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The US Jones Act Yield Company

American Shipping Company (AMSC) is a ship finance company focused on the intercoastal U.S. Jones Act shipping market. The company owns a fleet of nine modern handy size product tankers, one modern handy size shuttle tanker and an international subsea construction vessel. AMSC charters its vessels on long term bareboat charters that provide stable, predictable cash flow. The Company is listed on the Oslo Stock Exchange under the symbol "AMSC".

KEY FACTS

  • Ship financing company established in 2005 and publicly traded on the Oslo Stock Exchange under the ticker AMSC
  • Aker ASA is the largest shareholder with ~19% of the shares
  • Fleet of 9 modern MR product tankers and 1 modern shuttle tanker all operating in the U.S. Jones Act market and on bareboat charters with with Overseas Shipholding Group, Inc. (OSG) and Keystone Shipping Co.(Keystone), and one Subsea Construction Vessel on long term bareboat to Solstad Offshore ASA
  • One bareboat contracts expiring in 2022
  • Six bareboat contracts expiring in 2023
  • Two Bareboat contracts expiring in 2025
  • Shuttle tanker bareboat contract expiring in 2025
  • Subsea construction vessel bareboat charter expiring in 2027
  • Substantial dividend capacity from bareboat revenue and additional cash flow from profit sharing mechanism with OSG and Keystone

articles

U.S. Jones Act

The Jones Act requires that waterborne transportation of merchandise between two points in the United States must take place aboard a vessel that is U.S.-built, U.S.-owned, U.S.-flagged, and U.S.-crewed. This is also known as coastwise trade and is governed by cabotage laws.

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GOALS AND STRATEGIES

  • Be the preferred ship owning and lease finance company in the Jones Act market
  • Generate stable cash flow from long term bareboat charters protected from short term market fluctuations
  • Create upside potential through profit sharing arrangements with charterers
  • Work closely with charterers to ensure maximum value is gained from individual time charters and profit sharing arrangements
  • Maintain stringent control on costs associated with the management of AMSC
  • Have a modern, safe and operationally friendly fleet
  • Explore, evaluate and invest in value creating opportunities for our stakeholders
  • Ensure efficient use of capital

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Articles of Association

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Board and management

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History

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