AMSC ASA — Capital/Financing Update 2020

Jul 2, 2020

American Shipping Company ASA - American Tanker, Inc.: Call notice for outstanding bonds

American Shipping Company ASA - American Tanker, Inc.: Call notice for outstanding bonds

American Tanker, Inc ("ATI"), an indirectly wholly owned subsidiary of American Shipping Company ASA (OSE:AMSC, OTCQX:ASCJF) has today sent a call notice to Nordic Trustee AS as bond trustee for the AMTI01 bonds to redeem all outstanding bonds. Notice from Nordic Trustee is attached and outstanding bonds will be redeemed on 17th July 2020.

AMSC contacts:

Pål Magnussen, Chief Executive Officer +47 24 13 00 04

Morten Bakke, Chief Financial Officer +47 24 13 00 87

ATI Contact:

Leigh Jaros, President & Chief Executive Officer +1 484 880 3741