American Shipping Company ASA : Fourth quarter 2016 results
February 06 2017 - 2:00AM
Lysaker, 6 February 2017, American Shipping
Company ASA ("AMSC or the "Company") announces results for fourth
quarter ending 31 December 2016.
HIGHLIGHTS
-
Stable Q4 bareboat revenue of USD 22.1
million and backlog of secured bareboat revenue of USD 314 million
with average weighted tenor of 3.6 years
-
Normalized EBITDA for Q4 of USD 24.3
million, including profit share of USD 1.8 million attributed to
AMSC
-
Recognized a gain of USD 2.2 million
related to the Company's investment in Philly Tankers AS ("Philly
Tankers"), related to the delivery and sale of the first vessel by
Philly Tankers to Kinder Morgan
-
Adjusted net profit for Q4 of USD 5.8
million
-
Declared Q4 dividend of USD 0.124 per
share, in line with previous guidance for full year 2016
dividends
AMSC CEO, Pål Magnussen comments, "The Jones Act tanker market remained oversupplied in the fourth quarter, although we are
beginning to see a trend of charterers replacing articulated tub barges
(ATBs) with tankers. This dynamic
currently leads to high utilization of our
assets. As a bareboat provider with assets contracted on long-term charters, we
enjoy stable, predictable
cash flows during periods of market
weakness. At the same time, we are well positioned to benefit
from a market
recovery through the profit
sharing component of our charter agreements on
the back of higher oil prices and expected rise in U.S. shale oil production".
The full report is attached, along with the Q4
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 Q4 presentation
AMSC Q4 report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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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