AMSC ASA — Earnings Release 2016

Nov 8, 2016

American Shipping Company ASA : Third quarter 2016 results

American Shipping Company ASA : Third quarter 2016 results

Lysaker, 8 November 2016, American Shipping Company ASA announces results for

the third quarter ending 30 September 2016

Highlights:

* Stable Q3 bareboat revenue of MUSD 22.1 and backlog of secured bareboat

revenue of MUSD 336 with average weighted tenor of 3.8 years

* Normalized EBITDA for Q3 of MUSD 23.7

* Q3 profit share of MUSD 1.4 attributed to AMSC, which reduces the profit

share credit

* Q3 adjusted net profit of MUSD 3.0

* Declared Q3 dividend of USD 0.124 per share, in line with previous guidance

for full year 2016 dividends

The full report is attached, along with the Q3 presentation.

Company contacts:

Pål Magnussen, Chief Executive Officer

+47 24 13 00 04

Morten Bakke, Chief Financial Officer

+47 24 13 00 87

Leigh Jaros, Business Controller / Finance Manager

+1 484 880 3741

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.