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ANANGEL BOARD ANNOUNCES SUCCESSFUL OUTCOME OF PERPETUATION VOTE INCREASED OPERATING INCOME AND US$.50 INTERIM DIVIDEND

     ANANGEL BOARD ANNOUNCES SUCCESSFUL OUTCOME OF PERPETUATION VOTE
         INCREASED OPERATING INCOME AND US$.50 INTERIM DIVIDEND
    PIRAEUS, Greece, March 2 /PRNewswire/ -- The board of directors of Anangel-American Shipholdings Limited (NASDAQ: ASIPY) today announced the results of the shareholders' votes at the extraordinary general meetings held on Feb. 28, 1992, during which they voted to make the company perpetual and to broaden its borrowing and investment powers, placing it in a position to compete equally with its industry peers.
    Following the successful outcome of the votes, the board of directors have elected to proceed with exercising the company's option to acquire the newbuilding contracts for the three Capesize bulk carriers of 160,000 DWT tons placed at the Hyundai shipyard in Korea by Anangel Shipping Enterprises S.A.
    The board of directors also reported that the company operated successfully during the first half of fiscal 1992, increasing profit from shipping operations, before depreciation, to US$17,173,000 or US$1.06 per share, as compared with US$16,637,000 or US$1.02 per share, in the corresponding period.
    Net income for the period was US$12,962,000 or US$0.73 per share after preferred dividend, (1990: US$18,047,000 or US$1.02 per share). Excluding the profit realized last year on the disposal of a vessel of US$7,002,000 or US$0.43 per share, the net income shows an increase of US$0.14 per share.
    In accordance with the company's policy, the board of directors approved the payment of the interim dividend of US$0.50 per share payable on April 1, 1992, to shareholders of record March 16, 1992.
    The chairman commented on future prospects as follows:
    "As anticipated, the industry has experienced a softening in freight rates since the beginning of the year resulting in a reduction of the net hire from US$150,000 per day achieved in the first six months to approximately US$138,000 per day currently.  Although profitability will be affected, the company believes that due to its fleet's type and age and its strong balance sheet, it will be in a better position than its competitors to take advantage of opportunities which this variable environment may provide.
    -0-                     3/2/92
    /CONTACT:  M. Costeletos, vice president of Anangel-American Shipholdings, in Piraeus, 411-2511, or in London, 71-828-3388/
    (ASIPY) CO:  Anangel-American Shipholdings Limited ST: IN:  MAR SU: SM-TS -- NY059 -- 4000 03/02/92 13:03 EST
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Publication:PR Newswire
Date:Mar 2, 1992
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