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American Shipping Company ASA - First quarter 2020 financial results

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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 weighted tenor of 3.4 years
  • 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 Lothe Magnussen comments, “We are pleased to report another quarter with stable financial performance based on contracted cash flow for the entire fleet. Stable cash flow in combination with the new bank debt financing, will translate into stronger financial results going forward and increasing net free cash flow. Despite global uncertainty from the COVID-19 pandemic, AMSC remains insulated with “come hell and high water” bareboat contracts, and no debt maturities until 2022.”

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, Controller

+1 484 880 3741

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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