American Shipping Company ASA: Mandatory notification of trade

Reference is made to the stock exchange notice by American Shipping Company ASA (the “Company”) on 15 September 2022 regarding the successfully placed private placement of 11,247,333 new shares in the Company (the “Private Placement”) at a subscription price of NOK 36 per share (the “Subscription Price”).

The following primary insiders in the Company, or their close associates, have pre-committed to subscribe for, and, subject to the approval as described below, been allocated shares in the Private Placement, at the Subscription Price:

• Homlungen AS, a close associate Chair of the Board, Annette Malm Justad, was allocated 8,000 shares. Following the completion of the Private Placement, Annette Malm Justad will through Homlungen AS hold a total of 12,523 shares in the Company.

• Vilja AS, a close associate of board member Peter D. Knudsen, was allocated 15,000 shares. Following the completion of the Private Placement, Peter D. Knudsen will through Vilja AS hold a total of 23,000 shares in the Company.

• Pål Lothe Magnussen, CEO of the Company, was allocated 30,000 shares. Following the completion of the Private Placement, Pål Lothe Magnussen will hold a total of 140,000 shares in the Company.

All of the above have accepted to take delivery of the new shares in Tranche 2 of the Private Placement, and the allocations are accordingly subject to approval of the share capital increase for Tranche 2 by an extraordinary general meeting to be held by the Company on 6 October 2022. Reference is made to the stock exchange notice referred to above for further information.

Please see attached primary insider notification forms pursuant to the requirements of the Market Abuse Regulation.

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