same manner as the voyage expenses.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.4.&#160;</div><div style="font-weight:bold;display:inline;">Expenses</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Voyage expenses, including commissions and administration fees, are deferred and expensed over the voyage term. Under time charters or pool employment, expenses such as, port fees, cargo loading and unloading expenses, canal tolls and agency fees are paid by the charterers. Under voyage charters, these expenses are borne by Ardmore and are deferred and expensed over the voyage term.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Bunker fuel expenses under voyage charters are borne by Ardmore and these are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessel operating expenses are costs that are directly attributable to the operation of the vessels such as costs of crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees. Vessel operating expenses are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.5. Charterhire costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Charterhire costs relate to amounts paid for chartering in vessels. Charter hire costs are expensed to the statement of operations as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.6. Operating leases (office rent)</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Operating leases relate to long-term commitments for the Company&#8217;s offices. Ardmore recognizes on the balance sheet the right to use those assets and a corresponding liability in respect of all material lease contracts. The discount rate used for calculating the cost of the operating leases is the incremental cost of borrowing. In relation to the Company&#8217;s operating leases,&#160;prior periods were not restated to reflect recording of the right of use asset/liability related to these leases.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.7. Finance leases</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Finance leases relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statement of operations using the effective interest method over the life of the lease.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Following the implementation of ASC 842, Leases, the transactions for the sale and leaseback of vessels, which were previously classified as capital leases under ASC 840, Leases, are now classified as finance leases with no other changes.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.5. Recent accounting pronouncements</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In June 2016, the FASB issued ASU 2016 -13: Financial Instruments - Credit Losses (Topic 326) which requires recognition of management&#8217;s estimate 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 will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently assessing the guidance; however, the Company does not expect adoption of this standard to have a material impact on its consolidated financial statements and related disclosures.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In July 2018, the FASB issued ASU 2018-11: Leases (Topic 842) Target Improvements which provides lessors with a permitted practical expedient to not separate non-lease components from the associated lease component. The Company has elected to apply the expedient in respect of certain voyage revenue from spot charters.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.6. Cash and cash equivalents</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore classifies investments with an original maturity date of three months or less as cash and cash equivalents.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.7. Receivables, trade</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Receivables, trade include amounts due from charterers for hire and other recoverable expenses due to Ardmore. At the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.8. Working capital advances</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Working capital advances relate to capital advanced directly to ship pools in which Ardmore&#8217;s vessels operate. All working capital amounts are classified as current assets where it is expected that the amounts advanced will be realized within one year.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.9. Prepayments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Prepayments consist of payments in advance for insurance or other ad hoc prepaid purchases.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.10. Advances and deposits</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Advances and deposits primarily include amounts advanced to third-party technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.11. Other receivables</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other receivables primarily relate to insurance claims outstanding, and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, at the time Ardmore realizes insured damages, where recovery is highly likely under the related insurance policies and where Ardmore can make an estimate of the amount to be reimbursed following the insurance claim. At the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.12. Inventories</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#8217;s vessels. Inventories are valued at the lower of cost or market value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#8217; invoice price with the addition of charges such as freight or duty where appropriate.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13. Vessels</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels are recorded at their cost less accumulated depreciation. Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. The useful life of Ardmore&#8217;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less estimated residual scrap value. Residual scrap value is estimated as the lightweight tonnage of each vessel multiplied by the estimated scrap value per ton.