On 15 January 2021, the Financial Supervisory Authority of Norway
("Finanstilsynet") approved a prospectus prepared by American Tanker, Inc.
("ATI"), an indirectly wholly owned subsidiary of American Shipping Company ASA,
in connection with an application for listing of the bond loan issued by ATI
with ISIN NO0010886328.

The listing prospectus is available on the company's website
www.americanshippingco.com.

ATI Contact:

Leigh Jaros, President & Chief Executive Officer +1 484 880 3741

AMSC contacts:

Pål Magnussen, Chief Executive Officer +47 24 13 00 04

Morten Bakke, Chief Financial Officer +47 24 13 00 87

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About American Shipping Company ASA:

Established in 2005 and listed on the OSE, 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. The Company has  an  ambition  to pay
attractive dividends  to its shareholders. Further information is available at
www.americanshippingco.com.

IMPORTANT INFORMATION

This announcement does not constitute an offer of any of the securities
described herein. The release is not for publication or distribution, in whole
or in part directly or indirectly, in or into Australia, Canada, Japan or the
United States (including its territories and possessions, any state of the
United States and the District of Columbia) or in any other jurisdiction where
such publication or distribution is unlawful. This release is an announcement
issued pursuant to legal information obligations, and is subject of the
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. It is issued for information purposes only, and does not constitute
or form part of any offer or solicitation to purchase or subscribe for
securities, in the United States or in any other jurisdiction. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "US Securities Act"). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act.