American Shipping Company ASA - First quarter 2019 results
Lysaker, 21 May 2019, American Shipping Company ASA (“AMSC” or the “Company”) announces results for first quarter ending 31 March 2019.
HIGHLIGHTS
- Stable Q1 bareboat revenue of USD 21.6 million
- Backlog of secured bareboat revenue of USD 281.1 million with average weighted tenor of 3.2 years
- Normalized EBITDA for Q1 of USD 21.7 million and adjusted net profit for of USD 2.2 million
- Stable Jones Act tanker market fundamentals with limited new time charter and spot voyage activity
- AMSC received USD 16.3 million in liquidation proceed from Philly Tankers AS and subsequently repaid the outstanding USD 10.7 million subordinated loan from Aker ASA
- Extended the tenor of existing bank loans from November 2020 to June 2021
- Amended certain terms in the bond agreement including removal of principal amortization
- Declared Q1 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 observe enduring positive fundamentals in the Jones Act tanker market, supporting the longevity and stability of our business model. During the quarter we made optimizations to our financing structure including removal of amortization for the bond debt and extension of tenors for the secured bank loans. The loan amendments are part of a preparation for a bank debt refinancing during 2020, and is evidence of sustained strong support for American Shipping Company by our diversified pool of capital providers.”
The full report is attached, along with the Q1 presentation.
Company contacts:
Pål Magnussen, Chief Executive Officer
Morten Bakke, Chief Financial Officer
Leigh Jaros, Business Controller / Finance Manager
+1 484 880 3741
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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