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13.1. Capital upgrades</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#8217;s judgment as to expenditures that extend a vessel&#8217;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.13.2. Ballast water treatment systems (BWTS)</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore is in the process of installing BWTS on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization&#8217;s Ballast Water Management Convention which comes into force from September 2019. Ardmore capitalizes and depreciates the costs of BWTS on each vessel, from the date of completion of the system, over the remaining useful life of the vessel. As none of these systems were completed nor in use at December 31, 2018 depreciation has not yet commenced.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.14. Impairment</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels and equipment that are &#8220;held and used&#8221; are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock and special survey costs related to the vessel. Net operating cash flows are determined by applying various assumptions regarding future revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. In estimating future revenues, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last 5 years, where available, and historical average one-year time charter rates for the industry over the last 10 years in each case adjusted for inflation. Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#8217;s control, management believes it is reasonable to use estimates based on a combination of more recent inflation-adjusted internally-generated rates and the inflation-adjusted 10-year average historical average industry rates.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">During the fourth quarter of fiscal year 2018, an impairment assessment of long-lived assets was performed. The Company&#8217;s assessment concluded that impairment was not required for any vessel.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">An impairment charge is recognized if the carrying value is in excess of the estimated future undiscounted net operating cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.15. Drydock expenditure</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessels are typically drydocked every three to five years. Expenditures incurred in drydocking are deferred and amortized until the next scheduled drydocking. Ardmore only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, expenditures that add economic life to the vessel, and expenditures that increase the vessels earnings capacity or improve the vessels operating efficiency. Expenses for routine maintenance and repairs are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.16. Vessels under construction</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The carrying value of the vessels under construction represents the accumulated costs to the consolidated balance sheet date which Ardmore has had to pay by way of purchase instalments and other capital expenditures, together with capitalized interest and other pre-delivery costs. The amount of interest expense capitalized in an accounting period is determined by applying an interest rate (&#8220;the capitalization rate&#8221;) to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If Ardmore&#8217;s borrowings are directly attributable to the vessels under construction, Ardmore uses the rate on that borrowing as the capitalization rate. If average accumulated expenditures for the asset exceed the amounts of specific borrowings associated with the asset, the capitalization rate applied to such excess is a weighted average of the rates applicable to other borrowings of Ardmore. Ardmore does not capitalize amounts in excess of actual interest expense incurred in the period. No charge for depreciation is made until the vessel is available for use.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.17. Vessels held for sale</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are tested for impairment. An impairment charge is recognized when the carrying value of the asset exceeds the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.18. Deposit for vessel acquisition</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Cash paid as deposit for an acquisition of a vessel that is considered restricted cash.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.19. Leasehold improvements</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Leasehold improvements relate to fit-out costs for work completed on Ardmore&#8217;s offices in Ireland and Singapore. These are recorded at their cost less accumulated depreciation and are depreciated over the life of the respective leases.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.20. Other non-current assets</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other assets relate to office equipment, fixtures and fittings. These are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.21. Equity accounted investments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore&#8217;s investment in Anglo Ardmore Ship Management Limited is accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or losses and distributions. Ardmore evaluates its equity accounted investment for impairment when events or circumstances indicate that the carrying value of such investment may have experienced and other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in Ardmore&#8217;s consolidated statements of operations.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.22. Payables, trade</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Payables, trade include all accounts payable and accrued liabilities in relation to the operating and running of the vessels, along with amounts due for general and administrative expenses.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.23. Other payables</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Other payables primarily consist of amounts due for minor ad hoc payables.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.24. Contingencies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Claims, suits and contingencies arise in the ordinary course of Ardmore&#8217;s business. Ardmore provides for these contingencies when (i) it is probable that a liability has been incurred at the date of the financial statements and (ii) the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred at the balance sheet date. Any such matters that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements, are discussed in Note 22&#160;to the consolidated financial statements.