AMSC ASA — Investor Presentation 2021

May 20, 2021

American Shipping Company ASA

Q1 2021 financial results and company update 20 May 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.

First quarter 2021 highlights

• Adjusted net profit of USD 5.4 million*
• Normalized EBITDA** of USD 21.3 million
  • • DPO of USD 0.8 million
• Executed USD 20m tap issue under the senior unsecured bond subsequent to quarter-end
• Declared Q1 dividend of USD 0.10 per share,
  • • Ex-dividend date of 26 May 2021 with payment on or about 4 June 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 Q1 21 is USD 20.4 million

Stable, predictable EBITDA

Normalized EBITDA (USD millions)

• Normalized EBITDA of USD 21.3 million in Q1 21 (USD 22.0 million in Q1 20)

Fleet deployment overview

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

• • AMSC's fleet is on firm BB 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

Reduced clean product demand and low refinery utilization expected to gradually recover in 2021 and 2022

EIA is forecasting a gradual recovery in 2021 and 2022

• Demand for clean products in the USA decreased by ~30% in Q2 2020 compared to same period previous years
• Demand recovery since then has been significant, but remain lower than historical averages
• Latest data suggests current demand is 7% below 5 year average, and refinery utilization is around 5% below 5 year average
• EIA is forecasting a gradual full recovery through 2021 and 202 2

Drop in clean products demand slowly recovering

Clean products shipments to Florida reduced by COVID-19, but on path for recovery

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 normal during 2021-22

Mbbls per month

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

Fleet reduction as scrapping continues

Fleet profile by vessel age

Considerable fleet growth in past years, but scrapping has already reduced active fleet back to 2015 levels

Fleet Scrapping Source: Navigistics' Wilson Gillette Report, broker reports and AMSC analysis

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

Cash position increased during the quarter

CASH DEVELOPMENT IN 1Q 21 (USD millions)

* Timing of 1Q debt service payment increased working capital USD 4.5m

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

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