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.
More from Video
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Is Renewable Energy the Defensive Stock Opportunity You're Missing
AMSC CEO discusses that and China challenges.