AMSC ASA — AGM Information 2022

Apr 22, 2022

Annual General Meeting

American Shipping Company ASA 22 April 2022 Oslo, Norway

Agenda

• 1. Opening of the annual general meeting of American Shipping Company ASA, including approval of the notice and agenda.
• 1. Election of a person to co-sign the meeting minutes along with the meeting chair.
• 1. Presentation of business activities (nonvoting).
• 1. Approval of the 2021 annual accounts of American Shipping Company ASA, group consolidated accounts and the Board of Directors' report.
• 1. Advisory vote on the report on salary and other remuneration to the executive management for 2021.
• 1. Consideration of the statement of corporate governance (non-voting).
• 1. Stipulation of remuneration of the members of the board of directors.
• 1. Stipulation of the remuneration to the members of the Nomination Committee.
• 1. Approval of remuneration to the auditor for 2021.
• 1. Election of new auditor.
• 1. Election of members to the Board of Directors.
• 1. Election of members to the Nomination Committee.
• 1. Reduction of the share capital.
• 1. Authorization to the Board of Directors for payment of dividends.
• 1. Authorization to the Board of Directors to acquire treasury shares in connection with incentive scheme for employees.
• 1. Authorization to the Board of Directors to acquire treasury shares for investment purposes or subsequent sale or deletion of such shares.
• 1. Authorization to the Board of Directors to acquire treasury shares in connection with acquisitions, mergers, de-mergers or other transactions.
• 1. Authorization to the Board of Directors to increase the share capital in connection with future investments etc.

American Shipping Company (AMSC)

Introduction to AMSC Fleet overview

• Oslo listed with market capitalization of USD ~229m*
  • o OSE ticker: AMSC
  • o U.S. OTC ticker: ASCJF
  • o Bond ticker: ATI02
• Pure play Jones Act tanker owner with a modern tanker fleet ▪ Fixed rate bareboat contracts generate stable, predictable cash flow
• Solid balance sheet with no debt maturities before 2025
• Strong cash flow supporting dividends and solid debt service coverage
• Presently trading at a 12-13% dividend yield

# Vessel	Design	Type	Built
1 Overseas Houston	Veteran Class MT 46	MR	2007
2 Overseas Long Beach	Veteran Class MT 46	MR	2007
3 Overseas Los Angeles	Veteran Class MT 46	MR	2007
4 Overseas New York	Veteran Class MT 46	MR	2008
5 Overseas Texas City	Veteran Class MT 46	MR	2008
6 Overseas Boston	Veteran Class MT 46	MR	2009
7 Overseas Nikiski	Veteran Class MT 46	MR	2009
8 Overseas Martinez	Veteran Class MT 46	MR	2010
9 Overseas Anacortes	Veteran Class MT 46	MR	2010
10 Overseas Tampa	Veteran Class MT 46	Shuttle tanker	2011

Fleet employment overview

Fixed rate bareboat charters to OSG secures cash flow

2021 Highlights

• Covid-19 had significant negative demand impact for fuel and crude oil consumption in the USA through 2020, but gradually recovered through 2021. This had strong negative impact on the Jones Act tanker market in 2021, with 8 tankers in warm layup during the summer. Currently one tanker remain in layup, but expected to return to active service during Q2 2022
• Raised USD 20 million through a tap issue under the existing bond agreement. Total outstanding on the unsecured bond is USD 220 million
• Continued dividends with USD 0.42 per share paid for the 2021 calendar year, an increase of 17% from 2020
• In December 2021, OSG decided to not extend 3 of the contracts which were up for renewal. The 3 vessels will be returned to us in December 2022, and we are currently developing alternatives for these vessels

4. Approval of the 2021 annual accounts of American Shipping Company ASA, group consolidated accounts, and Board of Directors' report

Consolidated Statement of Financial Position – Assets

thousands Amounts in USD	2021	2020
ASSETS
, plant and Property equipment	615 117 ,	649 521 ,
Deferred tax assets	11 333 ,	14 751 ,
Interest-bearing long receivables -term	7 292 ,	23 333 ,
financial Derivative assets	3 631 ,	-
Total non-current assets	637 373 ,	687 605 ,
Other receivables	14 553 ,	325
receivable Tax	317	-
for specified Cash held uses	5 449 ,	872
Cash and cash equivalents	872 55 ,	34 861 ,
Total current assets	76 192 ,	36 058 ,
Total assets	713 564 ,	723 663 ,

