AMSC - Primary insider notification

Reference is made to previous stock exchange announcements, i.a. on 29 June

2010 and 29 September 2010, issued by Converto Capital Fund AS ("CCF"), a

subsidiary of Aker ASA, relating to a TRS agreement with financial exposure to

9,182,520 underlying shares in American Shipping Company ASA ("AMSC"), equal to

33.27 per cent of the share capital of AMSC with final expiry date on June

29, 2011. The swap may be issued as three months rolling contracts and CCF has

on 29 December entered into a new three months contract with expiry 29 March

2011, with a swap price of NOK 5.0531 per share.

CCF holds 5,493,430 shares in AMSC, equaling 19.90 per cent of the shares and

votes of AMSC.

Dag Fasmer Wittusen, employee of Aker ASA, is a board member of AMSC.

The information contained herein is subject to the disclosure requirements of

sections 4-1 of the Norwegian Securities Trading Act.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1476176]

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