American Shipping Company ASA : Primary insider notification

Reference is made to previous stock exchange announcement of 17 March 2014
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 15.15 per
cent of the share capital of AMSC. CCF has today extended the term of the TRS
agreement. The expiry date of the TRS agreement has been set to June 16, 2015.
The swap price for the contract is NOK 47.3155 per share.

CCF  holds 11,557,022 shares in AMSC, equaling  19.07 per cent of the shares and
votes of AMSC. In addition to the financial exposure provided by the said swap
agreement, CCF also has, as previously announced, financial exposure to
4,005,100 shares in AMSC under a total return swap agreement, equal to 6.61 % of
the share capital of AMSC.

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

The information contained herein is subject to the disclosure requirements of
section 4-2 of the Norwegian Securities Trading Act



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


[HUG#1794250]