AMSC ASA — Earnings Release 2021

Feb 25, 2022

American Shipping Company ASA - Fourth quarter 2021 results

American Shipping Company ASA - Fourth quarter 2021 results

Lysaker, 25 February 2022, American Shipping Company ASA ("AMSC" or the

"Company") announces results for the fourth quarter ending 31 December 2021.

HIGHLIGHTS

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

normalized EBITDA of USD 21.9 million and adjusted net profit of USD 4.3 million

· In December 2021, OSG declared its options to extend the lease term for two

vessels by one year and provided notice of redelivery of three vessels in

December 2022

· Backlog of secured bareboat revenue of USD 159.5 million with average

weighted tenor of 1.8 years

· Declared Q4 dividend of USD 0.12 per share, supported by the Company's free

cash flow

AMSC CEO, Pål Lothe Magnussen comments, "We are excited about the opportunity to

redeploy three of our vessels in the Jones Act tanker market over the next

several months. During Q4 and into Q1 we have seen a number of new charters both

in the clean and crude trades, in addition to the emerging renewable diesel

trade. We expect to see continued chartering activity during the year and the

outlook for 2023 remains encouraging."

The full report is attached, along with the fourth 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.