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

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Lysaker, NorwayJune 10, 2022

American shipping company ASA (Oslo Stock Exchange: AMSC / OTCQX : ASCJF) is pleased to announce that it has entered into bareboat charter contracts for two of its vessels from December 2022 with Keystone Shipping Co. (Keystone), a Prime Minister WE tanker operator. Bareboat charters have minimum terms of three years which can be extended at the charterer’s option. Charters are secured by back-to-back time charters of the same duration between Keystone and a large WE based oil and refining group. The new charters almost add $60 million AMSC’s existing charter backlog, excluding any proceeds from the profit sharing component of charters.

CSIA CEO Pal Lothe Magnussen commented: “We are pleased 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 ensured visibility of 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. WE a tanker operator like Keystone gives us great confidence that our vessels will be operated and maintained to the highest standards in order to serve WE transportation needs of oil companies in the future.”

Keystone Speaker Donald Kurz comments “The back-to-back chartering of the two AMSC vessels will fit well 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 an industry oil and refinery key group in the WE Gulf.”

CSIA Society contacts:

Pal MagnussenGeneral Manager +47 90 54 59 59

Morten BakkeChief Financial Officer +47 900 955 94

Leigh JarosController +1 484 880 3741

About American shipping company ASA:

Founded in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a ship-owning company with nine modern utility-sized commodity tankers, one modern utility-sized shuttle tanker and one bareboat chartered subsea construction vessel with various counterparties. AMSC has a large order book, as well as profit sharing agreements with Overseas Shipholding Group, Inc. and Keystone Shipping Co., which provides visibility into future earnings and potential dividend capacity. The Company aims to pay attractive dividends to its shareholders. Further information is available at www.americanshippingco.com.

About Keystone

The keystone is a WE shipowner and operator founded in philadelphia cream in 1909. For more than 100 years, it has safely transported petroleum products to ports across United States and currently manages over 20 vessels in the domestic and international shipping sectors.

This information is considered inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act .

This Sotck exchange ad was posted by Leigh JarosController, American shipping company ASAon June 10, 2022 at 5:30 p.m. CET

https://news.cision.com/american-shipping-company-asa/r/american-shipping-company-asa—two-new-multi-year-bareboat-charters,c3583690

(c) Decision 2022. All rights reserved., sources Press Releases – English

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