ASC - Shares of Oil Tanker Ardmore Shipping Drop 10% on Earnings
Shares of oil tanking company Ardmore Shipping Corporation (NYSE: ASC) are down 10.8% as of 11:00 a.m. EDT. The stock drop comes after the company reported earnings, but what is peculiar is that reported earnings weren't that bad.
Oil tanking and shipping companies have been on a tear over the past few weeks. Not because they are moving products around the world, though; rather, oil tankers are becoming a storage option for crude oil and refined product inventories. The glut of product on the market and the limited storage options are partly to blame for why we saw crude oil prices drop below zero for the first time ever a couple of weeks ago.
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