Ardmore Shipping Reports Loss in Q2
Ardmore Shipping Corporation reported a net loss of $1.9 million for the three months ended June 30, 2017 as compared to a net income of $5.5 million for the three months ended June 30, 2016.
The company has completed refinancing of the Ardmore Sealeader and Ardmore Sealifter, two 47,000 Dwt Eco-Mod product tankers, under a sale and leaseback arrangement, releasing net proceeds of $12.3 million which will be used for general corporate purposes.
Anthony Gurnee, the Company's Chief Executive Officer, commented: "As the oil market continues to work its way through elevated inventory levels, we are satisfied with our performance in the second quarter and encouraged that the highly compelling MR industry fundamentals remain firmly intact. Our fleet is performing well under soft market conditions and we continue to effectively manage our costs and execute on our strategy."
MR charter rates improved from the prior quarter, driven by increased activity in the Atlantic basin and product flows to Latin America. Meanwhile, despite refined product inventories declining in April and May, levels remain above historical averages and continue to curtail trading activity and tonne mile demand in the short term.
The company has 27 vessels currently in operation, comprising 21 Eco MR tankers ranging from 45,000 Dwt to 49,999 Dwt (15 Eco-Design and six Eco-Mod) and six Eco-Design IMO 2 product / chemical tankers ranging from 25,000 Dwt to 37,800 Dwt.
