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ANANGEL-AMERICAN ANNOUNCES YEAR END RESULTS AND FINAL DIVIDEND OF 50 CENTS PER SHARE FOR THE 1993 FISCAL YEAR

 GRAND CAYMAN, Cayman Islands, Aug. 10 /PRNewswire/ -- In its sixth full year of operations Anangel-American Shipholdings Limited (NASDAQ: ASIPY) reported net income for fiscal year ended June 30, 1993 of $17,194,000 (1992: $19,434,000 after preferred dividends). Earnings per share for the year were $1.08 (1992: $1.21) and the directors have recommended a final dividend of $0.50 payable on Oct. 1 to shareholders of record on Sept. 1, 1993. The October payment will bring the total dividend for fiscal 1993 to $1.00 (1991: $1.00).
 For the fourth quarter ending June 30, 1993 net income was $4,641,000 or $0.29 per share, versus $2,996,000 or $0.19 per share for the corresponding 1992 period.
 Management believe that these results are above the industry average and are satisfactory considering that they were achieved during a period of improving freight markets but during which the average level of freight rates declined by some 8.5 percent on a year-on-year basis.
 Cash flow from shipping operations has remained strong at $1.88 per share (1992: $1.93 per share) largely due to continued tight control of operating expenses.
 With the delivery of the first two of its capesize newbuildings, the company's fleet now consists of nineteen vessels with an aggregate carrying capacity of 1,018,300 DWT. All of its vessels are presently employed.
 The company has three vessels under construction, two of the 160,000 DWT capesize class and one 73,000 DWT Panamax bulk carrier for deliveries in October 1993, November 1994, and June 1995, respectively.
 The company's annual general meeting will be held at its principal office in Piraeus on Friday, Sept. 24 commencing at 10:15 hours.
 ANANGEL-AMERICAN SHIPHOLDINGS LIMITED
 Financial Highlights
 (Amounts in thousands of dollars, except per share data)
 Income Data
 Three months Year
 Periods ended June 30 1993 1992 1993 1992
 Revenues form voyages 16,217 13,684 58,191 59,295
 Operating expenses 7,797 8,108 29,904 28,735
 Shipping profit 8,420 5,576 28,287 30,560
 Depreciation (3,663) (2,042) (12,815) (11,362)
 Other income (loss)/ net (116) 262 1,722 2,168
 Net income 4,641 2,996 17,194 21,366
 Per share amounts 0.29 0.19 1.08 1.21
 Financial Data
 Periods ended June 30 1993 1992
 Vessels at cost less
 depreciation 318,388 226,036
 Vessels under construction 51,430 64,330
 Net current assets 4,879 18,853
 Total 374,697 309,219
 Long term debt 128,300 64,000
 Shareholder equity 246,397 245,219
 Shares outstanding 15,983 15,985
 -0- 8/10/93
 /CONTACT: Marinos Costeletos of Anangel-American, in Piraeus, 422-4500 or in London, 71-828-3388/
 (ASIPY)


CO: Anangel-American Shipholdings Limited ST: IN: MAR SU: ERN

LG-WB -- NY037 -- 1155 08/10/93 11:29 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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