ARDMORE SHIPPING CORPORATION

Stifel Nicolaus Investor Presentation

February, 2016
Disclaimer

This presentation contains certain statements that are deemed to be forward-looking statements within the meaning of applicable U.S. federal
securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping
Corporation (Ardmore or the Company) expects, projects, believes or anticipates will or may occur in the future are forward looking
statements, including, without limitation, statements about future operating or financial results; global and regional economic conditions and
trends; pending vessel acquisitions or possible upgrades to vessels; the Companys business strategy and expected capital spending or
operating expenses; fuel efficiency savings and the potential impact of the companys cost structure on the share price; competition in the tanker
industry; shipping market trends; the Companys financial condition and liquidity, including ability to obtain financing in the future to fund capital
expenditures, acquisitions and other general corporate activities, the amount of future cash flows and earnings of the Company; dividend
amounts actually declared by the Companys board of directors; the amount of cash reserves established by the Companys board of directors;
limitations on dividends contained in the Companys credit facilities or under Marshall Islands law; additional issuances of the Companys
shares of common stock, the Companys ability to enter into fixed-rate charters after the current charters expire and the Companys ability to
earn income in the spot market, and expectations of the availability of vessels to purchase, the time it may take to construct new vessels; vessel
delivery dates and vessels useful lives, are forward-looking statements. Although the Company believes that its expectations stated in this
presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.

Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company's filings
with the Securities and Exchange Commission (the "SEC"). This presentation is for information purposes only and does not constitute an offer to
buy or sell securities of the Company. For more complete information about the Company, the information in this presentation should be read
together with the Company 's filings with the SEC which may be accessed on the SEC website at www.sec.gov.

Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company's filings
with the Securities and Exchange Commission (the "SEC"). This presentation is for information purposes only and does not constitute an offer to
buy or sell securities of the Company.

Stifel Nicolaus had no involvement in the preparation of this presentation and, accordingly, makes no representation or warranty as to the
accuracy or completeness of any of the information or data included therein and expressly disclaims any and all liability relating to or resulting
from use of this presentation.

2
Overview of Ardmore Shipping

3
Ardmore Shipping Corporation

Leading public product tanker focused on most attractive sector over the
long-term, strategy based on service excellence and operating efficiency

Owns and operates a fleet of 24 Eco medium size (MR) product and
chemical tankers. MRs are the workhorses of the product tanker fleet

Internal management company and no transactions with affiliates

MR product tanker rates increased 56% YoY(1) in 2015, yet remain ~50%
below 10-year peak rates

Generated record earnings of $1.23 per share for the 12 months ended
Dec 31, 2015 with an average of 20 vessels in operation

World class operations driving significant earnings upside:

o Every $1,000 increase in charter rates adds 34 cents to EPS & Cashflow
and increases the dividend by $0.20 / share(2)

Attractive new dividend policy:

o Dividend policy to pay out 60% of net income quarterly

Completed a refinancing of substantially all of our outstanding debt,

reducing our interest expense by ~$2 mln and improving surplus cashflow
by ~$6 mln in 2016

1. Source: HRP, increase based on comparison of average triangulation rates January 2nd to December 31st 2015 to the same period in 2014
2. Realized across a full fleet of 24 ships. Calculation based on: ($1,000 day x 363 revenue days x 24 ships) / 26.1mln shares = $0.34 per share. $0.34 x 60% = Dividend of $0.20 per share
4
High Quality Fleet

