AMSC ASA - Director's Dealing 2014

American Shipping Company ASA : Primary insider notification

Reference is made to previous stock exchange announcement of 17 June 2014 issued

by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to the

entry into of a TRS agreement with financial exposure to 9,182,520 underlying

shares in American Shipping Company ASA ("AMSC"), equal to 15.15 per cent of the

share capital of AMSC. CCF has today terminated that TRS agreement and entered

into a new TRS agreement giving financial exposure to 9,182,520 underlying

shares in AMSC, equal to 15.15 per cent of the share capital of AMSC. The expiry

date of the new TRS agreement has been set to December 18, 2015. The swap price

for the contract is NOK 34.2398 per share.

Reference is also made to previous stock exchange announcement of 16 June 2014

relating to the entry into of a TRS agreement with financial exposure to

4,005,100 shares in AMSC, equal to 6.61 per cent of the share capital of AMSC.

CCF has today terminated that TRS agreement and entered into a new TRS agreement

with financial exposure to 4,005,100 shares in AMSC, equal to 6.61 per cent of

the share capital of AMSC. The expiry date of the new TRS agreement has been set

to December 18, 2015. The swap price for the contract is NOK 34.2882 per share.

In addition to the financial exposure provided by the above mentioned two swap

agreements, CCF holds 11,557,022 shares in AMSC, equaling 19.07 per cent of the

shares and votes of AMSC.

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1881735]

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