Ardmore Shipping CEO: Oil Glut, Higher Rates Have Shares Sailing

The glut in oil is creating huge opportunities for tanker companies to profit by raising storage rates, said Anthony Gurnee, CEO of Ardmore Shipping. Gurnee added that his customers are traders seeking arbitrage opportunities and his business thrives on volatility. He said he expects oil prices to remain volatile over the course of 2015, eventually ending higher as it finds a bottom. Meanwhile, Gurnee said his fleet is currently comprised of 15 ships and he expects to finish the year with 24 tankers. Finally, he said large refineries will be added in the Middle East and India resulting in more refined products, rather than cruse, being transported by sea.