AMSC ASA — Investor Presentation 2017

Nov 16, 2017

American Shipping Company ASA

Presentation of Q3 2017 16 November 2017

Important information

Nothing herein shall create any implication that there has been no change in the affairs of American Shipping Company ASA ("AMSC" or the "Company") as of the date of this Company Presentation. This Company Presentation contains forward-looking statements relating to the Company's business, the Company's prospects, potential future performance and demand for the Company's assets, the Jones Act tanker market and other forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development.

Third Quarter 2017 Highlights

• Adjusted net profit of USD 3.9 million*
• Normalized EBITDA** of USD 22.4 million
• •No profit share
• •DPO of USD 0.9 million
• Declared Q3 dividend of USD 0.08 per share, consistent with prior guidance
• • Ex-dividend date of 22 November 2017 with payment on or about 1st December 2017
• •Classified as a return of paid in capital

* Net profit after tax, adjusted for non-recurring items, currency fluctuations, mark-to-market of derivatives and changes to deferred tax

** Includes DPO, reported EBITDA for Q317 is USD 21.5 million

Stable, Predictable EBITDA

Normalized EBITDA* (USD millions) Normalized EBITDA* per quarter (USD millions)

• •Normalized EBITDA* of USD 22.4 million in Q3 17 (USD 23.6 million in Q3 16)
• • No profit share in Q3 17 (USD 1.4 million in Q3 16)
• • Profit share excluded in Normalized EBITDA in 2017 since there is a risk of zero profit share for the full 2017 financial year
• •DPO of USD 0.9 in Q3 17 (USD 0.9 million in Q3 16)

Fleet Deployment Overview

Long-term fixed rate bareboat charters to OSG secures cash flow

• • AMSC's fleet is on firm BB Charters to OSG until December 2019* plus evergreen ext. options • AMSC receives fixed annual bareboat revenue of
• USD 88 million + ~50% of the profits generated by OSG under the time charter contracts
• • OSG time charters the vessels to oil majors for U.S domestic trade

* All vessels excluding Overseas Tampa which is contracted to June 2025 5

Income Statement (unaudited)

S ( f ) F i i U D i l l i t h d h i t i g u r e s n m o n e x c e p s a r e a n p e r s a r e n o r m a o n	Q 3 2 0 1 7	Q 3 2 0 1 6
O ing t p er a re ve nu es	2 2. 1	2 2. 1
O t ing p er a e xp en se s	( ) 0. 6	( ) 0. 8
O t in f i t be fo de ia t io E B I T D A p er a g p ro re p re c n -	2 1. 5	2 1. 3
De ia ion t p re c	( 8. 6 )	( 8. 6 )
O f t in i t - E B I T p er a g p ro	1 2. 9	1 2. 7
Ga in inv tm ts on es en	2. 0	0. 0
Ne t in te t e re s xp en se	( 1 0. 4 )	( 9. 7 )
Un l ize d in / ( los ) in te t s re a g a s on re s wa p s	0. 1	1. 1
fo / ( ) Ne t ig ha in los re n ex c ng e g a s	0. 1	0. 1
Pr f i t / ( lo ) be fo in ta o ss re co m e x	5. 0	4. 2
In ta co m e ex p en se x	( 1. 0 )	0. 0
No h inc ta n- ca s om e x ex p en se	( ) 0. 5	( ) 2. 0
Ne t p f i t fo t he io d * ro r p er	3. 5	2. 2
Av be f c ha er ag e nu m r o om m on s re s	6 0, 6 1 6, 5 0 5	6 0, 6 1 6, 5 0 5
/ ( ) ( S ) Ea in lo ha U D rn g s ss p er s re	0. 0 6	0. 0 4

Balance Sheet (unaudited)

F i i U S D i l l i g u r e s n m o n s	3 0 0 9 2 0 1 7	3 0 0 9 2 0 1 6 *
V l e s s e s	7 5 3. 9	7 8 8. 2
I b i l i b l ( D P O ) t t- t n e r e s e a r n g o n g e r m r e c e v a e s	2 9. 2	3 1. 6
O h t t t e r n o n c u r r e n a s s e s	1 7. 7	2 4 5.
T d d h i b l t r a e a n o e r r e c e v a e s	0. 6	0. 3
C h h l d f i f i d a s e o r s p e c e u s e s	2. 4	2. 2
C h d h i l t a s a n c a s e q u v a e n s	4 6. 3	4 0. 6
T O T A L A S S E T S	8 0. 1 5	8 8 8. 3
T t l i t o a e q u y	1 8 1. 8	1 9 5. 5
D f d t l i b i l i t i e e r r e a x a e s	2 0. 0	1 2. 8
I t t- b i l t d b t n e r e s e a r n g o n g e r m e	6 0 6. 6	6 4 2. 4
f D i t i i i l l i b i l i t i l t t i e r v a v e n a n c a a e s o n g e r m p o r o n -	0. 1	1. 2
I t t- b i h t t d b t n e r e s e a r n g s o r e r m e	2 8. 3	2 5. 0
f D i t i i i l l i b i l i t i h t t t i e r v a v e n a n c a a e s s o r e r m p o r o n -	0. 0	5. 1
f D d d t h b l e e r r e r e v e n u e s a n o e r p a y a e s	1 3. 3	6. 3
O Q S T T A L E U I T Y A N D L I A B I L I T I E	8 5 0. 1	8 8 8. 3

Cash position decreased during the quarter due to payment of bi-annual bond coupon

CASH DEVELOPMENT IN 3Q 17 (USD millions)

Investment Highlights

H i h l i h t g g s	C t o m m e n s
G O O D V I S I B I I T Y I N T O L J O N E S A C T M A R K E T	C l d d h i l d i d d d k t t t t e a n p r o u c s a n c e m c a r a e s r e m a n s e a y a n c r u e a n e r  , f S t d b b t t i l l i i d U d t i r a e m a e o o m n g o o n g n c r e a s e p r o c o n y w u V l l h i i d b l i i d h i d i d t t t t e s s e s u p p y g r o w s c o n s r a n e y m e s p y a r c a p a c y a n  f h i h b i l d i t d t d l l d t g n e n g c o s s a n e p e c e r e m o a o o e r o n n a g e w u x v ,
L E A D I N G M A R K E T O S O P I T I N	A M S C i h l l i d l J A k t t t t t s e a r g e s s e p u r e p a y o n e s c a n e r o w n e r  L b k- f l l d k d i t t t o e s r e a e e n c o s o a m o e r n a n e r s e c r e a s n g r e  w v , h i i k t c a r e r n g r s A i h i t t t t t  r a c v e e v e r g r e e n c a r e r e x e n s o n s
S & C T A B L E P R E D I A T B L E B U S I N E S S M O D E L	S b l h f l f b b f i d t t t t t t a e c a s o w r o m a r e o a c o n r a c s a x e r a e s  f f U i d t t i l i t h t p s e p o e n a r o m p r o s a r e a r r a n g e m e n  C i t t d t t i l t h h l d h i l l d t l o m m e o r e r n n g a e o s a r e o e r s e a s o p r e n  u v u w u y i b l h d i i i f i i l f l i b i l i t t t m a n a g n g a a n c e s e e a n m a n a n n g n a n c a e x y