AMSC ASA — Earnings Release 2020

Feb 12, 2021

American Shipping Company ASA - Fourth quarter 2020 financial results

American Shipping Company ASA - Fourth quarter 2020 financial results

Lysaker, 12 February 2021, American Shipping Company ASA ("AMSC" or the

"Company") announces results for fourth quarter ending 30 December 2020.

HIGHLIGHTS

· Stable Q4 financial performance with bareboat revenue of USD 22.2 million,

normalized EBITDA of USD 22.2 million and adjusted net profit of USD 4.9 million

· Backlog of secured bareboat revenue of USD 235 million with average weighted

tenor of 2.7 years

· Declared Q4 dividend of USD 0.10 per share, backed by the Company's free

cash flow

· Subsequent to year-end, the USD 200 million senior unsecured bond was listed

on the Oslo Stock Exchange under the ticker ATI02

AMSC CEO, Pål Lothe Magnussen comments, "We are pleased to deliver another

stable quarter of financial results, but note that the effects of COVID-19 are

becoming more visible in the Jones Act tanker market. We expect the time charter

market to be volatile in the near term, but have seen some spot and term market

activity in January, which is an encouraging sign. AMSC remains insulated from

short term volatility with bareboat contracts in place for the entire fleet."

The full report is attached, along with the Q4 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.