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2014-05-13

American Shipping Company ASA : Purchase of treasury shares

American Shipping Company ASA: Purchase of treasury shares

Oslo, 13 May 2014 - On 23 April 2014, the Annual General Meeting of the
Company granted the Board of Directors of AMSC an authorization to purchase
treasury shares in connection with the Company's incentive scheme for
employees. In accordance with this authorization, the Company will today
place an order with an investment broker for the purchase of 100,000 treasury
shares, with execution from 15 May 2014 and onwards. The treasury shares will
be sold to the Company's CEO, Dag Fasmer Wittusen, in accordance with the
terms and conditions in share purchase agreement entered into between AMSC
and the CEO on 13 January 2014, as further detailed in the stock exchange
notice dated the date thereof.

***

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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