Ardmore Shipping Corporation is announcing that director Helen Tveitan de Jong has been appointed as Audit Committee Chair, being joined by new Audit Committee member, director Mats Berglund, and standing member Curtis Mc Williams. Helen has extensive financial and accounting experience over her 30-year career in shipping, has been a member of the Audit Committee since September 2018, and is replacing Brian Dunne, who has chosen to step down from the Board for personal reasons. The Company has benefited greatly from Brian's skills and expertise and the Board expresses its sincere him for his many years of exemplary service and collegiality on the Board and as the Audit Committee Chair.Vessel Sale and Time-Charter Back On July 14, nd July 29, 2022, the Company completed the previously announced sales of the Ardmore Sealifter and Ardmore Sealancer to Leonhardt & Blumberg, respectively. Both vessels were subsequently time-chartered back by the Company for a period of 24 months at attractive hire rates, plus one-year extension options. COVID-19 In response to the COVID-19 pandemic, many countries, ports and organizations, including those where Ardmore conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have caused severe trade disruptions. In addition, the pandemic has resulted and may
continue to result in a significant decline in global demand for refined oil products. As Ardmore's business is the transportation of refined oil products on behalf of oil majors, oil traders and other customers, any significant decrease in demand for the cargo Ardmore transports could adversely affect demand for its vessels and services.