Tanker company Ardmore and two partners will establish a joint venture to supply hydrogen to the maritime sector. As part of the agreement, Ardmore will receive USD 40 million from one of the partners.
Vessel earnings and operating margins have generally declined for major product tanker carriers recently. Scorpio Tankers is a clear winner among competitors Hafnia, Torm, d'Amico and Ardmore Shipping, according to a ranking provided by Drewry for ShippingWatch.
Torm majority owner Oaktree Capital has bought up shares in competitor Ardmore Shipping, which Hafnia previously attempted to take over. The equity fund is now the tenth-largest shareholder in the Irish tanker operator.
Hafnia continues its efforts to take over Ardmore, but the company is not preparing a new, improved offer for the competitor, says CEO Mikael Skov. He denies that Hafnia's offer is far too low, and he calls on shareholders to focus on the long-term benefits of merging the two companies.
For a transaction between Hafnia and Ardmore to happen, Hafnia needs to raise its offer on Ardmore. And it is also a problem that the offers does not include a cash payment, says broker Clarksons Platou, offering its price estimate of the two shipping companies.
Ardmore's headquarters in the Irish city of Cork draws upon lessons from its Singapore office, which was first to be impacted by the coronavirus outbreak. In the end, the crisis could lead to lasting changes in the oil market, projects CEO Anthony Gurnee.
Irish tanker company Ardmore Shipping approaches its highest rates ever, but also warns against being fooled by the numbers. If Saudi Arabia and Russia strike a deal, things will turn around with one stroke, CEO Anthony Gurnee tells ShippingWatch.
Ardmore Shipping has begun publishing details about its ships' CO2 emissions. The measuring will continue going forward, even though it is still "really early days" for the shipping sector's CO2 disclosures, CEO Anthony Gurnee tells ShippingWatch.
Ardmore Shipping has just appointed Kirsi Tikka to its board of directors. Tikka has several years of experience from American Bureau of Shipping, from which she resigned earlier this year. She is also on the board of Pacific Basin.
After a weak second quarter for the product tanker market, Norden CEO Jan Rindbo is now detecting the effects of the IMO's sulfur regulations. He explains to ShippingWatch why earnings of at least USD 23 million from this business area is feasible for the rest of 2019.
The deficit grew at Ardmore Shipping in the second quarter, when rates were allegedly kept down by refineries undergoing preparations for the IMO sulfur cap. The product tanker shipping company expects significant improvements going forward.
Underskuddet voksede hos Ardmore Shipping i andet kvartal, hvor raterne angiveligt blev holdt nede af raffinaderiernes forberedelser til IMO's svovlkrav. Produkttank-rederiet forventer markant bedring fremadrettet.
Maersk Tankers wanted to acquire Hafnia's fleet, but was beaten by BW Group and the Sohmen-Pao family with an attractive offer to buy the entire shipping company. ShippingWatch reconstructs the story about how one of the world's biggest product tanker carriers was created.
Oil consumption and a record low order book are some of the reasons behind a product tanker recovery in 2019, predicts Ardmore's CEO. However, the carrier's deficit grew in both the fourth quarter and for the whole of 2018.
The Irish tanker carrier points to increasing MR rates in the fourth quarter, but a real recovery is not expected until late next year, says CEO Anthony Gurnee to ShippingWatch, contradicting announcements from Torm and Concordia Maritime.