American Shipping Company ASA : Fourth quarter 2017 results
February 14 2018 - 2:00AM
Lysaker, 14 February 2018, American Shipping
Company ASA ("AMSC or the "Company") announces results for fourth
quarter ending 31 December 2017.
HIGHLIGHTS
-
Stable Q4 bareboat revenue of USD 22.1
million and backlog of secured bareboat revenue of USD 226 million
with average weighted tenor of 2.6 years
-
Normalized EBITDA for Q4 of USD 22.1
million
-
Adjusted net profit for Q4 of USD 4.0
million
-
Improved Jones Act tanker market
conditions due to increased demand for transportation of both crude
oil and clean products, with positive market outlook going
forward
-
Declared Q4 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 deliver consistent financial
results for Q4 2017, in line with expectations. The Jones Act
market in which our tankers are deployed is experiencing
significantly improved market conditions, with increasing
transportation demand for both crude oil and clean products. The
market began to strengthen in the middle of the fourth quarter and
has continued to improve into 2018. We are increasingly optimistic
about the potential for further tightening of market conditions
going forward."
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 2017 presentation
AMSC Q4 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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