AMSC ASA — Earnings Release 2017

May 24, 2017

American Shipping Company ASA : First quarter 2017 results

American Shipping Company ASA : First quarter 2017 results

Lysaker, 24 May 2017, American Shipping Company ASA ("AMSC or the "Company")

announces results for first quarter ending 31 March 2017.

HIGHLIGHTS

* Successful refinancing of the unsecured bond through the placement of a new

five year USD 220 million senior unsecured bond

* Stable Q1 bareboat revenue of USD 21.6 million and backlog of secured

bareboat revenue of USD 292 million with average weighted tenor of 3.3 years

* Normalized EBITDA for Q1 of USD 21.9 million

* Recognized gain of USD 2.3 million related to the Company's investment in

Philly Tankers AS ("Philly Tankers"), as a result of the delivery and sale

of the second vessel by Philly Tankers to Kinder Morgan

* Adjusted net profit for Q1 of USD 4.5 million

* Declared Q1 dividend of USD 0.08 per share, in line with previous guidance

and backed by the Company's contracted cash flow

AMSC CEO, Pål Magnussen comments, "We are pleased to have completed the

refinancing of all our outstanding debt with the USD 220 million senior

unsecured bond placement completed in Q1 2017, which followed the senior secured

debt refinancing concluded in Q4 2015. These actions, combined with our Jones

Act leasing platform, allow us to shift our attention to growth and

diversification.  We continue to evaluate new opportunities in the Jones Act

market, with the aim to create accretive transactions and grow shareholder

value".

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.