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Anangel-American Shipholdings Limited Announces Six Months Results.

PIRAEUS, Greece, Sept. 19 /PRNewswire/ --

Anangel-American Shipholdings Limited (Nasdaq: ASIPY) reported as of September 8, 2000 a net profit of US$9,763,000 or US$0.41 per share for the first half of 2000, as compared to a net loss of US$13,047,000 or US$(0.82) per share for the corresponding period a year ago. For the three months ended June 30,2000 net income was US$5,054,000 or US$0.21 per share versus a net loss of US$5,698,000 (US$(0.36) per share) for the corresponding period in 1999.

The shipping markets remained strong throughout the period as expected. The expiry of a number of old charters in the third quarter along with the securing of new fixtures for periods over 6 months will provide an improving income stream for the company for the rest of 2000.

It is with regret that the Company announces the departure of Mr. Paris Xanalatos from the post of Vice President who leaves to join his family business. We wish him every success in his new endeavours.

With the delivery of the "Anangel Century" on August 7, 2000, and the sale of the "Anangel Honesty" in July, 2000, the Company's fleet currently consists of twenty three dry cargo vessels with an aggregate capacity of 1,957,349 all of which are employed. The Company also has four Panamax bulk carriers on order with Daewoo Heavy industries of Korea for delivery in the second quarter of 2001, first quarter of 2002, fourth quarter 2002, and first quarter 2003, respectively.

FINANCIAL HIGHLIGHTS

Six Months ended Three Months ended

June 30 June 30

2000 1999 2000 1999

Income Data $000s $000s $000s $000s

Revenue from voyages 46,659 28,841 26,066 15,132

Less: Operating expenses (23,759) (23,293) (13,003) (11,848)

Depreciation (11,072) (10,421) (5,598) (5,336)

Operating Profit/(Loss) 11,828 (4,873) 7,465 (2,052)

Add/(Deduct):

Investment & Other

income (Loss) 5,376 (2,356) 1,472 (475)

Interest expense (6,993) (5,336) (3,631) (2,891)

General & Administrative

Expenses (448) (482) (252) (280)

Net Income/(Loss) 9,763 (13,047) 5,054 (5,698)

Per share amounts

Net income/(Loss) $0.41 $(0.82) $0.21 $(0.36)

Number of shares (000s) 23,974 15,983 23,974 15,983

Financial Data June 30

2000 1999

$000s $000s

Vessels at cost

less depreciation 385,679 362,799

Vessels under construction 15,840 3,567

Net current assets 60,689 53,773

462,208 420,139

Long term debt 207,632 214,005

Deferred income 1,595 3,992

Shareholders' funds 252,981 202,142
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Publication:PR Newswire
Geographic Code:4EUGR
Date:Sep 19, 2000
Words:451
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