AMSC ASA - Capital/Financing Update 2015

American Shipping Company ASA : AMSC secures commitments for a USD 500 million debt refinancing

Oslo, 6 July 2015 - American Shipping Company ASA (OSE:AMSC), is pleased to

announce that it has received firm commitments for a USD 500 million refinancing

of its secured bank debt from a group of lenders. The refinancing is structured

in two separate facilities; one being a USD 350 million facility with a club of

four banks consisting of BNP Paribas, Credit Agricole, SEB and Wells Fargo and

the other a USD 150 million facility with CIT Maritime Finance.

On a combined basis, key terms are as follows:

Total amount: USD 500 million

Average weighted tenor: 6 years

Average weighted interest cost: Libor + 320 bps margin

Total annual installments: USD 32 million

"The refinanced debt provides attractive financing terms to AMSC and

significantly increases financial flexibility going forward. Reduced interest

cost and lower amortization provides AMSC with substantially higher dividend

capacity in the future," said Pål Lothe Magnussen, President and CEO of AMSC.

The debt refinancing is expected to close in Q3 2015 and is subject to customary

documentation.

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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

Oslo, Norway

Tel: +47 90 54 59 59

Leigh Jaros, Business Controller/Finance Manager

Pennsylvania, USA

Tel: +1(484) 880- 3741

[HUG#1934758]

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