AMSC ASA — Investor Presentation 2017

May 24, 2017

American Shipping Company ASA

Presentation of Q1 2017 24 May 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.

First Quarter 2017 Highlights

• Successful refinancing of unsecured bond through placement of new USD 220 bond
• Adjusted net profit of USD 4.5 million*
• Normalized EBITDA** of USD 21.9 million
• •Profit share of USD 1.7 million; not included in figure
• •DPO of USD 1.0 million
• Recognized gain of USD 2.3 million related to AMSC's investment in Philly Tankers AS
• Shift in focus from refinancing to evaluate and potentially capitalize on growth opportunities
• Declared Q1 dividend of USD 0.08 per share, consistent with prior guidance
• •Ex-dividend date of 30 May 2017 with payment on or about 8 June

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 Q117 is USD 20.9 million

Stable, Predictable EBITDA

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

• •Normalized EBITDA* of USD 21.9 million in Q1 17 (USD 26.2 million in Q1 16)
• • Profit sharing of USD 1.7 million in Q1 17 (USD 4.0 million in Q1 16)
• • Profit share not included in Normalized EBITDA in Q1 17 since there is a risk there will be zero profit share for the full 2017 financial year
• •DPO of USD 1.0 in Q1 17 (USD 1.0 million in Q1 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

Income Statement (unaudited)

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

Balance Sheet (unaudited)

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

Cash position reduced due to bond refinancing

CASH DEVELOPMENT IN 1Q 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 S O D V I I B I L I T Y I N T J O N E S A C T M A R K E T	C l d t d h i l t d i t d d d t k 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  h i h b i l d i t g n e n g c o s s w u
E A D I N G M A R K E T L O S O P I T I N	S C A M i t h l t l i t d l J A t t k s e a r g e s s e p r e p a o n e s c a n e r o n e r  u y w L b k- f l l d k d i t t t o w e s r e a e v 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  , h t i i k 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 T A B L E & P R E D I C A T B L E B U S I N E S S M O D E L	S f f f O t b l h l b b t t t t i d t d D P 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 a n  U i d i l f f i h t t t 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 d i l h h l d h i l l d l t t t t t t o m m e o r e u r n n g v a u e o s a r e o e r s w e a s o p r u e n y  f f i b l h t d i t i i i i l l i b i l i 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