AMSC ASA — M&A Activity 2014

Mar 14, 2014

American Shipping Company ASA : American Shipping Company ASA - In discussions with Aker Philadelphia Shipyard ASA

American Shipping Company ASA : American Shipping Company ASA - In discussions with Aker Philadelphia Shipyard ASA

Aker Philadelphia Shipyard ASA ("AKPS") has previously informed the market that

the company expects to build Hulls 025-028 as product tankers with deliveries in

2016 and 2017, and that the company is working with several interested parties

to enter into definitive shipbuilding contracts for the four product tankers and

agreement for joint ownership in the vessels.

American Shipping Company ASA ("AMSC") has a positive outlook on the Jones Act

market for product tankers, and has previously informed the market that the

company is looking for accretive growth opportunities.

As a consequence, AMSC has decided to enter into discussions with AKPS about a

potential transaction involving Hulls 025-028 and possibly also other shipping

assets. The discussions are at an early stage, and the form or content of any

contract or cooperation has not yet been decided. The discussions are being

conducted on an arms-length basis, and are currently non-exclusive and non-

binding. AMSC will announce any transaction if and when agreed between the

parties.

Contacts

American Shipping Company ASA

Dag F. Wittusen, CEO

Oslo, Norway

Tel: +47 916 300 02

Leigh Jaros, CFO

Philadelphia, PA, USA

Tel: +1 484 880 3741

AMSC is a ship owning company with ten modern handy size product tankers on long

term bareboat charter with Overseas Shipholding Group (OSG). OSG charters the

vessels out on time charters to major oil companies in the U.S. coastwise Jones

Act trade.  AMSC has a significant contract backlog as well as a profit sharing

agreement with OSG which offers visibility with respect to future earnings and

dividend capacity. The Company has an ambition to pay attractive and growing

dividends to its shareholders.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1768864]