Fourth quarter 2017 results - American Shipping Company

Fourth quarter 2017 results

Lysaker, 14 February 2018, American Shipping Company ASA ("AMSC or the "Company") announces results for fourth quarter ending 31 December 2017.

HIGHLIGHTS

  • Stable Q4 bareboat revenue of USD 22.1 million and backlog of secured bareboat revenue of USD 226 million with average weighted tenor of 2.6 years

  • Normalized EBITDA for Q4 of USD 22.1 million

  • Adjusted net profit for Q4 of USD 4.0 million

  • Improved Jones Act tanker market conditions due to increased demand for transportation of both crude oil and clean products, with positive market outlook going forward

  • Declared Q4 dividend of USD 0.08 per share, in line with previous guidance and backed by the Company's contracted cash flow

AMSC CEO, Pål Magnussen comments, "We are pleased to deliver consistent financial results for Q4 2017, in line with expectations. The Jones Act market in which our tankers are deployed is experiencing significantly improved market conditions, with increasing transportation demand for both crude oil and clean products. The market began to strengthen in the middle of the fourth quarter and has continued to improve into 2018. We are increasingly optimistic about the potential for further tightening of market conditions going forward."

The full report is attached, along with the Q4 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.