American Shipping Company ASA Says Effects of the Pandemic Are Becoming More Visible in the Jones Act Tanker Market
American Shipping Company ASA announces results for fourth quarter ending 30 December 2020.
• Stable Q4 financial performance with bareboat revenue of USD 22.2 million, normalized EBITDA of USD 22.2 million and adjusted net profit of USD 4.9 million
• Backlog of secured bareboat revenue of USD 235 million with average weighted tenor of 2.7 years
• Declared Q4 dividend of USD 0.10 per share, backed by the Company’s free cash flow
• Subsequent to year-end, the USD 200 million senior unsecured bond was listed on the Oslo Stock Exchange under the ticker ATI02
AMSC CEO, Pål Lothe Magnussen comments, “We are pleased to deliver another stable quarter of financial results, but note that the effects of COVID-19 are becoming more visible in the Jones Act tanker market. We expect the time charter market to be volatile in the near term, but have seen some spot and term market activity in January, which is an encouraging sign. AMSC remains insulated from short term volatility with bareboat contracts in place for the entire fleet.”
Source: American Shipping Company ASA