AMSC ASA — Investor Presentation 2021

Nov 19, 2021

American Shipping Company ASA

3Q2021 financial results and company update 19 November 2021

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 2021 highlights

• Adjusted net profit of USD 5.0 million*
• Normalized EBITDA** of USD 22.3 million
• •DPO of USD 0.8 million
• Declared a 20% increase in Q3 dividend of USD 0.12 per share, supported by free cash flow
• •Ex-dividend date of 25 November 2021
• •Payment on or about 6 December 2021
• •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 3Q21 is USD 21.5 million

Stable, predictable EBITDA

Normalized EBITDA (USD millions)

•Normalized EBITDA of USD 22.3 million in 3Q21 (USD 22.4 million in 3Q20)

Fleet deployment overview

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

• •AMSC's fleet is on firm bareboat Charters to OSG
• • OSG technically operates and commercially manages the vessels on time and voyage charters to oil majors for U.S. domestic trade
• • AMSC receives fixed annual bareboat revenue of USD 88 million

A critical part of oil majors' transportation logistics

Jones Act crude oil & products primary trade routes

Source: Navigistics' Wilson Gillette Report

Clean product demand almost fully recovered refinery utilization still below normal

Source: EIA Short Term Energy Outlook October 13, 2022, EIA Weekly Petroleum Status Report September 9,2021

Clean products shipments to Florida reduced by COVID-19, but close to fully recovered

Long-term trend of increasing marine transportation of clean products into Florida, reduced by COVID-19

• Increasing consumption of clean products in Florida is driving demand for Jones Act tanker shipments cross US Gulf
• Over the past 10 years this trade has grown with a CAGR of about 3.5%
• Impact from Covid-19 mitigating measures have significantly reduced shipments in 2020, but expected to gradually return to historical levels

Sources: EIA, data through July 2021

Gulf Coast to Florida Trade Lane

• As Florida has no pipeline connection nor any refineries, all clean products consumed are supplied by sea
• Florida is sourcing 90% of its clean products demand on a Jones Act tanker from US Gulf refineries
• Florida consumption is split 65-70% Gasoline, 15-20% Diesel and 10-15% Jet fuel

Domestic crude volumes to Northeast is reduced –recovery to be driven by refinery utilisation and crude spreads

PADD 3 to PADD 1 Crude Oil Moves by Tanker and Barge (3 month moving average)

Trade lane carrying Crude from Gulf Coast to U.S. Northeast

Historically, volumes have been driven by spread in pricing of U.S. Crude oil vs. international alternatives such as Brent and Bonny Light

Two older tankers being scrapped by year end leading to a further fleet retraction

Fleet profile by vessel age Considerable fleet growth in past years, but scrapping has

FleetScrapping

already reduced active fleet back to 2015 levels

Source: AMSC analysis

Income Statement (unaudited)

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

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

Cash position decreased during the quarter due to the semiannual bond interest payment

CASH DEVELOPMENT IN 3Q 21 (USD millions)

Summary – long term stable business model despite volatility imposed by Covid-19

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R E D U C I N G F L E E T C A P A C I T Y W I T H N O Y A R D	N t k A T B d d t t k b i d d i 2 0 2 1 o a n e r s o r s o n o r e r a n o a n e r s e n g s c r a p p e r n g  w u
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	S i i f i f h f l i t t g n c a n r e e c a s o g e n e r a o n  w