AMSC ASA — Earnings Release 2021

Aug 20, 2021

American Shipping Company ASA - Second quarter 2021 results

American Shipping Company ASA - Second quarter 2021 results

Lysaker, 20 August 2021, American Shipping Company ASA ("AMSC" or the "Company")

announces results for the second quarter ending 30 June 2021.

HIGHLIGHTS

· Stable Q2 financial performance with bareboat revenue of USD 21.9 million,

normalized EBITDA of USD 21.4 million and adjusted net profit of USD 4.0 million

· Declared Q2 dividend of USD 0.10 per share, supported by the Company's free

cash flow

· Backlog of secured bareboat revenue of USD 192 million with average weighted

tenor of 2.2 years

· The Company executed a USD 20 million tap issue under the senior unsecured

bond

AMSC CEO, Pål Lothe Magnussen comments, "We are pleased to report stable

financial performance in a recovering Jones Act tanker market. Over the past few

months there have been several new time charter fixtures made for multiple year

terms at healthy rate levels. The long term fundamentals remain attractive which

is underpinned by recent M&A activity at strong valuations."

The full report is attached, along with the second quarter 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, Controller

+1 484 880 3741

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.