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.25. Distributions to shareholders</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the additional paid in capital account. Ardmore operates a policy of paying out distributions equal to 60% of Earnings from Continuing Operations.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.26. Equity issuance costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#8217; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.27. Debt issuance costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Financing charges which include fees, commissions and legal expenses associated with securing loan facilities and finance lease agreements are presented in the consolidated balance sheet as a direct deduction from the carrying amount of debt liability. These costs are amortized to interest expense and finance costs in the consolidated statement of operations using the effective interest rate method over the life of the related debt.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.28. Share based compensation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore may grant share-based payment awards, such as restricted stock units, as incentive-based compensation to certain employees. Ardmore measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which&#160;generally&#160;equals the vesting period. If the award contains a market condition, such conditions are included in the determination of the fair value of the stock unit. Once the fair value has been determined, the associated expense is recognized in the consolidated statement of operations over the requisite service period.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.29. Treasury stock</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as a reduction in additional paid in capital and any loss as a reduction in retained earnings.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.30. Dividend Reinvestment Plan</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In April 2015, Ardmore established a Dividend Reinvestment Plan (&#8220;DRIP&#8221;) to enable shareholders to reinvest their quarterly dividend in common shares of the Company. The Form F-3D registration statement detailing these shares is available from the SEC website. The DRIP allows for the purchase of additional common shares by either full dividend reinvestment or partial dividend reinvestment.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">When a shareholder signs up to the plan there are two options available to Ardmore when sourcing the shares for settlement under the DRIP.</div><div style="padding: 3pt 0pt;"><table cellpadding="0" cellspacing="0" style="letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; margin: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left;"><td style="width: 21px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td style="width: 20px; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">1.</td><td style="text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Open Market (&#8220;OM&#8221;): Ardmore issues shares already available in the open market or in privately negotiated transactions.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="padding: 3pt 0pt;"><table cellpadding="0" cellspacing="0" style="letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; margin: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left;"><td style="width: 21px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td style="width: 20px; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">2.</td><td style="text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Original Issue (&#8220;OI&#8221;): Ardmore registers and issues additional new shares.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The purchase price for shareholders of common shares under the DRIP depends on which option Ardmore chooses. For OM shares the price is the weighted average of the actual price paid for all shares purchased by the Transfer Agent on behalf of the participants of the DRIP. For OI shares the price is the daily high and the daily low average share price for the five business days immediately preceding the dividend payment date. In instances where Ardmore chooses OM settlement, the accounting treatment is the same as when a regular dividend is paid and not reinvested by shareholders, since Ardmore makes a cash payment equal to the amount of the dividend.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Where Ardmore chooses OI settlement, the Company records an increase in Share Capital for the par value of the shares and record any excess of market value over par within Additional Paid in Capital. The dividend is distributed first from retained earnings but is applied to additional paid in capital if retained earnings are not sufficient.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Where Ardmore utilizes existing treasury shares (which can only occur under an OI transaction), the Company reduces Treasury Shares and increase Share Capital for the par value of the shares to be issued. Any excess of market value over cost is recorded in Additional Paid in Capital. If a gain arises on utilizing Treasury Stock for the dividend reinvestment, the Company recognizes the gain within Additional Paid in Capital. If a loss arises, the Company records the loss within retained earnings</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.31. Financial instruments</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheet are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.32. Income taxes</div></div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Republic of the Marshall Islands</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping Corporation (&#8220;ASC&#8221;), Ardmore Shipping LLC (&#8220;ASLLC&#8221;), Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands. ASC believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to ASC will not be subject to any taxes under the laws of the Republic of the Marshall Islands.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Bermuda</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Bermuda) Limited (&#8220;ASBL&#8221;) is incorporated in Bermuda. ASC, ASLLC and ASBL are managed and controlled in Bermuda. ASC is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to ASC will be subject to any taxes under the laws of Bermuda.