Ardmore CEO: MR Charter Market Took an Unexpected Hit in Q2

first_imgThe medium range (MR) product tanker market sustained an unanticipated blow from a number of one-time events in the second quarter of 2018, Anthony Gurnee, Chief Executive Officer of Ardmore Shipping, said in a conference call.These events included lower demand at the Atlantic Basin as a result of localized factors in the key consumer markets in Brazil, Mexico and West Africa, largely political issues, according to Gurnee, followed by high oil and bunker prices as well as weak crude tanker market.As a result of the unprecedented downturn of the crude oil taker market, fueled by geopolitical tensions and tonnage oversupply, crude tanker owners have started taking a portion of the product tanker cargoes to ease their woes.“Crude tanker market weakness resulted in some encroachment to product tanker trades, particularly Aframax newbuildings competing with LR2s,” he said. “Having said that, we feel that the impact of crude tankers on MR trade is limited, probably well under 1% of overall supply.” However, despite the quarter being unexpectedly tough, Gurnee believes that moving ahead the outlook is positive as MR supply growth remains at all-time lows.“We’re forecasting 23 MRs to deliver over the remainder of 2018, with 29 delivered year-to-date, and this is compared to the 5-year historical average of 112 per year. Scrapping has increased with 31 MRs scrapped year-to-date, indicating a run rate of approximately 50 to 60 per year, and as a consequence, MR fleet growth net of scrapping is expected to be well below 1% in 2018 and into 2019,” Gurnee  explained.Furthermore, demand fundamentals remain solid in terms of oil consumption growth and export-oriented refinery capacity development.“Atlantic Basin cargo volume should return to normal levels in the second half as the short-term factors play themselves out. Refined product inventories are well below 5-year averages, and with refinery throughput set to increased by further 2 million barrels a day in the third quarter to all-time highs, the conditions are in place for an increase in CPP trading activity,” he added.Ardmore also believes that the IMO 2020 sulphur regulations will have a positive impact on the market as of next year boosting ton demand and demand growth for product tankers.Ardmore Shipping Corporation reported a net loss of USD 13.7 million for the six months ended June 30, 2018, sinking further into the red from last year’s USD 4 million, mostly driven by challenging charter market conditions.Spot and pool MR tankers earned an average of USD 12,086 per day, while chemical tankers earned an average of USD 12,816 per day for the six months ended June 30, 2018.World Maritime News Stafflast_img read more

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Williams Sisters, Djokovic Through to Second Round

first_imgSister Venus dug deep to beat Mihaela Buzarnescu 6-7 (3-7) 7-6 (7-3) 6-2.The Romanian 26th seed served for the match at 5-3 in the second set but Venus broke to love.The 38-year-old American, ranked 36th, went on to take the set before dominating the third.The seven-time Grand Slam champion said: “It was pretty hairy there. I hope that this tough match will prepare me for the rest of the tournament.”Williams, who has reached the final at Melbourne Park twice, most recently in 2017 when she lost to Serena, will meet Alize Cornet of France next.Serena, the 16th seed, took the first set in 18 minutes against Germany’s Maria and fired 22 winners during her opening match.It was her first Grand Slam match since her rant against umpire Carlos Ramos at last year’s US Open final.Asked if she had discussed coaching signals with Patrick Mouratoglou after the warning from Ramos that sparked the furore in New York, Williams said: “I literally have no comment.”The seven-time Australian Open winner, who will face Canada’s Eugenie Bouchard next, wore compression stockings and said she was “definitely still concerned” about the dangers of deep vein thrombosis.“I have had some issues and they’re not done,” said Williams, who experienced potentially life-threatening blood clots after giving birth to daughter Alexis Olympia.“It’s just something I have to do for pretty much probably the rest of my career, we’ll see. But I’m always at the doctor.“With DVTs, it’s very scary. I know a lot of people – they’re very common – have them. Especially for me, it’s incredibly frightening.“I lay on the side of precaution as opposed to not.”Bouchard, a Wimbledon finalist in 2014 and former world number five, said she was excited to play Williams, who she described as the “greatest ever”.“Her ranking is top-20 right now, but to me she’s always basically number one,” the 24-year-old said.“I don’t want to talk about it too much and put her on too much of a pedestal because I have to play her in two days, but I love her.”In another game yesterday, top seed Novak Djokovic started his bid for a record seventh men’s Australian Open title with a straight-set win over American qualifier Mitchell Krueger.The 31-year-old Serb, chasing a 15th Grand Slam title and third in a row, won 6-3 6-2 6-2 on Rod Laver Arena.Krueger broke Djokovic in the third game but the world number one dominated from there to seal victory in two hours and three minutes.He will face French wildcard Jo-Wilfried Tsonga in the second round.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Serena Williams stormed into the Australian Open second round as she began her bid for a 24th Grand Slam title with a win over Tatjana Maria.The 37-year-old American, whose 23rd major title came in Melbourne when she was pregnant two years ago, won 6-0 6-2 in 49 minutes on Rod Laver Arena.Williams holds the most Open era singles titles, but is looking to equal Margaret Court’s all-time record of 24. Serena Williamslast_img read more

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