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2016-02-02

American Shipping Company ASA : Appointment of new CFO

American Shipping Company ASA (OSE:AMSC), today announced the appointment of
Morten Bakke as new Chief Financial Officer (CFO) of the Company, with effect
from 1 May 2016.

Morten Bakke has 13 years of corporate finance, shipping and offshore
experience of which 10 years with DVB Corporate Finance. He was previously at
Chartered Accountants Moore Stephens and Credit Suisse, both in London.
Morten has advised multiple offshore, shipping and private equity firms on a
variety of M&A deals and holds a MSC in Shipping, Trade and Finance from Cass
Business School and BA in Business Studies from University of Greenwich.

In announcing the appointment, Pål Lothe Magnussen, Chief Executive Officer of
AMSC, commented, "We are pleased to have Morten Bakke join our team. His
solid background and deal experience from shipping finance will make him a
valuable addition to our team".

***

The information contained herein is subject to the disclosure requirements of
section 4-2 of the Norwegian Securities Trading Act.

About American Shipping Company ASA:

AMSC is a ship owning company with nine modern handy size product tankers and
one modern handy size shuttle tanker all 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.

Contacts at American Shipping Company ASA:

Pål Magnussen, CEO

Lysaker, Norway

Tel: +47 90 54 59 59

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: American Shipping Company ASA via Globenewswire

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