American Shipping Company ASA - First quarter 2020 financial results
Lysaker, 20 May 2020, American Shipping Company ASA (“AMSC” or the “Company”) announces results for first quarter ending 31 March 2020. HIGHLIGHTS · AMSC successfully closed a USD 305 million bank debt refinancing with new and existing lenders at attractive and improved terms. The new debt facilities reduce cost of capital and increase free cash flow · Stable Q1 financial performance with bareboat revenue of USD 21.9 million, normalized EBITDA of USD 22.0 million and adjusted net profit of USD 2.9 million · Backlog of secured bareboat revenue of USD 300.4 million with average