High Quality Vessels Fleet List

Vessel Name Type Dwt Built Country Specification Employment
Modern Eco Fleet Ardmore Seavaliant IMO 2/3 49,998 Feb-13 Korea Eco-design Spot
Ardmore Seaventure IMO 2/3 49,998 Jun-13 Korea Eco-design Spot
Ardmore Seavantage IMO 2/3 49,997 Jan-14 Korea Eco-design Time Charter
Average age of ~4.6 yrs Ardmore Seavanguard IMO 2/3 49,998 Feb-14 Korea Eco-design Time Charter
Ardmore Sealion IMO 2/3 49,999 May-15 Korea Eco-design Pool
Ardmore Seafox IMO 2/3 49,999 Jun-15 Korea Eco-design Pool
Ardmore Seawolf IMO 2/3 49,999 Aug-15 Korea Eco-design Pool
Upgraded for enhanced Ardmore Seahawk IMO 2/3 49,999 Nov-15 Korea Eco-design Pool
commercial capability Ardmore Endeavour IMO 2/3 49,997 Jul-13 Korea Eco-design Spot
Ardmore Seafarer IMO 3 45,744 Aug-04 Japan Eco-mod Time Charter
Ardmore Seatrader Product 47,141 Dec-02 Japan Eco-mod Spot
Built at high-quality yards in Ardmore Seamaster IMO 3 45,840 Sep-04 Japan Eco-mod Spot
Korea and Japan Ardmore Seamariner Product 45,726 Oct-06 Japan Eco-mod Spot
Ardmore Sealeader Product 47,463 Aug-08 Japan Eco-mod Spot
Ardmore Sealifter Product 47,472 Jul-08 Japan Eco-mod Spot
Quality fleet = lower Ardmore Dauntless IMO 2 37,764 Feb-15 Korea Eco-design Pool
Ardmore Defender IMO 2 37,791 Feb-15 Korea Eco-design Pool
operating cost, higher
Ardmore Centurion IMO 2 29,006 Nov-05 Korea Eco-mod Spot
utilization and maximum Ardmore Cherokee IMO 2 25,215 Jan-15 Japan Eco-design Pool
value appreciation Ardmore Cheyenne IMO 2 25,217 Mar-15 Japan Eco-design Time Charter
Ardmore Chinook IMO 2 25,217 Jul-15 Japan Eco-design Time Charter
Ardmore Chippewa IMO 2 25,217 Nov-15 Japan Eco-design Time Charter
Complementary fleet Ardmore Calypso(1) IMO 2 17,589 Jan-10 Korea Eco-mod Time Charter
Ardmore Capella(1) IMO 2 17,567 Jan-10 Korea Eco-mod Time Charter
Total 24 969,953 4.6 (2)

1. Agreed sale of the Ardmore Calypso and Ardmore Capella, expected to deliver to buyer in 2Q16
2. Average age of fleet as at Jan 27th, 2016
5
 MRs in Perspective
World Tanker Fleet(1)
5,907 Vessels

Crude Tankers Product / Chemical Tankers

Short Range / Stainless / Specialized
(Uncoated) (Coated: 25,000 Dwt to 120,000 Dwt )

UL / VLCC SUEZ AFRA PAN LR2 LR1 MR SR Stainless Spec

635 494 629 84 262 329 1,892 896 577 109

Products Share of Oil Seaborne Trade Increasing(2) Growing Share of World Tanker Fleet

3,500
Crude Seaborne Trade Product Seaborne Trade
3,000 MR tankers comprise ~32% of the world tanker
fleet by number of ships(1)
2,500
Million Tonnes

36%
2,000 25% Seaborne oil transport is gradually shifting away
1,500 from crude and toward refined products
1,000 64%
75%
500 This is the main growth driver for MRs
0

1. Drewry as at Feb 2015

2. Source: Clarksons Shipping Intelligence Network Time series
6
MRs the Yellow Cabs of the World Tanker Fleet

MR VLCC

LR1 LR2

MRs Trade Everywhere And Are The Ship Of Choice For Oil Traders Due To Their Versatility

7
Consistent and Focused Strategy

1 Consistent Focus on MR Product and Chemical Tankers

2 Cost Efficiency 3 Highly Effective Chartering Strategy 4 Value Added Service = Max Earnings

Acquire vessels at cyclical lows: low cash
breakeven and maximum ship value
appreciation
Operate and maintain vessels efficiently
Low overhead at approx. $1,200 per ship /
day (1)
Time charter and spot employment - mix
adjusted to maximize TCE
1Q16: Spot 71% v Time Charter 29%
Maintain close dialogue with charterers at
all times for time-charter opportunities
Maintain a high-quality, fuel efficient fleet
Exploit the product and chemical overlap
Close operational collaboration with
charterers: service excellence
Optimise voyage performance: maximise
TCE

Superior Operational And Financial Performance

1. Based on full fleet of 24 ships

8
Strong Management Team with Proven Track Record
Experience
Name Past Positions
(Years)
Tony Gurnee 33 CEO of Industrial Shipping Enterprises, COO of MTM Group and CFO of Teekay Shipping
Corporation
CEO
Shipping financier with Citicorp and U.S. Naval Officer
MBA, CFA, Fellow of the Institute of Chartered Shipbrokers

