Presentation

AMSC was established in 2005 and is a ship owning company with ten tankers leased out on bareboat charters in the Jones Act market. The company is listed on the Oslo Stock Exchange and has a market capitalization of USD 200m and net debt of USD 500m as of Q2’20. AMSC is part of the Aker system, and Aker ASA is the largest shareholder with 19% of the shares outstanding.

The fleet consists of nine MR tankers and one shuttle tanker, all delivered in the period 2007-11. AMSC is a pure play Jones Act tanker owner and has leased out all its vessels on bareboat charters (with profit sharing mechanisms and evergreen extension options) to Overseas Holding Group. The MR charters expire in 2022-23 (five in Dec’22 and four in Dec’23), while the shuttle tanker expires in Jun’25.

AMSC has demonstrated solid capital discipline through the booms and troughs of the JA market. The company recently refinanced its USD 220m/9.25% bond with a new USD 200m paper at 7.75% - which in turn sparked an increase in the quarterly dividend from USD 0.08 to USD 0.10 from Q2’20.