American Shipping Company ASA : Primary insider notification

AMSC - Primary insider notification

Reference is made to previous stock exchange announcement of 29 June 2011 issued
by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to the
entry into of a TRS agreement with financial exposure to 9,182,520 underlying
shares in American Shipping Company ASA ("AMSC"), equal to 33.27 per cent of the
share capital of AMSC. CCF has today extended the term of the TRS agreement. The
final expiry date of the TRS agreement has been set to June 28, 2013. The swap
may be issued as three months rolling contracts. The swap price for the three
months contract with expiry September 28, 2012 is NOK 2.146 per share.

CCF  holds 5,493,430 shares in AMSC, equaling  19.90 per cent of the shares and
votes of AMSC.

Lars Solbakken, CEO of Ocean Yield AS which is a wholly owned subsidiary of Aker
ASA, is a board member of AMSC.

The information contained herein is subject to the disclosure requirements of
sections 4-1 of the Norwegian Securities Trading Act.



[HUG#1623036]