History - American Shipping Company

Significant Events in the Company History

2016

  • First Philly Tankers ship contract and related assets sold with the proceeds distributed in early 2017
  • Explored opportunities to refinance existing unsecured bond, with a new bond closed in February 2017

2015

  • Refinancing of secured vessel debt completed with USD 450 million in new secured debt
  • Philly Tankers secured long-term time charters on its first two ships, declared its two options with Philly Shipyard and entered into an agreement to sell all four tanker contracts upon delivery to a subsidiary of Kinder Morgan, Inc. for a total consideration of USD 568 million
  • Quarterly dividend growth of 3% over 2014 and guided on 15% dividend growth for 2016

2014

  • Effective 5 August 2014, OSG emerged from bankruptcy and all of AMSC’s contracts with OSG were assumed and accepted.
  • In July, AMSC made its first quarterly dividend distribution of USD 0.10. AMSC expects to continue paying regular quarterly dividends and aims to grow the dividend distribution over time, as the company’s cash flow improves.
  • Invested in Philly Tankers AS, together with key financial investors, to build two product tankers at Aker Philadelphia Shipyard, to be delivered in Q3 2016 and Q1 2017, for operations in the Jones Act market.

2013

  • Completed a major recapitalization of the Company (January 2014) including USD 120 million private placement, conversion of subordinated debt to equity and amendments to vessel debt and bond loan
  • Negotiated agreement with OSG for conversion of one of the ten product tankers into a shuttle tanker for a long term time charter with Shell
  • OSG remained in Chapter 11; all charter hire payments were made in accordance with the bareboat charter agreements

2012

  • Negotiated extension of maturity of vessel debt to June 2016
  • Achieved bareboat charter extensions with OSG to December 2019
  • OSG filed for Chapter 11 bankruptcy protection

2011

  • Took delivery of final product tanker in build series with AKPS
  • Extended maturity of the NOK bond for 6 years
  • Maintained ongoing compliance with conditions of OSG Settlement

2010

  • Took delivery of two product tankers
  • Sold second shuttle tanker contract to OSG

2009

  • Finalized settlement agreement with OSG that settled all commercial disputes between the companies 
  • Took delivery of two additional tankers; sold first of two shuttle tanker contracts to OSG 

2008

  • Aker ASA reduced its ownership interest to 19.9% in compliance with U.S. Jones Act foreign ownership restrictions
  • Name changed from Aker American Shipping ASA to American Shipping Company ASA. Trading ticker also changed from AKASA to AMSC
  • Took delivery of two more product tankers 

2007

  • Obtained take-out financing for the ten vessels and issued NOK 700 million bond for investments in vessels and operations
  • Split of Aker American Shipping’s ship owning operations from its ship building operations, establishing Aker Philadelphia Shipyard ASA (AKPS)
  • Took delivery of the first three product tankers 

2005

  • Closed a ten ship bareboat charter agreement with Overseas Shipholding Group, Inc. (OSG) and placed corresponding ten ship order at Philadelphia Shipyard
  • Aker American Shipping ASA (AKASA) established, Philadelphia Shipyard acquired and company listed on Oslo Stock Exchange.