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ireland</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipholding Limited (&#8220;ASHL&#8221;) and Ardmore Shipping Services (Ireland) Limited (&#8220;ASSIL&#8221;) are incorporated in Ireland. ASHL is dormant and as such is not anticipated to generate trading income subject to corporation tax in Ireland.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">ASSIL&#8217;s trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading/passive income is taxed at the higher corporation tax rate which is currently 25%.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">United States of America</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;) and Ardmore Trading (USA) LLC (&#8220;ATUSA&#8221;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Singapore</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore Shipping (Asia) Pte. Limited (&#8220;ASA&#8221;) and Ardmore Tanker Trading (Asia) Pte. Limited (&#8220;ATTA&#8221;) are incorporated in Singapore. ASA qualified as an &#8220;Approved International Shipping Enterprise&#8221; by the Singapore authorities with effect from August 1, 2015. This entitles the company to tax exemption on profits derived from ship operations for any ships which are owned or chartered in by ASA.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">ATTA will be subject to Singapore tax on its worldwide profits. However, the company had not commenced business as at December 31, 2018 and therefore the Company does not expect it to be taxed for 2018.</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred taxation</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheet reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized Ardmore provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statement of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the year ended December 31, 2018 amounted to $0 (2017: $0).</div><div style="color: rgb(0, 0, 0); font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-weight: normal; padding: 3pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Uncertainties related to income taxes</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the year ended December 31, 2018 amounted to $0 (2017: $0).</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">4. Business and segmental reporting</div></div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Ardmore is primarily engaged in the ocean transportation of petroleum and chemical products in international trade through the ownership and operation of a fleet of tankers. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. Ardmore charters its vessels to commercial shippers through a combination of time-charter, pool and spot arrangements. The chief operating decision maker (&#8220;CODM&#8221;) does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of vessel employment, management cannot and does not identify expenses, profitability or other financial information for these charters or other forms of employment. As a result, the CODM reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when Ardmore charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions) and, as a result, the disclosure of geographic information is impracticable. In this respect, Ardmore has determined that it operates under one reportable segment, relating to its operations of its vessels.</div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">The following table presents consolidated revenues for customers that accounted for more than 10% of Ardmore&#8217;s consolidated revenues during the years presented:</div></div></div><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div><table style="width: 75%; border-collapse: collapse; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="padding: 0px 0in 1pt; vertical-align: bottom; background: none;;width:;">&#160;</td><td style="padding: 0in 0in 1pt; vertical-align: bottom;;width:;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: normal; font-size: 8pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 8pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td><td colspan="10" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: &quot;times new roman&quot;, times, serif; white-space: nowrap; line-height: normal; font-size: 8pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt;;font-weight:bold;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">For the year ended</div></div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: normal; font-size: 8pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 8pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td></tr><tr><td style="padding: 0px 0in 1pt; font-size: 8pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: &quot;times new roman&quot;, times, serif; margin-top: 0px; text-align: center; line-height: normal; font-size: 8pt; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="background: none;;font-weight:bold;display:inline;">&#160;&#160;</div></div></div></div></div></td><td style="padding: 0in 0in 1pt; font-size: 8pt; vertical-align: bottom;;width:;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: normal; font-size: 8pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 8pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: &quot;times new roman&quot;, times, serif; white-space: nowrap; line-height: normal; font-size: 8pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt;;font-weight:bold;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">Dec 31, 2018</div></div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 8pt; white-space: nowrap; vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: normal; font-size: 8pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 8pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td><td style="border-top: 0px none; border-image: initial; padding: 0in 0in 1pt; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: normal; font-size: 8pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt; background: none;;font-weight:bold;display:inline;"><div style="font-size: 8pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></div></div></td><td colspan="2" style="border-top: 0px none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 8pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0.0001pt; text-align: center; font-family: &quot;times new roman&quot;, times, serif; white-space: nowrap; line-height: normal; font-size: 8pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-size: 8pt;;font-weight:bold;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">Dec 31, 2017</div></div></div></div></td><td style="border-top: 0px none; 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Overview</div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">1.1. Background</div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Ardmore Shipping Corporation (NYSE: ASC) (&#8220;ASC&#8221;), together with its subsidiaries (collectively &#8220;Ardmore&#8221; or &#8220;the Company&#8221;), 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. As at December 31, 2018 Ardmore had 28 vessels in operation. The average age of Ardmore&#8217;s operating fleet at December 31, 2018 was 6.5&#160;years.