American Shipping Company ASA : Second quarter 2017 results
August 16 2017 - 2:00AM
Lysaker, 16 August 2017, American Shipping Company
ASA ("AMSC or the "Company") announces results for second quarter
ending 30 June 2017.
HIGHLIGHTS
-
Stable Q2 bareboat revenue of USD 21.9 million
and backlog of secured bareboat revenue of USD 270 million with
average weighted tenor of 3.1 years
-
Normalized EBITDA for Q2 of USD 22.2
million
-
Adjusted net profit for Q2 of USD 2.5
million
-
Declared Q2 dividend of USD 0.08 per share, in
line with previous guidance and backed by the Company's contracted
cash flow
-
Completed listing of the USD 220 million
unsecured bond on the Oslo Stock Exchange under the ticker
AMTI01
AMSC CEO, Pål Magnussen comments, "We are pleased to deliver consistent financial results for
Q2 2017, in line with expectations, despite a continuing soft Jones
Act tanker market. Our Q2 2017 financial results demonstrate our
stable business model with all ships on "come hell or high water"
bareboat contracts".
The full report is attached, along with the Q2
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 Q2 2017 presentation
AMSC Q2 2017 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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