Mark Cameron 30 VP of Strategy and Planning at Teekay Marine Services

COO Fleet Manager at AP Mller-Maersk
Chief Engineer at Safmarine

Paul Tivnan 14 Formerly at Ernst & Young, Financial Services Advisory

CFO Associate of the Institute of Chartered Accountants of Ireland and the Irish Taxation Institute
Member of the Institute of Chartered Shipbrokers

Gernot Ruppelt Tanker Broker at Poten & Partners

14
Director of Chartering Chartering Manager Maersk Broker / AP Mller-Maersk (Copenhagen, Singapore, Germany)
and Business Development Graduate of Hamburg Shipping School and Member of the Institute of Chartered Shipbrokers

Greg Chad VP Corporate Services at Teekay Shipping Corporation

38 Held human resource management positions at BC Telephone and Canadian Airlines
Director of Human
Resources Graduate of the University of British Columbia and holds MBA in Human Resource Management
from Seattle City University

Decades Of Experience With Industry Leading Companies

9
 Product Tanker Market

Strong Spot & Pool TCE rates in 2015 averaging $21,548 for the full Average MR Triangulation Rates(1)
year: $26,000 Trailing 12 Mth. Average Rates
o Very strong rates in 2Q15 and 3Q15 but eased in 4Q15 due to $24,000
seasonality and refinery turnarounds
$22,000
o 1Q16 starting strong but refinery maintenance in the USG and a fire $20,000
at Exxons Beaumont refinery reducing cargo volumes $18,000
$16,000
Seaborne product trade increased by 1.3 million bpd to 22 million bpd $14,000
in 2015 (~6% YoY increase), while tonne mile demand grew by ~7% $12,000
YoY(4) $10,000

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

petroleum products averaged ~2.3 million bpd from Jan to Nov 2015,
a 7% increase YoY(3) Product Tanker Orderbook and Fleet Development(4)
100 60%
90
US Gulf refineries currently operating at 83.1% utilization(2) due to: 80 50%
o Scheduled maintenance (turnarounds) 70

OB as % Fleet
40%

Million DWT
o Power outage at Exxon's 344kbd Beaumont refinery on Jan 21st 60
50 30%
40
Orderbook at ~9.5% of the fleet which is the lowest level since 2001: 30 20%
o 146 MRs delivered and 20 MRs scrapped in 2015 20 10%
o Est. 99 MR deliveries and net fleet growth of ~4% in 2016(5) 10
0 0%
o Orderbook may be <5% of the fleet by year end 2016(6)
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1. Source: HRP - Trailing 12 month average of TC11/TC4 and TC2/TC14 triangulation rates as at December 31st, 2015
2. Source: EIA Weekly Inputs & Utilization report for the week ending January 29th, 2016
3. Source: EIA Finished Petroleum Product Export Data
10 4.
5.
Source: Clarksons Shipping Intelligence Network
Based on management estimates
6. Assumes no new orders placed in 2016
 Product Tanker Demand Outlook
Estimate of 2016 Seaborne Imports / Exports(1) Seaborne Volume of Oil Products Traded(2)
Imports as % Exports as %
Import Export Net Total Trade Total Trade 25.0 22.8
Middle East 1.2 2.7 1.5 5.3% 11.8% CAGR +4%
North America 1.8 3.3 1.5 7.9% 14.5% 20.0

China 0.5 0.6 0.1 2.2% 2.6%

MMbpd
15.0 12.2
Asia (ex China) 8.1 5.7 -2.4 35.5% 25.0%
Europe 7.1 5.7 -1.4 31.1% 25.0% 10.0
Latin America 1.9 0.6 -1.3 8.3% 2.6%
5.0
Africa 1.3 0.4 -0.9 5.7% 1.8%
FSU n/a 3.1 n/a n/a 13.6% 0.0

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016e
Other 0.9 0.7 -0.2 3.9% 3.1%
Total Trade MMbpd 22.8 22.8 100% 100%

Global Refinery Capacity Growth(3) Comments

102.0
+1.5mbd ~1.6 million bpd of new refining capacity expected to come on
101.0 stream in 2016(3):
100.0 +1.2mbd
o United States +300kbd (primarily PADD3)
99.0 +1.6mbd
o China +490kbd / Other Asia +330kbd / Middle East +296kbd
mb/d

