Weak fourth quarter pushes Ardmore into the red

A deficit of USD 19.5 million in the fourth quarter helped turn a profit into a deficit for the full year for Irish product tanker operator Ardmore, which reports a loss of USD 6 million for 2020.

Photo: PR/Ardmore

Irish product tanker operator Ardmore Shipping follows on the heels of several competitors, which also saw their earnings dwindle in the final quarter last year, a development that saw the tanker companies' full year results go down.

Ardmore reports a deficit of USD 19.5 million for last three months. This was attributed to, among other factors, a loss of USD 6.4 million on the sale of ship Ardmore Seamariner, as well as lower earnings. The operating profit, EBITDA, came to just USD 0.9 million in the fourth quarter, down from USD 17.8 million in the same quarter 2019.

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