AMSC ASA — Earnings Release 2016

Aug 16, 2016

American Shipping Company ASA : Second quarter 2016 results

American Shipping Company ASA : Second quarter 2016 results

Lysaker, 16 August 2016, American Shipping Company ASA announces results for the

second quarter ending 30 June 2016

Highlights:

*        Increasing normalized EBITDA of MUSD 25.1 for Q2 2016 vs. MUSD 24.3

in Q1 2015 (Normalized EBITDA: base bareboat revenue, plus profit share,

plus DPO, less SG&A)

*        Declared Q2 2016 dividend of USD 0.124 per share, which equates to an

annualized dividend yield of 15.9% based on the share price as of 15 August

*        Q2 dividend is in line with previous guidance of 15% year on year

dividend growth for 2016

*        Backlog of secured bareboat revenue of MUSD 358 with average weighted

tenor of 4.1 years

The full report is attached, along with the Q2 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.

[HUG#2035367]