AMSC ASA - Capital/Financing Update 2016

American Shipping Company ASA hires financial advisors

Lysaker, 13 October 2016 - American Shipping Company ASA ("AMSC", ticker AMSC)

is exploring options in respect of refinancing its existing unsecured bond issue

maturing in February 2018. AMSC has engaged Arctic Securities, Clarksons Platou

Securities, Pareto Securities and SEB as its financial advisors, in this regard.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

Company contact:

Pål Lothe Magnussen,

Chief Executive Officer, American Shipping Company ASA

+47 24 13 00 03

Morten Bakke

Chief Financial Officer, American Shipping Company ASA

+47 24 13 00 87

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About American Shipping Company ASA:

Established in 2005 and listed on the OSE, AMSC is a ship owning company with

nine modern handy size product tankers and one modern handy size shuttle tanker

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 cash flows. Further information is available at

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