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American Shipping Company ASA – First quarter 2021 results

20/05/2021

Lysaker, 20 May 2021, American Shipping Company ASA (“AMSC” or the “Company”) announces results for first quarter ending 31 March 2021.

HIGHLIGHTS

· Stable Q1 financial performance with bareboat revenue of USD 21.7 million, normalized EBITDA of USD 21.3 million and adjusted net profit of USD 5.4 million
· Backlog of secured bareboat revenue of USD 214 million with average weighted tenor of 2.4 years
· Declared Q1 dividend of USD 0.10 per share, backed by the Company’s free cash flow
· Subsequent to quarter-end, the Company executed a USD 20 million tap issue under the senior unsecured bond

AMSC CEO, Pål Lothe Magnussen comments, “The stability of American Shipping Company’s business model was on full display in the first quarter as we deliver stable financial results in the middle of a weak Jones Act tanker market. While the timing remains uncertain, we believe in a recovery of the Jones Act tanker market based on improving economic fundamentals in the USA and vaccinations well underway.”

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, Controller

+1 484 880 3741

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments