American Shipping Company ASA : First quarter 2017 results
May 24 2017 - 1:59AM
Lysaker, 24 May 2017, American Shipping Company
ASA ("AMSC or the "Company") announces results for first quarter
ending 31 March 2017.
HIGHLIGHTS
-
Successful refinancing of the unsecured bond
through the placement of a new five year USD 220 million senior
unsecured bond
-
Stable Q1 bareboat revenue of USD 21.6 million
and backlog of secured bareboat revenue of USD 292 million with
average weighted tenor of 3.3 years
-
Normalized EBITDA for Q1 of USD 21.9
million
-
Recognized gain of USD 2.3 million related to
the Company's investment in Philly Tankers AS ("Philly Tankers"),
as a result of the delivery and sale of the second vessel by Philly
Tankers to Kinder Morgan
-
Adjusted net profit for Q1 of USD 4.5
million
-
Declared Q1 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 have completed the refinancing of all our outstanding debt with
the USD 220 million senior unsecured bond placement completed in Q1
2017, which followed the senior secured debt refinancing concluded
in Q4 2015. These actions, combined with our Jones Act leasing
platform, allow us to shift our attention to growth and
diversification. We continue to evaluate new opportunities in
the Jones Act market, with the aim to create accretive transactions
and grow shareholder value".
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 2017 report
AMSC Q1 2017 presentation
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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