Ardmore optimistic after recovery in oil demand – The Royal Gazette

Updated: November 10, 2021 4:34 PM

Bermuda-based Ardmore Shipping Corporation, which owns and operates product and chemical tankers, reported a net loss of $ 12.8 million for the third quarter.

This compares to a net loss of $ 6.6 million for the quarter ended September 30, 2020.

The company reported EBITDA of $ 1.3 million for the third quarter, compared to $ 7.2 million for the quarter ended September 30, 2020.

Ardmore reported a net loss of $ 29.5 million for the nine months ended September 30.

This compares to net income of $ 13.5 million for the same period a year ago.

Ardmore reported EBITDA of $ 11.2 million for the nine-month period ended September 30, compared to $ 56.1 million for the same period last year.

MR Tankers have earned an average time charter equivalent rate of $ 10,904 per day for the three months ended September 30 and $ 11,237 per day for the nine months ended September 30.

Chemical tankers earned an average TCE rate of $ 8,400 per day (including average rates of $ 10,387 per day on chemical shipments and $ 6,652 per day on clean petroleum product shipments) for the third quarter and $ 10,882 per day for the nine months ended September 30.

In July 2021, Ardmore extended a time charter agreement in a 2010 Japanese-built MR product tanker for one year at a net rate of $ 11,500 per day, plus a one-year extension option. .

Anthony Gurnee, Chairman and CEO of the Company, said: “While our earnings in the first nine months of 2021 reflect the very difficult market conditions that prevailed during the period, our strong balance sheet and weak structure cost have allowed us to keep our own and we believe we are at a turning point today, with the product and chemical markets showing signs of a real recovery.

“After experiencing an unprecedented decline in demand for tankers at the start of the pandemic, a full recovery in demand for oil is now well underway, and a vast global destocking of oil stocks appears to be reaching its logical end point. As a result, we believe that we are now very close to an inflection point in demand for products and chemicals, beyond which rates should rebound strongly.

Ardmore Shipping: Reported a net loss of $ 12.8 million for the third quarter (file photo)

Anthony Gurnee, CEO of Ardmore Shipping


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Felix J. Dixon

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