AMSC ASA - Board/Management Information 2016

American Shipping Company ASA : Appointment of new CFO

American Shipping Company ASA (OSE:AMSC), today announced the appointment of

Morten Bakke as new Chief Financial Officer (CFO) of the Company, with effect

from 1 May 2016.

Morten Bakke has 13 years of corporate finance, shipping and offshore experience

of which 10 years with DVB Corporate Finance. He was previously at Chartered

Accountants Moore Stephens and Credit Suisse, both in London. Morten has advised

multiple offshore, shipping and private equity firms on a variety of M&A deals

and holds a MSC in Shipping, Trade and Finance from Cass Business School and BA

in Business Studies from University of Greenwich.

In announcing the appointment, Pål Lothe Magnussen, Chief Executive Officer of

AMSC, commented, "We are pleased to have Morten Bakke join our team. His solid

background and deal experience from shipping finance will make him a valuable

addition to our team".

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The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.

About American Shipping Company ASA:

AMSC is a ship owning company with nine modern handy size product tankers and

one modern handy size shuttle tanker all 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.

Contacts at American Shipping Company ASA:

Pål Magnussen, CEO

Lysaker, Norway

Tel: +47 90 54 59 59

[HUG#1983191]

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