American Shipping Company ASA - Fourth quarter financial results
Lysaker, 28 February 2020, American Shipping Company ASA (“AMSC” or the “Company”) announces results for fourth quarter ending 31 December 2019.HIGHLIGHTS · Overseas Shipholding Group (“OSG”) exercised one of its perpetual 3 year extension options for the bareboat charter agreements for four of AMSC’s vessels, moving these charter expiries to December 2023 · Secured firm commitments from lenders to refinance the current bank debt facilities on 9 of our vessels at attractive and improved terms · Stable Q4 bareboat revenue of USD 22.1 million, normalized EBITDA of USD 22.2 million