American Shipping Company ASA : Third quarter 2017 results
November 16 2017 - 2:00AM
Lysaker, 16 November 2017, American Shipping
Company ASA ("AMSC or the "Company") announces results for third
quarter ending 30 September 2017.
HIGHLIGHTS
-
Stable Q3 bareboat revenue of USD 22.1
million and backlog of secured bareboat revenue of USD 248 million
with average weighted tenor of 2.8 years
-
Normalized EBITDA for Q3 of USD 22.4
million
-
Adjusted net profit for Q3 of USD 3.9
million
-
Declared Q3 dividend of USD 0.08 per
share, in line with previous guidance and backed by the Company's
contracted cash flow
-
Approved to trade on the OTCQX Best
Market in the United States subsequent to the end of the
quarter
AMSC CEO, Pål Magnussen comments,
"We are pleased to deliver consistent financial
results for Q3 2017, in line with expectations. We see encouraging
signs in the market place with older tonnage exiting the market
which is a trend expected to continue. The orderbook is also
expected to be completely delivered by the end of Q1 next year, and
no new orders have been placed for Jones Act tankers in over three
years".
The full report is attached, along with the Q3
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 Q3 2017 presentation
AMSC Q3 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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