AMSC ASA - Share Issue/Capital Change 2014

American Shipping Company ASA : New Share Capital

New Share Capital Registered; Commencement of Trading in New Shares

January 3, 2014

Reference is made to previous announcements by American Shipping Company ASA

(OSE trading symbol: AMSC) (the "Company") in respect of the private placement

(the "Private Placement") of a total of 24,500,000 new shares for gross proceeds

of NOK 735 million, or approximately USD 120 million, and the conversion of USD

29,267,718 owed to Converto Capital Fund AS under a subordinated loan into

5,975,492 new shares (the "Debt Conversion"), forming part of a recapitalization

of the Company.

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

Private Placement and the Debt Conversion were today registered with the

Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret). After the

registration, the registered share capital of AMSC is NOK 580,754,920 comprising

of 58,075,492 shares each with a par value of NOK 10.00.

The new shares issued through the Private Placement and the Debt Conversion will

be registered with the VPS under NO 0010272065 and be traded on Oslo Børs under

the Company's trading symbol "AMSC". Such trading of the new shares will

commence on January 6, 2014.

Arctic Securities and Pareto Securities have acted as Joint Lead Managers in

connection with the Private Placement and financial advisors in connection with

the recapitalization.

***

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#1752659]

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