American Shipping Company ASA : First quarter 2016 results

Oslo, 24 May 2016, American Shipping Company ASA announces results for the first quarter ending 31 March 2016

Highlights:

Increasing normalized EBITDA of MUSD 26.2 for Q1 2016 vs. MUSD 25.3 in Q1 2015 (Normalized EBITDA: base bareboat revenue, plus profit share, plus DPO, less SG&A)
Declared Q1 2016 dividend of USD 0.107 per share, approximately 4% higher than Q1 2015, which equates to an annualized dividend yield of 13.6% based on the share price as of 23 May 2016.
Reiterated guiding on approximately 15% year on year dividend growth for 2016 vs. 2015
Backlog of secured bareboat revenue of MUSD 380 with average weighted tenor of 4.3 years

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, 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.

AMSC Q1 2016 report
AMSC Q1 2016 presentation

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: American Shipping Company ASA via Globenewswire

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