AMSC ASA — Remuneration Information 2014

Jan 13, 2014

American Shipping Company ASA : Primary Insider Disclosure

American Shipping Company ASA : Primary Insider Disclosure

PRIMARY INSIDER DISCLOSURE

January 13, 2014

Reference is made to the stock exchange notice of American Shipping Company ASA

("AMSC") dated January 5, 2014, regarding the subsequent offering (the

"Subsequent Offering") of up to 3,675,000 shares in AMSC at a subscription price

of NOK 30 per offer share, to shareholders of AMSC as of December 5, 2013, who

did not participate in the preceding private placement ("Eligible

Shareholders").

Beddingen Finans AS, being an Eligible Shareholder and a company controlled by

Dag Fasmer Wittusen, CEO of AMSC, has today subscribed for 3,216 shares in the

Subsequent Offering in accordance with the subscription rights granted, at the

subscription price of NOK 30 per share. Following the completion of the

Subsequent Offering, Beddingen Finans AS will hold a total of 13,216 shares in

AMSC, constituting approximately 0.02% of the shares and votes in AMSC, assuming

the Subsequent Offering is fully subscribed.

In addition, Mr. Wittusen has today entered into an agreement with AMSC to

acquire 100,000 shares in AMSC through Beddingen Finans AS. The purchase price

shall be the stock price at the date AMSC delivers the shares after the annual

general meeting scheduled for April 23, 2014, less a price reduction of 20% to

compensate for the lock-up restrictions on the shares for a period of three

years.

The CEO will pursuant to the agreement be entitled to a cash bonus to compensate

for the difference, if any, between the subscription price of NOK 30 in the

Subsequent Offering less 20%, being NOK 24 per share, and the stock price as of

the date of the delivery of the shares from AMSC.

The delivery of shares and any cash bonus under the agreement  are subject to

the approval by the annual general meeting of AMSC in 2014.

Provided the annual general meeting in 2014 grants approval for the delivery of

shares, Beddingen Finans AS will hold a total of 113,216  shares in AMSC.

***

About American Shipping Company ASA (AMSC):

AMSC is a shipowning 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

potential 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.

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