American Shipping Company ASA : EXTENSION OF VESSEL DEBT AND BAREBOAT CHARTER AGREEMENTS

Reference is made to the stock exchange release on May 10(th), where American
Shipping Company ASA (Oslo: AMSC) announced that the company had received
lenders' consent to the extension of the maturity of the company's vessel debt
subject to final documentation and confirmation of bareboat charter extensions.

AMSC has consummated its agreement with the bank syndicate to extend its ten
vessel loans to a common maturity date of June 30(th), 2016 (previously ten
individual maturities in the period 2014-16).  In connection with the closing of
the bank agreement, Overseas Shipholding Group (OSG) has confirmed the fixed
terms of AMSC's ten bareboat charters shall have a common expiration date in
December 2019 (previously nine individual expiration dates in the period
2014-16 and one expiration date in 2021).

The total outstanding vessel debt at the closing of the loan extension is USDm
680, while the outstanding balance on maturity is projected to be USDm 451.

The extensions of the vessel debt and the changes to the bareboat charter
agreements, together with the extension of the bond debt announced in October
2011, provide AMSC with a stable and predictable cash flow in the coming years,
still with a potential future upside through its profit sharing arrangements
with OSG.



For further information please contact:

Dag Fasmer Wittusen       Leigh Jaros
President & CEO               CFO
Oslo                                    Philadelphia
+47 916 30002                   +1 484 880 3741

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





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