98.0
97.0 Increasing diesel exports from China driving trade
96.0
Refinery margins remain strong, particularly for gasoline,
95.0
resulting in higher outputs worldwide
94.0
2015 2016e 2017e 2018e

1. Source: Clarkson's Shipping Intelligence Network, forecast for 2016 according to Clarksons SIN data
2. Source: Seaborne volume of Oil Products sourced from Clarkson's Shipping Intelligence Network, forecast for 2016 according to Clarksons SIN data
3. Source: IEA Medium Term Market Report 2015 and management estimates
11
Chemical Tanker Market
Chemical tanker charter rates were strong in 2015, evidenced by 25k Dwt / 37k Dwt Chemical Tanker TCE $/day(1)
ASC rate performance up 18% year-on-year(3)
CHEM-25s CHEM-37s
25,000
The chemical tanker market continues to improve:
20,000
o Continued expansion of petrochemical plants in US and Middle

TCE $/day
East leading to increased exports of commodity chemicals (+6% 15,000
YoY)(6)
10,000
o Imports of chemicals into China remain strong despite slowdown in
GDP growth, in particular those used in light industrial / textile 5,000
manufacturing
0
o Strong start to 2016 with Veg Oil / Biodiesel volumes at historical
highs

Simpler, coated chemical tankers such as those in ASC fleet are Chemical Tanker Orderbook and Fleet Development (2)
benefiting from strong product tanker market:
35 80%
o Continuing to engage in regional CPP trade to a greater degree
30 70%
o ASC chemical fleet spending 50% of time in CPP trade, 25% in veg
oils and 25% in commodity chemicals 60%
25
o As chemical market strengthens further, these ships can swing

OB as % Fleet
Million DWT
50%
back into more chemical business 20
40%
15
Fleet growth expected to be relatively moderate with: 30%
10
o Orderbook at ~11% of the fleet 20%
o Est. 80 deliveries (~2 mln Dwt), resulting in net fleet growth of ~5% 5 10%
in 2016(4)
0 0%
o Orderbook expected to be <5% of the fleet by year end 2016(5),
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
assuming no new orders placed
1. TCE $/day based on internal chemical tanker voyage data
2. Orderbook for coated IMO2 with average tank size <3000m3 and stainless steel ships above 10,000 Dwt
3. Based on comparison of Chemical Tanker Eco-Mod rates FY2015 vs FY2014
12 4. Based on management estimates
5. Based on management estimates and assumes no new orders placed in 2016
6. Source: Richardson Lawrie Associates, Chemical Carrier World No. 40. Calculation based on the growth in the combined exports of the US and Middle East from 2014 to 2015
MR Shipyards and Product Tanker Demand & Supply
Shipyard Capacity(3) MR Product Tankers

Number of Yards to Deliver at Least One MR Tanker

Fleet: 1,984 ships
20

18
Demand growth: 114 ships / year ++
16 4 6
-42%
Expected deliveries(1): 99 ships / year
14
Number of Yards

12 4 2
Expected scrapping(2): 20 ships / year
10 2

8
Net fleet growth: 79 ships / year
2 2
7
6
6
4
5
4 Demand Growth 5%+
2 4 4
vs.
3
2 Supply Growth ~4%
0
2007 2008 2014 2015e

China Korea Japan Other

Demand And Supply Lead To Positive Outlook

Source: Drewry, Internal data, publicly disclosed market information.
1. Management estimates based on analysis of MR Product orderbook, vessel deliveries and yard capacity
13 2. Internal Estimate based on average dwt of ships scrapped over the last three years adjusted for average vessel size in total fleet. 39 ships scrapped in 2013 ,30 ships in 2014 and 20 ships in 2015
3. Source: Clarkson's Shipping Intelligence Network, forecast based on management estimates. 2015 estimate assumes Sungdong SB Korea is closed
Rates and Asset Values Still at Low Levels

Historical 1YR MR Charter Rates Historical MR Asset Values

35,000 60
Newbuild (47 - 51K Dwt) Secondhand (5yr Old 47k Dwt)

55
Ardmores
30,000
50 Investment
Period
45
Rates remain more

Vessel Price ($mln)

25,000 than ~40% below
US$ per Day

the last cycle peak 40

35
20,000
30

25
15,000

20

10,000 15
Jul-02

Jul-03

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15
Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jul-02

Jul-03

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15
Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16
Charter Rates And Asset Values Remain Well Below Historical Averages And Ardmores Fleet Has Been
Assembled At An Attractive Point In The Cycle
Source: Clarksons Shipping Intelligence Network, Internal data, publicly disclosed market information.

