The global oil & gas EPC market size is expected to showcase substantial growth in the forthcoming years. This information is published by Fortune Business
/PRNewswire/ Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore", the "Company" or "we") today announced results for the three months ended March 31, 2021..
Ardmore Shipping Corporation Says Product Tanker Market Has Taken First Steps Towards Recovery
Ardmore Shipping Corporation announced results for the three months ended March 31, 2021.
Highlights and Recent Activity
Reported a net loss of $8.5 million for the three months ended March 31, 2021, or $0.26 loss per basic and diluted share, which includes unrealized gains on derivatives; losses adjusted for these gains (see Adjusted (loss) / earnings in the Non-GAAP Measures section) are $8.6 million, or $0.26 Adjusted loss per basic and diluted share. This compares to net income and adjusted earnings of $6.5 million, or $0.20 earnings per basic and diluted share for the three months ended March 31, 2020.
Lockdowns Hinder the Demolition Market Once Again
The ships’ recycling market has sustained a halt over the past days, as a result of Ramadan holidays and the raging pandemic in India and large parts of Southeast Asia. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “having entered the holy month of Ramadan and lockdown restrictions across the Indian sub-continent looking set to continue due to a surge in domestic cases, many buyers seem to be coming more cautious due to the unpredictable nature of the Pandemic and subsequent effect to local sentiment and commodity markets. These current events may make it even quieter than usual with many end recyclers seemingly hibernating. Surprisingly, this is despite the Alang coastline being the most barren it has been in recent memory, with some major high-profile facilities laying completely empty. With Ramadan running into the Eid festivities, then into the monsoon season, who knows how the market will react dur
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