AMSC ASA - Capital/Financing Update 2019

American Shipping Company ASA : Bond amendment approved

American Shipping Company ASA / American Tanker Inc: Bond Amendment Approved

Reference is made to the press release regarding Notice of Written Resolution

dated 18 February 2019.

Today a Written Resolution was passed pursuant to a notice of Written Resolution

dated 18 February 2019 (the "Notice").

Capitalized terms used herein shall have the same meaning as described to them

in the Notice, unless otherwise stated herein.

Today the Proposed Resolution reached the requisite majority of the total number

of Voting Bonds as voted in favour of the Proposal, and the Proposal was adopted

according to the voting requirements set out in the Bond Agreement. The Bond

Agreement will therefore be changed as set out in the Written Resolution.

Attached is the Notice of the Written Resolution to be distributed to

bondholders.

-- For further information, please contact:

Pål Magnussen, CEO, + 47 24 13 00 04

Morten Bakke, CFO, + 47 24 13 00 87

Pareto Securities AS: Christian Ramm +47 24 13 21 33

About American Tanker Inc and American Shipping Company ASA:

American Tanker Inc (ATI) is an indirect subsidiary of American Shipping Company

ASA (AMSC) which was established in 2005 and listed on the Oslo Stock Exchange.

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

one modern handy size shuttle tanker on long term bareboat charters 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.

Further information is available at www.americanshippingco.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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