World News
Ardmore Shipping Loss Widens in Q2
Ardmore Shipping Corp., the newly public Irish shipping company that has been on a fuel-efficient vessel buying spree in recent months, said it lost $1.2 million in the second quarter of 2013, compared with a $499,061 loss in the same period last year.
The company's revenues for the quarter rose to $8.3 million from $7.0 million year-over-year, but its expenses for vessel operations and general business purposes, as well as its interest and financing expenditures, also jumped.
Ardmore's ship orders in recent weeks brought its total fleet of existing and ordered ships to 20, with 80 percent of its cargo capacity consisting of MR tankers.
"As a consequence, we believe that Ardmore is well positioned to take advantage of improvements in the charter market for both products and chemicals," said CEO Anthony Gurnee.
The company also announced a chartering deal for six of its MR product tankers with Mansel Limited, Vitol SA's shipping arm.
"The arrangement with Mansel is a significant step for Ardmore given Vitol's strong position in the global oil market," Gurnee said.
"We look forward to providing Vitol with high quality service with these brand new, fuel efficient vessels."
Ardmore raised $140 million in gross proceeds in its initial public offering, which closed August 6.
The company took delivery of an eco-tanker, the Ardmore Seaventure, in July and has since ordered chemical and product eco-tankers from Japanese and South Korean shipyards.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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