Ardmore's deficit grew in tanker downturn

Just as its competitors, Ardmore is challenged by the weakened product tanker market, where rates bottomed out in the third quarter. CEO Anthony Gurnee remains optimistic.

Photo: Ardmore

Irish tanker carrier Ardmore Shipping lost even more money in the third quarter, where the rates for transporting oil products hit rock bottom.

The bottom line for the third quarter shows a USD 12.2 million loss compared to USD 4.6 million in the same period last year. This development brings the total 2018 loss to USD 36 million. The operating result (EBITDA) lands at USD 3.9 million compared to USD 10.1 million in the third quarter of 2017.

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