Converto Sticks with Shipping

Converto has also received indications from several parties that there is interest in discussing and assessing strategic opportunities for AMSC and AKPS on a stand-alone or combined basis. As a result, the company has concluded that potential strategic alternatives could create higher value than an exit at the current time, and will now spend the time required to explore such options.
The North American shale oil revolution has created a structural change in the demand for oil transportation and refining in the United States.
Converto believes that AMSC and AKPS assets are uniquely positioned to benefit from a continued tight Jones Act market and the favourable supply / demand dynamics driven by increased shale oil production, longer shipping distances, stricter vessels requirements and limited newbuilding capacity.
In Convertos opinion, AMSC and AKPS are at a crossroad of opportunities. As previously announced, AMSC is working to refinance its debt and is in final rounds of negotiations with banks to orchestrate an all encompassing refinancing to reduce the cost of capital and increase its dividend capacity.