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ANANGEL-AMERICAN ANNOUNCES FIRST QUARTER EARNINGS UP 16 PERCENT

   ANANGEL-AMERICAN ANNOUNCES FIRST QUARTER EARNINGS UP 16 PERCENT
    PIRAEUS, Greece, Nov. 26 /PRNewswire/ -- Anangel-American Shipholdings Limited (NASDAQ: ASIPY) today reported first quarter earnings of 43 cents per share for the three months to Sept. 30, 1991 (1990: $0.37).  Net income was $7,564,000 (1990: $6,812,000) on revenues of $16,261,000 (1990: $16,369,000) after charging depreciation of $2,840,000 (1990: $2,880,000) or 18 cents per share (1990: 17 cents per share).  As of Sept. 30, 1991 the company's total assets of approximately $287,000,000 were supported by $277,000,000 shareholders equity.
    Management noted that due to steadily improving freight rates cash returns increased to $0.61 cents per share compared with $0.54 cents per share for the corresponding three month 1990 period.
    Anangel-American now operates a fleet of sixteen dry cargo vessels and one product tanker totalling 695,000 deadweight tonnes.  The company's present policy is to only operate modern, well maintained tonnage: the average age of the company's fleet, all of which is of Japanese construction, is just 6-3/4 years.
    -0-             11/26/91
    /CONTACT:  M. Costeletos, vice president of Anangel-American Shipholdings Limited, 071-828-3388/
    (ASIPY) CO:  Anangel-American Shipholdings Limited ST: IN:  MAR SU:  ERN SH-OS -- NY012 -- 7174 11/26/91 09:29 EST
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Publication:PR Newswire
Date:Nov 26, 1991
Words:217
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