American Shipping Company ASA - Third quarter financial results
Lysaker, 20 November 2020, American Shipping Company ASA (“AMSC” or the “Company”) announces results for third quarter ending 30 September 2020. HIGHLIGHTS · Completed refinancing of the Company’s USD 220 million unsecured bond, with a new USD 200 million bond, at a 7.75% coupon, 150 basis points lower coupon than the prior bond · Stable Q3 financial performance with bareboat revenue of USD 22.2 million, normalized EBITDA of USD 22.4 million and adjusted net profit of USD 4.6 million · Backlog of secured bareboat revenue of USD 256 million with average weighted tenor of 2.9