American Shipping Company ASA - Fourth quarter 2018 results

HIGHLIGHTS Overseas Shipholding Group (“OSG”) exercised options to extend the bareboat charter agreements for all nine of AMSC's vessels up for renewalStable Q4 bareboat revenue of USD 22.1 million and backlog of secured bareboat revenue of USD 302.7 million with average weighted tenor of 3...

Lysaker, 28/02/2019 (informazione.news - comunicati stampa - trasporti)

HIGHLIGHTS

AMSC CEO, Pål Magnussen comments, “We are pleased to see the entire Jones Act tanker fleet being fixed on time charters during the final quarter of 2018. The combination of an ageing Jones Act tanker fleet, the lack of yard availability for newbuilds as well as increased demand from the U.S. Northeast crude trade is likely to put additional upward pressure on time charter rates going forward. We believe the fleet is ideally positioned to capitalize on rising time charter rates as OSG has not committed to time charters on most of our ships beyond December 2019.”

The full report is attached, along with the Q4 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.

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