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American Shipping Company ASA – Third quarter 2021 results

19/11/2021

Lysaker, 19 November 2021, American Shipping Company ASA (“AMSC” or the “Company”) announces results for the third quarter ending 30 September 2021.

HIGHLIGHTS

· Stable Q3 financial performance with bareboat revenue of USD 22.3 million, normalized EBITDA of USD 22.3 million and adjusted net profit of USD 5.0 million
· Declared Q3 dividend of USD 0.12 per share, an increase of 20% compared to Q2 and supported by the Company’s free cash flow
· Backlog of secured bareboat revenue of USD 170 million with average weighted tenor of 1.9 years

AMSC CEO, Pål Lothe Magnussen comments, “We are pleased to report a 20% increase in quarterly dividends supported by our stable financial performance. The Jones Act tanker market is continuing to improve and recently several vessels have been reactivated from warm layup while older vessels have been scrapped, resulting in an improving supply and demand balance. Short term market dynamics are encouraging and long term fundamentals remain attractive.”

The full report is attached, along with the third quarter 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