</div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">1.2. Management and organizational structure</div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">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. On August 6, 2013, ASC completed its initial public offering (the &#8220;IPO&#8221;) of 10,000,000 shares of its common stock. Prior to the IPO, GA Holdings LLC, who was then ASC&#8217;s sole shareholder, exchanged its 100% interest in Ardmore Shipping LLC (&#8220;ASLLC&#8221;) for 8,049,500 shares of ASC, and ASLLC became a wholly-owned subsidiary of ASC. Immediately following the IPO, GA Holdings LLC held 44.6% of the outstanding common stock of ASC, with the remaining 55.4% held by public investors. In a series of transactions between March 2014 and November 2017, GA Holdings LLC sold or transferred all of its shares of ASC common stock. As of December 31, 2018, to Ardmore&#8217;s knowledge, no shareholder owned more than 10% of ASC&#8217;s common stock.</div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">As at December 31, 2018, ASC had 50 wholly-owned subsidiaries, the majority of which represent single ship-owning companies for ASC&#8217;s fleet, and one 50%-owned joint-venture entity which provides technical management services to the majority of the ASC fleet. Ardmore Shipping (Bermuda) Limited, a wholly-owned subsidiary incorporated in Bermuda, carries out the Company&#8217;s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly-owned subsidiary incorporated in Ireland, provides the Company&#8217;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.</div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">1.3. Vessels</div></div></div></div><div style="margin: 4pt 0in; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;">Ardmore&#8217;s fleet as at December 31, 2018, comprised the following:</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: center;"><div style="padding: 3pt 0pt;"><table cellpadding="0" cellspacing="0" style="vertical-align: bottom; text-indent: 0px; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; margin: 0in auto 0in 0px; border-collapse: collapse; border-spacing: 0px; width: 80%;"><tr><td style="padding: 0px; vertical-align: top;">&#160;</td><td style="width: 12px; vertical-align: top; text-align: center; border-bottom: none; padding: 0px;">&#160;</td><td colspan="3" style="padding: 0px; vertical-align: top;">&#160;</td><td style="width: 12px; vertical-align: top; text-align: center; border-bottom: none; padding: 0px;">&#160;</td><td colspan="3" style="padding: 0px; vertical-align: top;">&#160;</td><td style="width: 12px; vertical-align: top; text-align: center; border-bottom: none; padding: 0px;">&#160;</td><td colspan="3" style="padding: 0px; vertical-align: top;">&#160;</td><td style="width: 12px; vertical-align: top; text-align: center; border-bottom: none; padding: 0px;">&#160;</td><td colspan="3" style="padding: 0px; vertical-align: top;">&#160;</td><td style="width: 12px; 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padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">IMO</div></td><td rowspan="1" style="width: 6px; vertical-align: bottom; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="3" rowspan="1" style="line-height: normal; vertical-align: bottom; font-weight: normal; font-size: 8pt; text-align: center; border-bottom: 1pt solid black; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">Built</div></td><td rowspan="1" style="width: 6px; vertical-align: bottom; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="3" rowspan="1" style="line-height: normal; vertical-align: bottom; font-weight: normal; font-size: 8pt; text-align: center; border-bottom: 1pt solid black; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">Country</div></td><td rowspan="1" style="width: 6px; 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text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">MI</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Eco-<br/>design</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td></tr><tr style="background-color: white;"><td colspan="1" rowspan="1" style="padding-left: 10pt; text-indent: -10pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Ardmore Seafarer</div></td><td rowspan="1" style="width: 6px; 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vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">3</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; 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padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Dec-02</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">Japan</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">MI</td><td style="white-space: nowrap; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: center; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td rowspan="1" style="width: 6px; vertical-align: top; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;">&#160;</td><td colspan="1" rowspan="1" style="vertical-align: top; text-align: center; padding-left: 0px; 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font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0px 0pt;"><div style="font-weight:bold;display:inline;">2.4. Summary of significant accounting policies</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers, or ASC 606, a standard that supersedes virtually all of the prior revenue recognition guidance in U.S. GAAP. The main principle of ASC 606 is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. The new standard became effective for Ardmore on January 1, 2018. The impact of ASC 606 on the Company&#8217;s consolidated financial statements is described below.