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2014-05-12

American Shipping Company ASA : Appointment of new CFO

American Shipping Company ASA: Appointment of new CFO

Oslo, 11 May 2014 - American Shipping Company ASA ("AMSC" or the "Company")
today announced the appointment of Pål Lothe Magnussen as Chief Financial
Officer (CFO) of the Company, effective 1 June 2014.

A Norwegian national, Mr. Magnussen (42) comes from the position as Director
of the Investment Banking Division in DNB Markets where he has worked since
2007. Prior to that he worked for five years as Vice President of Corporate
Banking in DNB Bank in New York, Singapore and Oslo. He also has experience
as project manager in the Norwegian Trade Council and Fornybar Energi ASA.
Mr. Magnussen holds an MBA in Corporate Finance from Columbia University, New
York, and a Master of Science in International Business from the Norwegian
School of Management, Oslo.

Mr. Magnussen replaces Leigh Jaros, who will revert to the position of
Business Controller and Finance Manager of the Company from 1 June 2014,
after also having served as CFO since July 2011.

"We are very happy to have a capacity like Pål onboard to help drive the
refinancing of the company's debt structure and consideration of growth
vehicles, such as an MLP and possible US listing," said Dag Fasmer Wittusen,
President and CEO of AMSC. "These are areas of importance to creating
shareholder value."

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About American Shipping Company ASA:

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.

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

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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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