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.

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