AMSC ASA — Investor Presentation 2017

Feb 6, 2017

American Shipping Company ASA

Presentation of Q4 2016 6 February 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.

Fourth Quarter 2016 Highlights

• Adjusted net profit of USD 5.8 million*
• Normalized EBITDA** of USD 24.3 million
• •Profit share of USD 1.8 million
• •DPO of USD 1.0 million
• Recognized gain of USD 2.2 million related to AMSC's investment in Philly Tankers AS
• Declared Q4 dividend of USD 0.124 per share, consistent with prior guidance provided for 2016
• • Ex-dividend date of 13 February 2017 with payment on or about 22 February 2017
• •Classified as a return of paid in capital
• Q1-17 dividend guidance of USD 0.08 per share

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

** Including Profit Share and DPO. Reported EBITDA for Q416 is USD 21.5 million

Stable, Predictable EBITDA

TTM Normalized EBITDA* per Q4 (USD millions)

Normalized EBITDA* per quarter (USD millions)

• •Normalized EBITDA* of USD 24.3 million in Q416 (USD 26.3 million in Q415)
• •Profit sharing of USD 1.8 million in Q416
• •DPO of MUSD 1.0 in Q416
• •Trailing twelve months profit share of USD 10.2 million

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+ 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)

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

*Applicable to common stockholders of the parent company

** 2015 numbers are restated. Refer to full press release for more information

Balance Sheet (unaudited)

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

CASH DEVELOPMENT IN 4Q 16 (USD millions)

Fleet Deployment has Shifted to Clean Products

Historical Jones Act tanker fleet deployment by main trades (Tankers and ATBs)

Product tanker medium/long term time charter rates have softened with need for crude oil transport

Clean Product Volumes are Very Stable

Seaborne products transport from Gulf Coast to East Coast has been remarkably consistent

U.S. monthly gasoline consumption EIA forecast consumption

Crude Oil Volumes have Decreased

Corpus Christi Volumes

• Shale oil production contracted in 2016 after 5 years of growth as OPEC flooded the market
• Reduced crude production, especially from Eagle Ford, led to reduced shipments from Corpus Christi
• Production may increase in 2017 and onwards as oil prices recover, which will likely lead to increased shipments out of Corpus Christi

Non-OPEC Volumes are Forecast to Increase

Change in world consumption and Non-OPEC production growth

U.S. Shale is the World's Incremental Producer

Drilled but uncompleted wells by region Eagle Ford crude oil drilling rig count

Yard delivery schedules Vessel age since delivery

• No new orders placed for product tankers for more than two years
• Scrapping has started with more to come in the near future

Source: Navigistics' Wilson Gillette Report and AMSC analysis

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 S l d t d h i l t d i t d d U h l e a n p r o c s a n c e m c a r a e s r e m a n s e a a n s a e  u y , d i i d b d t t t p r o u c o n s e x p e c e o r e o u n 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 w u n g c o s s
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 S S S O B U I N E M 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 r o m a r e o a c o n r a c s a e r a e s a n  w x 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