AMSC ASA - Board/Management Information 2014

American Shipping Company ASA : Appointment of new CFO

American Shipping Company ASA: Appointment of new CFO

Oslo, 11 May 2014 - American Shipping Company ASA ("AMSC" or the "Company")

today announced the appointment of Pål Lothe Magnussen as Chief Financial

Officer (CFO) of the Company, effective 1 June 2014.

A Norwegian national, Mr. Magnussen (42) comes from the position as Director of

the Investment Banking Division in DNB Markets where he has worked since 2007.

Prior to that he worked for five years as Vice President of Corporate Banking in

DNB Bank in New York, Singapore and Oslo. He also has experience as project

manager in the Norwegian Trade Council and Fornybar Energi ASA. Mr. Magnussen

holds an MBA in Corporate Finance from Columbia University, New York, and a

Master of Science in International Business from the Norwegian School of

Management, Oslo.

Mr. Magnussen replaces Leigh Jaros, who will revert to the position of Business

Controller and Finance Manager of the Company from 1 June 2014, after also

having served as CFO since July 2011.

"We are very happy to have a capacity like Pål onboard to help drive the

refinancing of the company's debt structure and consideration of growth

vehicles, such as an MLP and possible US listing," said Dag Fasmer Wittusen,

President and CEO of AMSC. "These are areas of importance to creating

shareholder value."

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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.

Further information is available at www.americanshippingco.com.

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.

[HUG#1784381]

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