In addition, AMSC reported stable bareboat revenue of $21.6 mill for 1Q17 and backlog of secured bareboat revenue of $292 mill with average weighted tenor of 3.3 years.
EBITDA was described as a normalised $21.9 mill.
During the quarter, AMSC posted a gain of $2.3 mill related to the company's investment in Philly Tankers, as a result of the delivery and sale of the second vessel by Philly Tankers to Kinder Morgan.
Also, the company refinanced its unsecured bond through the placement of a new five-year $220 mill senior unsecured bond.
AMSC CEO, Pål Magnussen, commented; "We are pleased to have completed the refinancing of all our outstanding debt with the $220 mill senior unsecured bond placement completed in 1Q17, which followed the senior secured debt refinancing concluded in 4Q15.
“These actions, combined with our Jones Act leasing platform, allow us to shift our attention to growth and diversification. We continue to evaluate new opportunities in the Jones Act market, with the aim to create accretive transactions and grow shareholder value," he said.