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American Shipping Company ASA - American Tanker, Inc.: Successfully completed bond tap issue

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Lysaker, 9 April 2021

American Tanker, Inc ("ATI"), an indirectly wholly owned subsidiary of American Shipping Company ASA (OSE:AMSC, OTCQX:ASCJF) has today carried out a tap issue of USD 20 million in the senior unsecured bond due 2 July 2025 with ISIN NO0010886328 and ticker ATI02. The tap issue was made at an issue price of 101% of nominal amount. Settlement of the tap issue is expected to take place on or about 16 April 2021. Following settlement, the outstanding amount under ATI02 will be USD 220 million.

The bonds will trade on a separate ISIN for up to 40 days following the settlement date before being merged with the above mentioned ISIN. Following merger of ISINs, the additional bonds will be listed on the Oslo Stock Exchange.

Arctic Securities acted as sole manager for the bond tap issue.

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

The bonds have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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.

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