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