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2017-02-06

American Shipping Company ASA : Fourth quarter 2016 results

Lysaker, 6 February 2017, American Shipping Company ASA ("AMSC or the
"Company") announces results for fourth quarter ending 31 December 2016.

HIGHLIGHTS

* Stable Q4 bareboat revenue of USD 22.1 million and backlog of secured
bareboat revenue of USD 314 million with average weighted tenor of 3.6
years
* Normalized EBITDA for Q4 of USD 24.3 million, including profit share of USD
1.8 million attributed to AMSC
* Recognized a gain of USD 2.2 million related to the Company's investment in
Philly Tankers AS ("Philly Tankers"), related to the delivery and sale of
the first vessel by Philly Tankers to Kinder Morgan
* Adjusted net profit for Q4 of USD 5.8 million
* Declared Q4 dividend of USD 0.124 per share, in line with previous guidance
for full year 2016 dividends

AMSC CEO, Pål Magnussen comments,"The Jones Act tanker market
remained
oversupplied
in the fourth quarter
,
although
we
are beginning to
see a trend
of
charterers
replacing
articulated tub barges (ATBs) with tankers
. This dynamic currently
leads to high utilization of our assets. As a bareboat
provider
with assets contracted on long-term charters, we
enjoy stable
, predictable
cash flow
s
during
periods of market weakness. At the same time, we are well positioned to
benefit from
a
market
recovery
through the profit sharing component of our charter agreements
on the back of higher oil prices and expected rise in
U.S.
shale oil production"
.

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.

AMSC Q4 presentation
http://hugin.info/138687/R/2076023/780681.pdf
AMSC Q4 report
http://hugin.info/138687/R/2076023/780680.pdf

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: American Shipping Company ASA via Globenewswire

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