Ardmore Shipping Corporation is backing off its plan to issue debt, just hours after announcing it.

The Irish tanker owner said Monday morning it would offer senior unsecured notes due 2023 in a move that would raise even more cash after a $400m August shelf filing and $25m at the market offering.

But rumors the deal was running into difficulties spread in the markets Monday and after trading closed the Anthony Gurnee-led company announced they were forgoing the plan "due to capital market conditions."

Ardmore stock dropped steadily all Monday, closing at $5.90, a loss of 5.6% or $0.35.

Scorpio Tankers, another product tanker stock, also dropped, but only by $0.03 to $1.75 and Top Ships stock rose a cent to $1.31.

Ardmore said the offering was to raise money for general corporate purposes, which includes new vessel purchases.