Lysaker, 9 April 2020 - Reference is made to the previous announcement regarding
the refinancing of senior secured vessel debt for nine out of ten ships owned by
American Shipping Company ASA (AMSC). Despite the current challenging financial
environment, AMSC has today successfully closed a USD 305 million refinancing
with new and existing lenders.

AMSC CEO, Pål Lothe Magnussen said in a comment, "We are pleased to announce
closing and funding of the previously announced secured debt refinancing. The
new facilities, with attractive terms, provide further support for AMSC's strong
debt service coverage and dividend capacity. The combination of long term "come
hell and high water" bareboat charter contracts with new five year debt
facilities, reaffirms the stable cash flow profile of our business".

The refinancing is structured in two separate facilities; one being a USD 160
million facility secured by five vessels with a club of three banks consisting
of BNP Paribas, SEB and National Australia Bank and the other, a USD 145 million
facility secured by four vessels, with a syndicate of four lenders consisting of
Prudential Private Capital, Siemens Financial Services, Wintrust Asset Finance
and Atlantic Union Equipment Finance.

The two facilities are summarized below:

Facility A:

  ·
    · 5 year loan secured by 5 vessels
    · Amount: USD160 million (USD 90 million term loan and USD 70 million
revolving credit)
    · Pricing: LIBOR + 270bps
    · Annual amortization: USD 13.3 million

Facility B

  ·
    · 5 year loan secured by 4 vessels
    · Amount USD 145 million (reduced from previously announced USD 165 million)
    · Pricing LIBOR + 325bps
    · Annual amortization: USD 8.5 million (reduced from previously announced
USD 9.7 million)

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 cash flows and potential dividend capacity. The Company has
an ambition to pay attractive dividends to its shareholders. Further information
is available at 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, Financial Controller +1 484 880 3741

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