New York-listed product tanker owner Ardmore Shipping is predicting a rise in rates in the fourth quarter in a market characterised by volatility.
Jefferies said it had recently hosted meetings with the Ireland-based company's executives. The executives told the US investment bank that earnings were starting to recover as refinery use rises, trading activity increases and supply growth flattens.
MR rates had been under pressure in recent weeks at less than $10,000 per day, primarily due to the recent hurricanes and tropical storms that temporarily disrupted oil production and refinery utilisation in the...
