AMSC ASA - Remuneration Information 2020

American Shipping Company ASA: Primary Insider Disclosure

The following primary insiders (or their related parties as described below)

have, as part of the company's incentive program, today committed to acquire

shares in American Shipping Company ASA (the "Company" or "AMSC"):

* Pål Lothe Magnussen, CEO, has acquired 20,000 shares in AMSC. Upon completion

of such acquisition, Pål Lothe Magnussen will own, directly or indirectly,

85,000 shares in the Company, corresponding to 0.14% of the share capital and

votes in the Company.

* Morten Bakke, CFO, has through his wholly owned company MB Capital AS acquired

30,000 shares in AMSC. Upon completion of such acquisition, Morten Bakke will

own, directly or indirectly, 80,000 shares in the Company, corresponding to

0.13% of the share capital and votes in the Company.

*Leigh Jaros, Controller, has acquired 2,000 shares in AMSC. Upon completion of

such acquisition, Leigh Jaros, will own, directly or indirectly, 2,000 shares in

the Company, corresponding to 0.003% of the share capital and votes in the

Company.

The acquisition of shares will be made as part of the Company's management

incentive program and will therefore be acquired from the Company. The price

paid per share will equal the closing price as of the date AMSC delivers the

shares, less a discount of 20% reflecting that the shares will have a lock-up

period of three years.

The Company intends to deliver the shares in the form of treasury shares held by

or acquired by the Company. In order to have shares available for delivery under

the incentive program, the Company intends to buy back a total of up to 52,000

shares in the Company through open market purchases, adding to the Company's

current holding of 0 treasury shares. The buyback is carried out pursuant to the

authorization granted to the Company's Board in the annual general meeting held

on 27 April 2020.

This information is subject to sections 4-2 and 5-12 of the Norwegian

Securities Trading Act.

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