Lysaker, 20 November 2019, American Shipping Company ASA (“AMSC” or the “Company”) announces results for third quarter ending 30 September 2019.
HIGHLIGHTS
- Stable Q3 bareboat revenue of USD 22.1 million
- Backlog of secured bareboat revenue of USD 237.1 million with average weighted tenor of 2.7 years
- Normalized EBITDA for Q3 of USD 22.4 million and adjusted net profit of USD 3.0 million
- Declared Q3 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 encouraged to see significant chartering activity in the Jones Act tanker market during the last few months leaving very limited shipping capacity available until the end of 2020. New time charter contracts are done at higher levels than last year and for longer durations, signaling a continued strengthening in the market. Current market rates in the high fifties are profitable for both owners and operators, and we believe we are in a multi-year period of stable and improving market conditions.”
The full report is attached, along with the Q3 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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About American Shipping Company ASA:
Established in 2005 and listed on the OSE, AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker on long term bareboat charter with Overseas Shipholding Group (OSG). OSG charters the vessels out on time charters to major oil companies in the U.S. coastwise Jones Act trade. AMSC has a significant contract backlog as well as a profit sharing agreement with OSG which offers visibility with respect to future earnings and potential dividend capacity. The Company has an ambition to pay attractive dividends to its shareholders. Further information is available at www.americanshippingco.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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