AMSC ASA — Earnings Release 2016

May 24, 2016

American Shipping Company ASA : First quarter 2016 results

American Shipping Company ASA : First quarter 2016 results

Oslo, 24 May 2016, American Shipping Company ASA announces results for the first

quarter ending 31 March 2016

Highlights:

* Increasing normalized EBITDA of MUSD 26.2 for Q1 2016 vs. MUSD 25.3 in Q1

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

less SG&A)

* Declared Q1 2016 dividend of USD 0.107 per share, approximately 4% higher

than Q1 2015, which equates to an annualized dividend yield of 13.6% based

on the share price as of 23 May 2016.

* Reiterated guiding on approximately 15% year on year dividend growth for

2016 vs. 2015

* Backlog of secured bareboat revenue of MUSD 380 with average weighted tenor

of 4.3 years

The full report is attached, along with the Q1 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#2014745]