First quarter 2018 results - American Shipping Company

First quarter 2018 results

Lysaker, 23 May 2018, American Shipping Company ASA ("AMSC or the "Company") announces results for first quarter ending 31 March 2018.

HIGHLIGHTS

  • Stable Q1 bareboat revenue of USD 21.6 million and backlog of secured bareboat revenue of USD 204 million with average weighted tenor of 2.3 years

  • Normalized EBITDA for Q1 of USD 21.8 million

  • Adjusted net profit for Q1 of USD 2.4 million

  • Crude transportation volumes to the U.S. Northeast remains strong as a result of widening oil price spreads

  • Accelerated scrapping of older units in parallel with charter rate recovery

  • Declared Q1 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 another quarter of consistent financial results. The Jones Act market in which our tankers are deployed is experiencing improved conditions, with increased demand for transportation of crude oil to U.S. Northeast refineries. We follow with interest the accelerated pace of scrapping of overaged tonnage and believe this will further tighten the market conditions and drive rate developments going forward."

The full report is attached, along with the Q1 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.