AMSC ASA — Capital/Financing Update 2020

Jun 17, 2020

American Shipping Company ASA - American Tanker, Inc.: Successful close of USD200m bond issue

American Shipping Company ASA - American Tanker, Inc.: Successful close of USD200m bond issue

Lysaker, 17 June 2020

Reference is made to the press release dated 11 June 2020 by American Tanker,

Inc ("ATI"), an indirectly wholly owned subsidiary of American Shipping Company

ASA (OSE:AMSC, OTCQX:ASCJF) in relation to its engagement of financial advisors

to explore options to refinance its outstanding USD 220 million bond. ATI has

today successfully completed the placement of a USD 200 million senior

unsecured bond among Nordic and International investors.

The new bond issue has a coupon of 7.75% and a tenor of 5 years. The net

proceeds will be used to refinance the outstanding bond issue with ticker AMTI01

maturing in February 2022.

Settlement is expected to be 2 July 2020 with final maturity date expected to be

2 July 2025.

An application will be made for the bonds to be listed on the Oslo Stock

Exchange.

ATI had retained Arctic Securities, Clarksons Platou Securities, Pareto

Securities and SEB as joint lead managers for the transaction. Fearnley

Securities and Sparebank 1 Markets had been retained as Co-Managers.

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

The bonds have not been and will not be registered under the Securities Act or

any state securities laws, and may not be offered or sold in the United States

absent registration or unless pursuant to an applicable exemption from the

registration requirements of the Securities Act and any other applicable

securities laws. This press release does not constitute an offer to sell or the

solicitation of an offer to buy the bonds, nor shall it constitute an offer,

solicitation or sale in any jurisdiction in which such offer, solicitation or

sale would be unlawful.

About American Shipping Company ASA:

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 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. Further information is

available at www.americanshippingco.com.