Second quarter 2018 results - American Shipping Company

Second quarter 2018 results

Lysaker, 23 August 2018, American Shipping Company ASA ("AMSC or the "Company") announces results for second quarter ending 30 June 2018.

HIGHLIGHTS

  • Stable Q2 bareboat revenue of USD 21.9 million and backlog of secured bareboat revenue of USD 182 million with average weighted tenor of 2.1 years

  • Normalized EBITDA for Q2 of USD 21.5 million

  • Adjusted net profit for Q2 of USD 1.6 million

  • Crude transportation volumes to the U.S. Northeast remains strong

  • Seasonal reduction in spot activity towards the end of second quarter, mitigated by continued increased demand for time charter contracts

  • Declared Q2 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 spot market experienced somewhat reduced activity as a result of seasonal slowdown. Nonetheless, new 12-18 months' time charter fixtures during the second quarter demonstrates the positive trend and continued recovery of the tanker market."

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.