AMSC ASA - Director's Dealing 2014

American Shipping Company ASA : Primary insider notification

Reference is made to previous stock exchange announcement of 17 March 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 extended the term of the TRS

agreement. The expiry date of the TRS agreement has been set to June 16, 2015.

The swap price for the contract is NOK 47.3155 per share.

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

votes of AMSC. In addition to the financial exposure provided by the said swap

agreement, CCF also has, as previously announced, financial exposure to

4,005,100 shares in AMSC under a total return swap agreement, equal to 6.61 % of

the share capital of AMSC.

Lars Solbakken, CEO of Ocean Yield ASA which is a subsidiary of Aker ASA, is a

board member 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1794250]

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