14
Attractive Share Price Disconnected from Ship Rates

Average Spot MR Tanker Rates vs ASC Share Price Performance (1)

Average MR Spot Rates Share Price
Disconnect Between
$30,000 Share Price and Rates $20
Average Spot MR Tanker Rates

$25,000 $18

$16
$20,000

Share Price
$14
$15,000
$12
$10,000
ASC Share Price $10

$5,000 -42% Vs MR Spot Rates $8

Nov - Feb
$0 $6
Nov-15 Dec-15 Jan-16 Feb-16

Volatility in the stock market has created a disconnect between share price and business prospects

ASC share price now trading at a considerable discount to the inherent value of the company. ASC price down
~42% since November 2015(2), while average MR spot rates have are flat over the same period(3)

1. Source: Bloomberg, HRP. Period November 02, 2015 to February 04, 2016
2. Source: Bloomberg. Period November 02, 2015 to February 04, 2016
15 3. Source: HRP Comparison of the average of the combined TC11 / TC 4 and TC 2/ TC 14 triangulation rates as at November 02, 2015 to the same rate as at February 04, 2016
 Strong Financial Performance and Significant Growth

Revenue Growth ($Mln) Revenue Days Growth From New Deliveries(1)

$180 $157.9 +16%

$160 9,000 (Y-o-Y)
$140 8,221
$120 +65%
8,000
$100 (Y-o-Y)
$80 $67.3 7,071
$60 7,000
$35.9
$40 $25.2
$20
6,000
$0
FY 2012 FY 2013 FY 2014 FY 2015

Revenue Days
5,000
EBITDA Growth ($Mln)(2) 4,280

4,000
$80 $70.6
$70 3,000
$60
$50 2,000
$40
$30 $22.7
1,000
$20
$9.5
$10 $5.1
$0 -
FY 2012 FY 2013 FY 2014 FY 2015 FY14 1Q15 2Q15 3Q15 4Q15 FY15 FY16 EST

Executing On Rapid And Profitable Growth Through Fleet Expansion Program

1. Revenue Days based on managements estimates. FY16 estimates include the impact of the sale of the Ardmore Calypso and Ardmore Capella
2. EBITDA is a non-GAAP measure that is defined as earnings before interest, taxes, depreciation and amortization. Management uses this measure in evaluating Ardmores operating performance.
16
 Conservative Capital Structure
Book value of vessel assets ~$700 mln and gross debt of ~$424 mln as at Dec 31, 2015(1)

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

Completed a refinancing of $344 mln of debt in January 2016, reducing our interest expense by ~$2 mln and improving surplus
cashflow by ~$6 mln in 2016

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

All debt is amortizing at ~$38 mln per year

(2)
Debt Profile

$1.3 $9.4 $9.4

$699.4 $9.4

$423.6

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

Debt Repayments

1. Gross Debt excludes impact of netting of deferred finance fees as required under US GAAP ($423.6 mln - $8.6 mln = $415 mln)
2. Proforma debt repayment profile based on 1Q16 debt refinancing
17
Earnings Power
Efficient Operation Resulting in Significant Earnings Power

Vessel Type TCE per day TCE per day TCE per day

MR Product (50k) $18,500 $21,500 $24,250

MR Chem (25-37k) $16,500 $17,500 $18,000

$2.50 Every $1,000 / day

$1.89
Earnings Per Share(1) $1.20 increase in rates equals
34 cents per share in
EPS and Cashflow &
dividend increase of
$1.50 $0.20 / share(2)
$1.14
Dividend Per Share(1) $0.72

Base Rates Rates FY2015 Upside Rates - 3Q15

1. Management estimates based on a full fleet of 24 vessels operating in the spot market for 363 revenue days / ship
2. Realized across a full fleet of 24 ships. Calculation based on: ($1,000 day x 363 revenue days x 24 ships) / 26.1mln shares = $0.34 per share. $0.34 x 60% = Dividend of $0.20 per share
18
Why Invest In Ardmore?

