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American Shipping Company ASA - Third quarter financial results

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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 years
  • Declared Q3 dividend of USD 0.10 per share, backed by the Company’s increased free cash flow

AMSC CEO, Pål Lothe Magnussen comments, “Completing the company wide refinancing with the USD 200 million senior unsecured bond at a much reduced interest rate was a key milestone for American Shipping Company. The strong interest in our refinancing from banks and bondholders is a reflection of our stable business model, despite COVID-19 related financial market volatility.”

The full report is attached, along with the Q3 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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