Lysaker, 26 August 2019, American Shipping Company ASA (“AMSC” or the “Company”) announces results for second quarter ending 30 June 2019.
HIGHLIGHTS
- Stable Q2 bareboat revenue of USD 21.9 million
- Backlog of secured bareboat revenue of USD 259.2 million with average weighted tenor of 3 years
- Normalized EBITDA for Q2 of USD 21.9 million and adjusted net profit of USD 2.5 million
- Strengthening Jones Act tanker market fundamentals with new time charter fixtures close to USD 60,000 per day
- Closure of Philadelphia Energy Solutions (PES) will have minor impact on Northeast crude voyages as most barrels were imported from abroad
- Scrapping continues with the removal of another two older ATBs from the Jones Act market
- Declared Q2 dividend of USD 0.08 per share, in line with previous guidance and backed by the Company’s contracted cash flow
AMSC CEO, Pål Lothe Magnussen comments, “We are pleased to report yet another quarter with stable returns, and it is encouraging to see that the overall market dynamic is playing out as expected with two more ATBs retired, and new time charter contracts being secured at higher levels compared to last fall. We expect this market development to continue going forward, resulting in gradually improving market conditions.”
The full report is attached, along with the Q2 presentation.
Company contacts:
Pål Magnussen, Chief Executive Officer
+47 24 13 00 04
Morten Bakke, Chief Financial Officer
+47 24 13 00 87
Leigh Jaros, Business Controller / Finance Manager
+1 484 880 3741
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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