Lysaker, Norway – 20 October 2022
AMSC ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) is pleased to announce that it has entered into a bareboat charter for one of its vessels with Keystone Shipping Co. (Keystone). The contract is commencing in December 2022 and has a duration of three years with no extension options. The bareboat charter is supported by a back-to-back time charter of the same duration between Keystone and a leading U.S. fuel distributor. The new bareboat charter adds approximately USD 31.3 million to AMSC’s existing charter backlog, excluding any proceeds from a profit share component of the charter.
AMSC CEO Pål Lothe Magnussen commented, "We are pleased to have secured employment for the final vessel well ahead of the expiration of its current charter. By successfully bareboat chartering the three ships, we have increased our charter backlog by over USD 91 million. Jones Act tanker capacity is likely to remain constrained for the foreseeable future, and these charters are indicative of strong demand for our vessels. Chartering these ships to a premium U.S. tanker operator like Keystone gives us a great deal of confidence that our vessels will be operated and maintained to the highest standards.”
Keystone President Donald Kurz comments, “We are pleased to add the final AMSC vessel to our fleet on a back-to-back charter with a leading U.S. fuels distributor. We are very happy to have concluded this bareboat transaction which allows us to continue to service customers in the U.S. Gulf petroleum trade.”
AMSC Company contacts:
Pål Magnussen, Chief Executive Officer +47 90 54 59 59
Morten Bakke, Chief Financial Officer +47 900 955 94
Leigh Jaros, Controller +1 484 880 3741
About AMSC ASA:
Established in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a ship owning company with nine modern handy size product tankers, one modern handy size shuttle tanker and one subsea construction vessel on bareboat charters with various counterparties. AMSC has a significant contract backlog, as well as profit sharing agreements, which offers visibility with respect to future earnings and potential dividend capacity. The Company has an ambition to pay attractive dividends to its shareholders. Further information is available at www.amscasa.com.
Keystone is a U.S. shipowner and operator founded in Philadelphia in 1909. It has for over 100 years safely transported petroleum products to ports across the United States and presently manage more than 20 vessels in the domestic and international shipping sectors.