ShippingWatch

Ardmore: Weak product market for another 2 to 3 quarters

Trade activity in oil below average and de-stocking sent the NYSE-listed product tanker carrier Ardmore Shipping into the red in the third quarter.

Photo: Ardmore

Irish-based product tanker carrier Ardmore Shipping, listed on the New York Stock Exchange, suffered a net loss of USD 4.8 million in the third quarter this year, down from a net profit of USD 13.6 million in the same period 2015, according to Ardmore's interim report released Wednesday.

The carrier booked an operating profit (EBITDA) in the third quarter of USD 7.7 million, down from USD 24.5 million in the same period last year. This is symbolic of the slowdown which has hit the international tanker market in crude oil and refined oil products.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
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

Further reading

Related articles

Latest news

See all jobs