American Shipping Company ASA Announces New President and CEO

The Board of Directors of American Shipping Company, ASA today announced the

appointment of Gregory J. Matecki as its new President and Chief Executive

Officer to succeed Rob Kurz who recently resigned from the Company. Greg

Matecki is currently the Company's Chief Financial Officer and will continue to

hold that position.

"During the past year and a half, Greg has been a key member of our executive

team and has been instrumental in the management of our business. We look

forward to Greg continuing to establish American Shipping Company as the premier

owner and lessor of Jones Act product tankers," stated Robert Caruso, Chairman

of the Board.

Mr. Matecki has over 20 years of management experience. Prior to joining

American Shipping Company, he spent the previous eight years as the Chief

Financial Officer of two privately held businesses.

Also, Board member John J. Rose has been appointed to the position of General

Manager on an interim basis. It is expected that Mr. Matecki will assume this

additional role pending regulatory approval. Mr. Rose has over 35 years of

experience in shipping and port / vessel operations and has been on the Board of

American Shipping Company ASA since June of 2008.

About American Shipping Company ASA

American Shipping Company ASA (AMSC) owns and leases world-class quality vessels

for operation between ports in the United States. When the current series of

ten tankers is completed in 2011, AMSC will own the most modern product tanker

fleet in the United States.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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