No new ships and no share buybacks, Ardmore to hold onto its cash

With no plans for share buybacks and no new ships, Ardmore Shipping is going to keep its money in the bank.

Speaking with TradeWinds during London International Shipping Week on Tuesday, the Irish tanker owner's chief executive, Anthony Gurnee, said the company is going to hold on to the $54.8m it has in cash.

"Do you buy ships, do you buy back your debt, do you buy back your shares or do you just keep the cash? We're just going to keep the cash," he said.