AMSC ASA — Board/Management Information 2014

Dec 8, 2014

American Shipping Company ASA : PÅL MAGNUSSEN APPOINTED NEW CEO OF AMERICAN SHIPPING COMPANY ASA

American Shipping Company ASA : PÅL MAGNUSSEN APPOINTED NEW CEO OF AMERICAN SHIPPING COMPANY ASA

Oslo, Norway (8 December 2014) - The Board of Directors of American Shipping

Company ASA ("AMSC") has appointed Pål Magnussen as President and CEO, effective

1 January 2015. He will succeed Dag Fasmer Wittusen, whose contract term with

AMSC expires on 31 December 2014.

"On behalf of the entire board, I would like to extend my sincere thanks to Dag

Wittusen for all of his contributions since the company's inception. He was a

key driver behind AMSC's formation in 2005, and has in recent years been

instrumental in strengthening AMSC and positioning the company for continued

success. Dag's energy and passion for the business have been tremendous," said

Annette Malm Justad, Chairman of AMSC's Board of Directors.

Ms. Justad continued, "I am also pleased to welcome Pål Magnussen as AMSC's new

President and CEO. This is an exciting time for AMSC and Pål's proven track

record in international ship financing will greatly benefit the company as it

embarks on a focused evaluation of its strategic options. He is already highly

familiar with the opportunities open to AMSC.

Pål Magnussen (42), a Norwegian citizen, was appointed CFO of AMSC earlier this

year, joining the company from DNB Markets, where he held the position of

Director of the Investment Banking Division and focused on the shipping and

offshore sectors. Before his seven years at DNB Markets, he spent five years as

Vice President of Corporate Banking in DNB's shipping and offshore division. Mr.

Magnussen holds an MBA from Columbia University and an MS from the Norwegian

School of Management.

"I have had the pleasure of working with Dag since May. AMSC has embarked on a

strategic evaluation of its industrial and financial opportunities, and my most

important and immediate priority will be the continued development of this

process in close collaboration with the Board of Directors," says Pål Magnussen.

"It has been a privilege to be part of AMSC's management over the past few

years," said Dag Wittusen.  "The company is in good hands with Pål at the helm

and an experienced Board of Directors. With the recent appointment of Barclays

Capital as strategic advisor, the company is well poised to navigate the

exciting opportunities ahead," concluded Mr. Wittusen.

From January 1, 2015, Mr. Wittusen will be joining Aker ASA as Special Advisor.

About American Shipping Company ASA:

AMSC is a shipowning company with ten modern handy size product tankers on long

term bareboat charter with Overseas Shipholding Group (OSG).  OSG charters the

vessels out on time charters to major oil companies in the U.S. coastwise Jones

Act trade.  AMSC has a significant contract backlog as well as a profit sharing

agreement with OSG which offers visibility with respect to future earnings and

potential dividend capacity.  The Company has an ambition to pay attractive and

growing dividends to its shareholders.

For further information, please contact:

Annette Malm Justad, Chairman of AMSC's Board of Directors

Oslo, Norway

+47 952 09396

[HUG#1878352]