American Tanker, Inc engages financial advisors

Oslo, 10 June 2020 – American Tanker, Inc (“ATI”), an indirectly wholly owned subsidiary of American Shipping Company ASA (OSE: AMSC, OTCQX: ASCJF) is exploring options for refinancing of its existing USD220m senior unsecured bond issued by American Tanker, Inc. maturing in February 2022 (AMTI01).  ATI has engaged Arctic Securities, Clarksons Platou Securities, Pareto Securities and SEB as its financial advisors in this regard.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

AMSC contacts:

Pål Magnussen, Chief Executive Officer

+47 24 13 00 04

Morten Bakke, Chief Financial Officer

+47 24 13 00 87

ATI Contact:

Leigh Jaros, President & Chief Executive Officer

+1 484 880 3741

About American Shipping Company ASA:

Established in 2005 and listed on the Oslo Stock Exchange, AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker 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. Further information is available at www.americanshippingco.com.