Second quarter 2017 results - American Shipping Company

Second quarter 2017 results

Lysaker, 16 August 2017, American Shipping Company ASA ("AMSC or the "Company") announces results for second quarter ending 30 June 2017.

HIGHLIGHTS

  • Stable Q2 bareboat revenue of USD 21.9 million and backlog of secured bareboat revenue of USD 270 million with average weighted tenor of 3.1 years

  • Normalized EBITDA for Q2 of USD 22.2 million

  • Adjusted net profit for Q2 of USD 2.5 million

  • Declared Q2 dividend of USD 0.08 per share, in line with previous guidance and backed by the Company's contracted cash flow

  • Completed listing of the USD 220 million unsecured bond on the Oslo Stock Exchange under the ticker AMTI01

AMSC CEO, Pål Magnussen comments, "We are pleased to deliver consistent financial results for Q2 2017, in line with expectations, despite a continuing soft Jones Act tanker market. Our Q2 2017 financial results demonstrate our stable business model with all ships on "come hell or high water" bareboat contracts".

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
+1484880 3741

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.