ShippingWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Banks predict more upgrades from container carriers

Maersk won't be the only carrier to announce an upgrade due to a red-hot container market fueled by sky-high rates and massive demand. Others will raise their expectations as well, according to SEB Enskilda and Sydbank.

Further reading

Related articles

Trial banner

Latest news

See all jobs