Consolidated Statement of Financial Position – Equity and Liabilities

thousands Amounts in USD	2021	2020
EQUITY AND LIABILITIES
Share capital and share premium	158 347 ,	183 806 ,
(Accumulated deficit)	(9 141) ,	(22 521) ,
Total equity	149 205 ,	161 284 ,
Interest-bearing loans	511 761 ,	516 767 ,
Deferred liabilites tax	16 172 ,	9 212 ,
financial liabilities Derivative	-	1 211 ,
Total liabilities non-current	527 933 ,	527 190 ,
Interest-bearing loans	26 862 ,	26 862 ,
Trade and other payables	9 455 ,	8 309 ,
payable Tax	110	18
Total liabilites current	36 427 ,	35 189 ,
Total liabilites	564 359 ,	562 379 ,
Total and liabilities equity	713 565	723 663
	,	,

Consolidated Income Statement

thousands (except share amounts) Amounts in USD per	2021	2020
Operating revenues	88 193 ,	88 203 ,
and other personnel Wages expenses	(1 683) ,	(1 127) ,
Other operating expenses	(2 900) ,	(1 899) ,
profit before depreciation Operating	83 610 ,	85 177 ,
Depreciation	(34 404) ,	(34 170) ,
profit Operating	49 206 ,	51 007 ,
Financial income	6 623 ,	1 736 ,
Financial expenses	(32 268) ,	(51 076) ,
before Income income tax	23 561 ,	1 667 ,
/ (expense) benefit Income tax	(10 151) ,	16 513 ,
for the Net income year	13 409 ,	18 181 ,
share Earnings per	0 22	0 30

American Shipping Company ASA – Statement of Financial Position

thousands Amounts in USD	2021	2020	thousands Amounts in USD	2021	2020
ASSETS			EQUITY AND LIABILITIES
Shares subsidiaries in	36 457 ,	38 457 ,	Share capital	96 366 ,	96 366 ,
Deferred tax asset	11 333	14 751	Share premium reserve	54 707 ,	81 378 ,
	,	,	Total paid capital in	151 073 ,	177 744 ,
receivable Long-term companies group	89 604 ,	89 451 ,	Other equity	(10 255) ,	(27 632) ,
Total non-current assets	137 393 ,	142 659 ,	Total retained earnings	(10 255) ,	(27 632) ,
receivable Tax	-	18	Total equity	140 818 ,	150 112 ,
Other short-term receivables	97	134	Dividend payable	274 7 ,	6 062 ,
Cash cash equivalents and	339 11 ,	13 711 ,	Other short-term debt	738	348
Total current assets	436 11 ,	13 863 ,	Total short-term liabilities	8 012 ,	410 6 ,
Total assets	148 830 ,	156 522 ,	Total and liabilities equity	148 830 ,	156 522 ,

American Shipping Company ASA – Income Statement

thousands Amounts in USD	2021	2020
Operating revenues	1 271 ,	1 404 ,
Other operating expenses	(2 381) ,	(1 701) ,
loss Operating	(1 110) ,	(297)
from Interest income companies group	8 839 ,	8 739 ,
Dividends from subsidiaries	11 000 ,	7 000 ,
financial Other and interest income	2 225 ,	4 762 ,
Other and financial interest expenses	(607)	(1)
/ Profit (loss) after financial items	20 347 ,	20 203 ,
Deferred benefit income tax	(2 945) ,	14 744 ,
benefit Income tax	4	-
/ (loss) Profit for the period	17 406 ,	34 947 ,
/ Allocation of profit (loss): net
/ (loss) Profit	17 406 ,	34 947 ,
Other equity	(17 406) ,	(34 947) ,

5. Advisory vote on the report on salary and other remuneration to the executive management for 2021

• In accordance with section 6-16b of the Norwegian Public Limited Liability Companies Act, the Board of Directors has prepared a report on salary and other remuneration to the executive management of the Company for the year 2021. The report is available at the Company's website.
• The Board of Directors proposes that the General Meeting passes the following resolution with regards to the report:

"The General Meeting endorses the report on salary and other remuneration to executive management for 2021 pursuant to the Norwegian Public Limited Liability Companies Act section 6-16b."

