American Shipping Company ASA : Third quarter 2017 results

Lysaker, 16 November 2017, American Shipping Company ASA ("AMSC or the "Company") announces results for third quarter ending 30 September 2017.

HIGHLIGHTS

• Stable Q3 bareboat revenue of USD 22.1 million and backlog of secured bareboat revenue of USD 248 million with average weighted tenor of 2.8 years

• Normalized EBITDA for Q3 of USD 22.4 million

• Adjusted net profit for Q3 of USD 3.9 million

• Declared Q3 dividend of USD 0.08 per share, in line with previous guidance and backed by the Company`s contracted cash flow

• Approved to trade on the OTCQX Best Market in the United States subsequent to the end of the quarter

AMSC CEO, Pål Magnussen comments, "We are pleased to deliver consistent financial results for Q3 2017, in line with expectations. We see encouraging signs in the market place with older tonnage exiting the market which is a trend expected to continue. The orderbook is also expected to be completely delivered by the end of Q1 next year, and no new orders have been placed for Jones Act tankers in over three years".

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, Business Controller / Finance Manager
+1 484 880 3741

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

AMSC Q3 2017 report
AMSC Q3 2017 presentation

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Source: American Shipping Company ASA via GlobeNewswire
HUG#2150183