American Shipping Company ASA : First quarter 2016 results

Oslo, 24 May 2016, American Shipping Company ASA announces results for the first quarter ending 31 March 2016

Highlights:

• Increasing normalized EBITDA of MUSD 26.2 for Q1 2016 vs. MUSD 25.3 in Q1 2015 (Normalized EBITDA: base bareboat revenue, plus profit share, plus DPO, less SG&A)
• Declared Q1 2016 dividend of USD 0.107 per share, approximately 4% higher than Q1 2015, which equates to an annualized dividend yield of 13.6% based on the share price as of 23 May 2016.
• Reiterated guiding on approximately 15% year on year dividend growth for 2016 vs. 2015
• Backlog of secured bareboat revenue of MUSD 380 with average weighted tenor of 4.3 years

The full report is attached, along with the Q1 presentation.

Company contacts:

Pål Magnussen, Chief Executive Officer
[phone]

Morten Bakke, Chief Financial Officer
[phone]

Leigh Jaros, Business Controller / Finance Manager
[phone]

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

AMSC Q1 2016 report
AMSC Q1 2016 presentation

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Source: American Shipping Company ASA via Globenewswire

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