AMSC ASA - Share Issue/Capital Change 2014

American Shipping Company ASA : New Share Capital Registered; Commencement of Trading in New Shares

New Share Capital Registered; Commencement of Trading in New Shares

January 23, 2014

Reference is made to the announcement by American Shipping Company ASA (OSE

trading symbol: AMSC) (the "Company") in respect of the subsequent offering (the

"Subsequent Offering") for up to 3,675,000 shares, forming part of a

recapitalization of the Company and the stock exchange notice of January

15, 2014, announcing that subscription rights had been exercised for 2,541,013

new shares in the Subsequent Offering.

The share capital increase pertaining to the new shares issued through the

Subsequent Offering was today registered with the Norwegian Registry of Business

Enterprises (Nw. Foretaksregisteret). After the registration, the registered

share capital of AMSC is NOK 606,165,050 comprising of 60,616,505 shares each

with a par value of NOK 10.00.

The new shares issued through the Subsequent Offering will be registered with

the VPS under NO 001 0272065 and be traded on Oslo Børs under the Company's

trading symbol "AMSC". Such trading of the new shares will commence on January

24, 2014.

Arctic Securities and Pareto Securities have acted as financial advisors and

Advokatfirmaet BA-HR has acted as legal advisor in connection with the

Subsequent Offering and the recapitalization.

***

About American Shipping Company ASA:

Established in 2005 and listed on the OSE, 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. Further information is available at www.americanshippingco.com.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1756838]

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