Rising Rates, Abundant Oil Lifting Profits Says Ardmore Shipping CEO

The abundance of oil and the introduction of product coming out of new refineries in the Middle East are boosting tanker rates, said Anthony Gurnee, CEO of Ardmore Shipping. Gurnee added that exports from U.S. refineries in the Gulf of Mexico are up over 10% and are also boosting Ardmore's bottom line. After taking delivery of 4 vessels during the first quarter, Ardmore has an additional 6 vessels scheduled to enter service throughout the course of 2015, lifting its total to 24 total and increasing its revenue day run rate by 70% vs. 2014 levels. Finally, Gurnee said that higher volumes have resulted in port congestion globally, which increases ship demand even further as vessels are paid to wait offshore.