AMSC ASA - Director's Dealing 2015

American Shipping Company ASA : Primary Insider Notificaiton

Reference is made to previous stock exchange announcement of 18 December 2014

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

to the entry into 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 said 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 21 November 2016. The

swap price for the contract is NOK 35.5886 per share.

The stock exchange announcement of 18 December 2014 also announced the entry

into a second 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

this 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 21 November 2016. The

swap price for the contract is NOK 35.6166 per share.

In addition to the financial exposure provided by the abovementioned 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#1964264]

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