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Ardmore Shipping takes big hit in 2016

Ardmore Shipping saw its full-year result plunge, and the product tanker carrier suffered a deficit in the final quarter of 2016. The carrier's CEO attributes the decline to high inventory levels and a large influx of vessels, though he is optimistic about developments going forward.

Photo: Ardmore

Irish product tanker carrier Ardmore Shipping finished 2016 on a low note after a strong start to the year.

The carrier delivered a net profit of USD 3.7 million for the full-year 2016, against a profit of USD 32 million in 2015, while the bottom line went negative in the fourth quarter with a net loss of USD 3.7 million, as evident from Ardmore's annual report, published Tuesday.

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