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">In February 2016, the FASB issued ASC 842, Leases (&#8220;ASC 842&#8221;), a standard which replaces previous topics on lease accounting. The revised guidance requires lessees to recognize on their balance sheet a right of use asset and corresponding liability in respect of all material lease contracts. Ardmore previously recognized on its balance sheet those leases classified as capital leases. Those leases that are currently accounted for as operating leases (primarily for office space) are included on Ardmore&#8217;s balance sheet as a right of use asset and related lease liability in accordance with the new guidance. ASC 842 and related amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted, and requires the modified retrospective method of adoption.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">The Company implemented these two new accounting standards and updated their policies as of January 1, 2018, with ASC 842 being early adopted. Both accounting standards were applied using the modified retrospective method. The Company took the practical expedient to not reassess whether any expired or existing contracts are, or contain, leases. (ASC 842-10-65-1(f)). The implementation of ASC 606 did not have a material impact on the financial statements as the majority of the Company&#8217;s spot charters fall under the scope of the new lease standard ASC 842. An adjustment of $418,822 is presented as a cumulative adjustment to opening retained earnings as of January 1, 2018. The corresponding adjustment for 2018 was $454,581 resulting in a cumulative effect to revenue of $35,759.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.2. Pool revenues</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Ardmore includes certain of its vessels in commercial pooling arrangements from time to time. The pooling arrangements in which Ardmore participated in 2018, are arrangements in which the earnings from all participants are pooled and shared. In these arrangements, the members seek to benefit from the more efficient employment of their vessels as the manager leverages the size of the fleet commercially and operationally. The manager is responsible for the commercial management on behalf of the members of the pool, and the pool members are responsible for maintaining the operational efficiency of their participating vessels. Pool revenues and expenses for the Company&#8217;s pool arrangements have been accounted for in accordance with the guidance for collaborative arrangements. Revenues and voyage expenses of Ardmore&#8217;s vessels operating in commercial pooling arrangements are pooled with the revenues and voyage expenses of other pool participants. The resulting net pool revenues are allocated to the pool participants according to an agreed formula. The formulas used to allocate net pool revenues allocate revenue to pool participants on the basis of the number of days a vessel operates in the pool with weighted adjustments made to reflect the vessels&#8217; differing capacities and performance capabilities. Therefore, the determined net revenues represent the pool members&#8217; consideration for their different contribution to the collaborative arrangement. Ardmore accounts for its vessels&#8217; share of net pool revenue on a monthly basis. Net pool revenues due from the pooling arrangements are included in receivables, trade.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;"><div style="font-weight:bold;display:inline;">2.4.3.</div>&#160;<div style="font-weight:bold;display:inline;">Service revenue from voyage charters</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Voyage charters on the spot market that do not meet the lease definition (as described in Note 2.4.1) are recognized ratably on a load-to-discharge basis, (i.e. from when cargo is loaded at the port to when it is discharged after the next voyage). Demurrage revenue, which is included in voyage revenues, represents payments by the charterer to Ardmore when the loading or discharging time exceeds the stipulated time in the voyage charter, and is also recognized ratably on a load-to-discharge basis. This reflects the consideration to which the Company expects to be entitled to receive in exchange for the promised services. Voyage expenses are recognized over the length of the voyage as the performance obligation is satisfied. Initial costs to reposition a vessel are considered fulfillment costs and are deferred and recognized from load to discharge in the same manner as the voyage expenses.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.4.&#160;</div><div style="font-weight:bold;display:inline;">Expenses</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Voyage expenses, including commissions and administration fees, are deferred and expensed over the voyage term. Under time charters or pool employment, expenses such as, port fees, cargo loading and unloading expenses, canal tolls and agency fees are paid by the charterers. Under voyage charters, these expenses are borne by Ardmore and are deferred and expensed over the voyage term.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Bunker fuel expenses under voyage charters are borne by Ardmore and these are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Vessel operating expenses are costs that are directly attributable to the operation of the vessels such as costs of crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees. Vessel operating expenses are expensed as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.5. Charterhire costs</div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: 'times new roman', times, serif; font-size: 10pt; line-height: 12pt; padding: 3pt 0pt 3pt 4px; margin: 0pt;">Charterhire costs relate to amounts paid for chartering in vessels. Charter hire costs are expensed to the statement of operations as incurred.