6. Statement of Corporate Governance 2021 (no voting)

American Shipping Company ASA's corporate governance report is included on pages 71 - 76 of the 2021 Annual Report

7. Stipulation of remuneration to the members of the board of directors

• The recommendation from the Nomination Committee is available on the Company's website
• The Board of Directors proposes that the General Meeting passes the following resolution:

"In accordance with the recommendation from the Nomination Committee, the General Meeting approves that the remuneration rates for members of the Board of Directors for the period from the 2021 Annual General Meeting up to the 2022 Annual General Meeting shall be as follows:

• • NOK 535,000 to the Chairperson of the board
• • NOK 420,000 to each of the other board members

The above fees include remuneration for audit committee-related work."

8. Stipulation of remuneration to the members of the Nomination Committee

• The recommendation from the Nomination Committee is available on the Company's website
• The Board of Directors proposes that the General Meeting passes the following resolution:

"In accordance with the recommendation from the Nomination Committee, the General Meeting approves that the remuneration rate for members of the Nomination Committee for the period from the 2021 Annual General Meeting up to the 2022 Annual General Meeting shall be NOK 25,000 for each member."

9. Approval of the remuneration to the auditor for 2021

▪ The Board of Directors proposes that the General Meeting passes the following resolution:

"The remuneration to the auditor of NOK 761,151 ex. VAT for the audit of the Company's 2021 annual accounts is approved. The Group has not paid any other fees to KPMG for services other than audit during 2021."

10. Election of new auditor

• The recommendation from the Audit Committee is available at the Company's website.
• The Board of Directors proposes that the General Meeting passes the following resolution:

"The General Meeting resolves to appoint PricewaterhouseCoopers AS, with registered address at Dronning Eufemias gate 71, 0194 Oslo, and registration number 987 009 713, as the Company's new auditor."

11. Election of members to the Board of Directors

• The recommendations from the Nomination Committee are available at the Company's website.
• The Board of Directors proposes that the General Meeting passes the following resolution:

"In accordance with the recommendation from the Nomination Committee, Frank O. Reite is elected and Peter Ditlef Knudsen is re-elected as members of the Board of Directors for a period of two years.

The Board of Directors of American Shipping Company ASA will then consist of the following members:

Annette Malm Justad (Chairperson)

Peter Ditlef Knudsen

Frank O. Reite"

12. Election of members to the Nomination Committee

• The recommendations from the Nomination Committee are available at the Company's website.
• The Board of Directors proposes that the General Meeting passes the following resolution:

"In accordance with the recommendation from the Nomination Committee, Charlotte Håkonsen is elected as chair and Ingebret G. Hisdal is re-elected as member of the Nomination Committee for a period of two years.

The Nomination Committee of American Shipping Company ASA will then consist of the following members:

Charlotte Håkonsen (Chairperson)

Ingebret G. Hisdal"

13. Reduction of the share capital

• The Board of Directors proposes that the General Meeting passes the following resolution:
• 1. The share capital is reduced by NOK 606,165,050 to NOK 60,616,505 by reducing the nominal value of each share from NOK 10 to NOK 1. The reduced amount will be transferred to other equity and will constitute unrestricted other deposited equity. When this resolution takes effect, § 4 of the Company's articles of association shall be amended to state the Company's share capital and number of shares following the reduction in the share capital.
• 2. The CEO is authorized to make such amendments as may be necessary to register this resolution with the Norwegian Register of Business Enterprises (Foretaksregisteret).

14. - 18. Authorizations to the Board of Directors

1. Authorization to the Board of Directors for payment of dividends.

2. Authorization to the Board of Directors to acquire treasury shares in connection with incentive scheme for employees.

3. Authorization to the Board of Directors to acquire treasury shares for investment purposes or subsequent sale or deletion of such shares.

4. Authorization to the Board of Directors to acquire treasury shares in connection with acquisitions, mergers, de-mergers or other transactions.

5. Authorization to the Board of Directors to increase the share capital in connection with future investments etc.

THANK YOU FOR YOUR CONTINUED SUPPORT!

Important information

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for American Shipping Company ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for American Shipping Company ASA's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation.

Although American Shipping Company ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. American Shipping Company ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither American Shipping Company ASA nor any of its directors, officers, employees or consultants assisting in this Presentation will have any liability to you or any other persons resulting from your use thereof.

This presentation is not an offer to sell or a solicitation of an offer to buy any of the securities described herein.