The extraordinary general meeting of American Shipping Company ASA as called for
on 15 September 2022, was held today, 6 October 2022, as a digital meeting with
online participation. All resolutions were made in accordance with the proposals
set out in the meeting notice, including the i) share capital increase for
Tranche 2 of the Private Placement as announced on 15 September 2022, ii)
authorization to the board of directors to increase the share capital in
connection with future investments, and iii) change of company name from
American Shipping Company ASA to AMSC ASA.

The minutes of the meeting are attached in Norwegian and English and available
on www.americanshippingco.com.

Company contacts:

Pål Magnussen, Chief Executive Officer

+47 24 13 00 04

Morten Bakke, Chief Financial Officer

+47 24 13 00 87

Leigh Jaros, Controller

+1 484 880 3741

About American Shipping Company ASA:

Established in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a
ship owning company with nine modern handy size product tankers, one modern
handy size shuttle tanker and one subsea construction vessel on bareboat
charters with various counterparties. AMSC has a significant contract backlog,
as well as profit sharing agreements with Overseas Shipholding Group, Inc. and
Keystone Shipping Co., which offers visibility with respect to future earnings
and potential dividend capacity. The Company has an ambition to pay attractive
dividends to its shareholders. Further information is available at
www.americanshippingco.com.

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