AMSC ASA - Capital/Financing Update 2021

American Shipping Company ASA - American Tanker, Inc.: Successfully completed bond tap issue

Lysaker, 9 April 2021

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

Shipping Company ASA (OSE:AMSC, OTCQX:ASCJF) has today carried out a tap issue

of USD 20 million in the senior unsecured bond due 2 July 2025 with ISIN

NO0010886328 and ticker ATI02. The tap issue was made at an issue price of 101%

of nominal amount. Settlement of the tap issue is expected to take place on or

about 16 April 2021. Following settlement, the outstanding amount under ATI02

will be USD 220 million.

The bonds will trade on a separate ISIN for up to 40 days following the

settlement date before being merged with the above mentioned ISIN. Following

merger of ISINs, the additional bonds will be listed on the Oslo Stock Exchange.

Arctic Securities acted as sole manager for the bond tap issue.

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

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