Oil glut, hurricanes push Ardmore Shipping into red

11th February, 2018
Chief executive Anthony Gurnee

Cork-based company Ardmore Shipping, which is listed on the New York Stock Exchange, fell into the red last year, as the state of the oil market continued to affect the charter business.

The company reported a net loss of $12.5 million for 2017, compared with a profit of $3.7 million in 2016. As a result of the losses, Ardmore has not paid a dividend since the second quarter of 2016.

The company’s main business is transporting oil and chemicals to...

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