21.05.2019 kl 19:34 3390

Lysaker, 21 May 2019, American Shipping Company ASA (AMSC or the
Company) announces results for first quarter ending 31 March 2019.


* 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
* 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 Companys contracted cash flow

AMSC CEO, Pl 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.

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