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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 and one modern handy size shuttle tanker. 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 long term bareboat charters with evergreen extension options with Overseas Shipholding Group, Inc. (OSG)
  • Four bareboat contracts expiring in 2020
  • Five bareboat contracts expiring in 2022
  • Shuttle tanker bareboat contract expiring in June 2025
  • Substantial dividend capacity from bareboat revenue and additional cash flow from profit sharing mechanism with OSG

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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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Corporate Governance

American Shipping Company ASA’s focus is on building a premier ownership position in the Jones Act market to create maximum value for its shareholders. Good corporate governance will help to reduce risk and ensure sustainable value creation.

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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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