Ardmore starts 2021 in deficit – but takes positive market outlook

Irish tanker shipping company Ardmore lost USD 8.5 million in the first quarter after a 30 percent dip in revenue. However, CEO Anthony Gurnee says the tanker market will be "very positive" once the pandemic is overcome.

Photo: PR/Ardmore Shipping

Irish product tanker shipping group Ardmore could have wished for a better start to the year but books both a loss of USD 8.5 million and a considerable decline in first quarter revenue year-on-year, shows the company's interim report.

Whereas Ardmore Shipping, courted by rivaling Hafnia last year but without a resulting acquisition, could be pleased with its profit of USD 6.5 million made in the first three months of 2020, this year's first first quarter produced rather different results.

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