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Ardmore has refrained from placing newbuilding orders, maintaining a fleet with an average age of 9.8 years. However, shipyard slots are rapidly depleting, and second-hand MR2 values are now approaching newbuild parity. Have you determined a specific entry point for ordering next-generation vessels, or does the fleet%u2019s current age profile provide the flexibility to wait until the alternative fuels landscape becomes clearer?Decisiveness and patience are not mutually exclusive. Our track record speaks to our ability to identify opportunities that offer a strong strategic fit and clear value, and to act on them when the timing is right. We recently did exactly that by acquiring three modern, fuel-efficient vessels in the second-hand market at what we consider very attractive prices. At the same time, we have sold our last non-eco vessels at strong prices in recent years. The fleet we operate today is modern, highly fuel-efficient, and well positioned, providing us with genuine optionality in both timing and sources of deal flow.In terms of alternative fuels, legislation remains fragmented at best, and the availability of truly green fuels at scale with a credible economic rationale remains limited. Committing significant capital to dual-fuel capability is therefore a tough case to make, and it also carries real opportunity cost. Deploying those same funds into enhancing the efficiency of vessels already in operation can deliver measurable returns (in some cases 30-40% or more), while simultaneously cutting emissions and strengthening financial performance. That is a more compelling trade-off.Profound volatility has been observed in the clean products market due to geopolitical disruptions. To what extent do you consider the current profitability to be purely event-driven? In the event of a full restoration of Suez Canal transit routes, what strategy will Ardmore implement to sustain its momentum?It would be too simplistic to attribute the strength of this market purely to geopolitical disruption. There are multiple layers at work, and it is important to understand them individually.Change is a constant in freight and commodity marketsGernot Ruppelt,Chief Executive Officer of Ardmore Shipping, in discussion with Spilios VarelasIn his interview with Naftika Chronika, the CEO of Ardmore Shipping discusses how the company is navigating a period defined by structural change, geopolitical volatility, and accelerating technological transformation across the maritime sector. Gernot Ruppelt highlights the growing role of digitalisation and artificial intelligence in driving operational efficiency, alongside the importance of seafarer wellbeing, safety standards, and responsible industry practices in an increasingly complex global shipping environment.May 2026 97