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AMSC ASA is a Jones Act ship finance company with several industry tailwinds - no new vessels available until 2028 is supportive of higher rates. Revenue and EBITDA rose ~39% in Q1 '23. AMSC ASA receives very little media coverage in the U.S.
TAMPA, Fla.--( BUSINESS WIRE )--Overseas Shipholding Group, Inc. (NYSE: OSG) (“OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today announced that it has exercised options to extend its bareboat charter agreements with American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) for six vessels. The six bareboat charter extensions provide for additional three-year terms commencing in December 2023. With these extensions, seven vessels will continue on lease from AMSC – six with maturity dates aligned to end in December 2026 and one with a maturity of 2025.
A subscriber out of Norway recently asked me to take a look at one of his favorite investments in Norway - AMSC ASA, a shipping company. The company owns a fleet of 11 vessels in turn chartered to a number of different companies. All vessels are relatively new - and the yield is absolutely massive.
American Shipping Company yields 13.04%, and pays quarterly. It's a core holding in the HDS+ portfolio, with a total return from inception of 82.72%.
TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group Announces Charter Option Decisions for Vessels Leased from American Shipping Company