American Shipping Company ASA: Two new multi-year bareboat charters

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American Shipping Company ASA is pleased to announce that it has entered into bareboat charters for two of its vessels beginning in December 2022 with Keystone Shipping Co. (Keystone), a leading US oil operator. Bareboat charters have minimum terms of three years which can be extended at the charterer’s option. Charters are secured by consecutive time charters of the same duration between Keystone and a major oil and refining group based in the United States. The new charters add nearly $60 million to AMSC’s existing charter backlog, excluding any proceeds from the profit sharing component of charters.

AMSC CEO Pål Lothe Magnussen said, “We are delighted to have secured employment for these two vessels before their current charters expire at the end of this year. In doing so, we have increased our backlog and provided more visibility into our cash flow. Jones Act tanker capacity will remain limited for the foreseeable future, and these charters are indicative of strong demand for our vessels. Chartering our vessels to a leading US oil operator like Keystone gives us great confidence that our vessels will be operated and maintained to the highest standards to meet the transportation needs of US oil companies around the world. ‘coming.

Keystone President Donald Kurz commented: “Chartering the two AMSC vessels on a bareboat charter will fit perfectly with our strategy of operating vessels in the domestic tanker trade. We are very pleased to have concluded this bareboat transaction which allows us to serve a key oil and refining group in the United States Gulf.
Source: American Shipping Company ASA

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