Generated record earnings of $1.23 per share for the 12 months ended Dec
31, 2015

Near-term outlook remains positive, anticipating a solid charter market in

2016 driven by refinery expansion and increased output, underpinned by
continuation of oil market dynamics (volatility and congestion)

Strong secular demand growth continues as worldwide refinery expansions

and complexity of trading activity drives tonne mile demand, almost
independent of underlying oil consumption growth (6% vs 1.4% over the last
seven years)

MR orderbook now at lowest point in 15 years and set to decline by year-

end to around 5% without additional ordering

Ardmore is well positioned to take advantage of continued strong rates -

every $1,000 increase in charter rates across the delivered fleet equates to
$0.34 in EPS and $0.20 in dividend(1)

Attractive dividend yield driven by world class operations:

o Dividend policy to pay out to pay out 60% of net income quarterly

Completed a refinancing of substantially all of our outstanding debt,

reducing our interest expense by ~$2 mln and improving surplus cashflow
by ~$6 mln in 2016

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

19
Thank You

20
Appendix: Origin of Product and Chemical Cargos
Liquid Cargos Commercial Use
M/A
Methane Manufacturing
Production Methanol Polystyrene
Plant MTBE Fibres
UAN Resin
Latex
Gas

Ethylene Ethylene Dichloride Polyester

Ethane Ethylene Glycol Nylon
Propane Ethylene
NGL Plant Propylene Linear Alcohols Adhesives
Butane Cracker Vinyl Acetate Solvents
Naphtha Styrene Detergent
Butylene Misc chemicals Anti-Freeze
Flooring
Textiles
Pygas
Fuel Blending
Oxygenates
Benzene
Anti-knock agents
Toulene
Crude Oil

Reformate Naphtha Ethylene Xylenes

Refinery Agri-Business
Cracker Styrene
Fertilizers
Cyclohexane
Misc chemicals

Gasoline
Jet Fuel and Diesel
Fuel Oil Ardmores Fleet Capability

Natgas, NGLs and Naphtha are the key feedstocks for chemicals shipped by sea
21
Appendix: Product and Chemical Overlap

IMO 3

Clean Petroleum Products (CPP) Chemicals*

IMO 2
(Coated) Kerosene Diesel Jet Fuel Gasoline Naphtha Organic Inorganic

Other Cargos Vegoils Biofuels Ethanol

IMO 3 Tankers IMO 2 Tankers

Cargo CPP + Vegoils Cargo: CPP + Vegoils + Biofuels + Chemicals

Tank Coating: Epoxy Tank Coating: Phenolic Epoxy / Stainless Steel / Marine Line

Tank Size: >3,000 m3 Tank Size: <3,000 m3

Inerting: Required (standard IGS not suitable Inerting: Not required for chemicals but growing
for chemicals) preference for Nitrogen

Crewing: Standard tanker competency Crewing: Chemical tanker competency

* Certain chemicals such as Caustic Soda can be carried on IMO3 ships. However the vast majority of inorganic chemicals must be carried on IMO2 ships and acid based cargos are only suitable for stainless steel ships.

Coated IMO2 Ships Are Essentially More Sophisticated Product Tankers

22
Appendix: Product Tanker Long Term Secular Drivers

Drivers in Product Tanker Market Global Refinery Developments (2015-2020) (2)

Underlying / ongoing demand coming from:

Increased demand for oil products driven by

low oil price
New export refineries in Middle East(1)
US Gulf increasing exports of refined products
Sulphur and other regulations increasing
voyage duration and demand for ship days

Product tanker tonne mile demand grew by ~5%

CAGR between 2005 and 2015(3)

MR vessel supply estimated to be ~4% in 2016

Combination of constrained supply growth and

fundamental secular demand drivers should result
in further tightening, leading to continued
improvements in charter rates

Secular Trends + Positive SupplyDemand Outlook Is Supporting Rate Increase

Note: Ongoing trend of refineries expanding closer to the oil well as refineries in areas of consumption close down.
1. Seaborne trade of refined products is ~22 million barrels / day. New / expanded refineries in Yanbu (Saudi Arabia) and Ruwais (UAE) for export market is equal to ~820,000 barrels / day commenced in 1Q15. Significant additional refinery
expansion in 2015 -2018
23 2. Source: IEA Medium Term Market Report 2015, World Refinery Capacity Additions 2015 -2020 (thousand barrels per day)
3. Source Drewry as at January 2016