</div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: left; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; line-height: 12pt; font-weight: normal; padding: 5pt 0pt 3pt 4px; margin: 0pt;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-weight:bold;display:inline;">2.4.6. 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In July 2019, following discussions with our independent auditors, Ernst & Young, we identified an error in the presented location of the net gains and losses on disposals of vessels in our consolidated statement of operations. While properly stated in every other respect, the net gains and losses on disposals of vessels were improperly presented in our consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016, and for the quarterly period ended March 31, 2019. Pursuant to Accounting Standards Codification 360-10, Property, plant, and equipment, if a subtotal for income from operations is included on a statement of operations, net gains or losses on the sale of long-lived assets that are not discontinued operations should be included in income from operations. While the net losses on disposal of vessels had been properly calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), we had chosen to include a subtotal for income from operations in our consolidated statement of operations (labelled "(loss/profit from operations") but had reflected net gains and losses on disposal of vessels below, rather than above, such subtotal. In this Amendment we are restating our consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016 (the "Financial Statements") to remove the subtotal for (loss)/profit from operations. Such removal does not result in any change in net loss or profit for the years ended December 2018, 2017 or 2016, nor in the other primary financial statements of the Company for any period presented. In determining how to correct for the error in the presentation of net gains and losses from disposal of vessels, management decided to remove the subtotal labelled loss/profit from operations, because it is not a metric that management uses to evaluate the Company's performance and operating results. In this Amendment, we are also amending Items 3.A (Key Information - Selected Financial Data), 3.D (Key Information - Risk Factors), 5.A (Operating and Financial Review and Prospects - Operating Results) and 15 (Controls and Procedures) relating to the restated financial information. As more fully described in Item 15, as a result of the restatement of the Financial Statements, management has revised its assessment of internal controls over financial reporting and concluded that it was not effective at December 31, 2018. The Financial Statements and disclosure in Items 3.A, 3.D, 5.A and 15 of this Amendment are otherwise identical in all respects to the financial statements and disclosure contained in the Original Filing. Other Items in this Amendment are included for the convenience of the reader only and have not been updated from the Original Filing. We are also filing a Form 6-K/A to similarly restate our consolidated statement of operations for the quarter ended March 31, 2019. Except for the changes described above, this Amendment continues to present information as of the date of the Original Filing. Other events occurring after the filing of the Original Filing or other disclosures necessary to reflect subsequent events have been or will be addressed in other reports filed with or furnished to the SEC subsequent to the date of the Original Filing. This Amendment includes currently dated certifications from our Principal Executive Officer and Principal Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, and amended reports of our independent registered public accounting firm relating to the audit of the Financial Statements and of the effectiveness of internal control over financial reporting. Since this Amendment restates the financial information for the years ended December 2018, 2017 and 2016, we do not intend to amend our previously filed Annual Reports on Form 20-F for periods ended prior to December 31, 2018. As a result, you should rely upon the restated consolidated financial statements, reports of our independent registered public accounting firm and related financial information for 2018, 2017 and 2016 contained in this Amendment. <div style="font-size: 18pt; margin: 0in 0in 0.0001pt; line-height: 12pt; font-family: &quot;times new roman&quot;, serif; font-weight: normal;;-webkit-margin-before: 0em;-webkit-margin-after: 0em;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;;font-weight:bold;display:inline;">3. Restatement of financial statements</div></div></div><div style="margin: 0px 0in; line-height: 12pt; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none;">&#160;</div><div style="margin-bottom: 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to Accounting Standards Codification 360-10,&#160;<div style="color: rgb(0, 0, 0); font-family: 'times new roman', times, serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;;font-style:italic;display:inline;;font-style:italic;display:inline;">Property, plant, and equipment,</div>&#160;if a subtotal for income from operations is included in a statement of operations, gains or losses on the sale of long-lived assets that are not discontinued operations, should be included in income from operations.&#160;</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px; font-size: 10pt;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="margin-bottom: 0.0001pt; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The Company identified an error in the classification of the net gains and losses on disposal of vessels in the Company&#8217;s consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016. The Company is restating its consolidated statement of operations for the years ended December 31, 2018, 2017, and 2016 (the &#8220;Financial Statements&#8221;) to remove the subtotal for (loss)/profit from operations. There was no effect on the Company&#8217;s previously reported consolidated balance sheets as at December 31, 2018 and 2017, or consolidated statements of cashflows or changes in equity for the years ended December 31, 2018, 2017, and 2016.</div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> iso4217:USD xbrli:shares xbrli:pure utr:t iso4217:USD xbrli:shares asc:Fleet asc:Number Includes $8.3 million related to vessel held for sale repayable on January 2, 2019.