American Shipping Company ASA : Payment of dividend

Oslo, 15 July 2014 - The Board of Directors of American Shipping Company ASA has
resolved to pay the second quarterly dividend to the shareholders of AMSC as of
expiry of 18 July 2014, of USD 0.10 per share, in aggregate USD 6 million. The
dividend is classified for accounting purposes as a repayment of previous paid
in share premium. The resolution has been made pursuant to an authorization
granted by the Annual General Meeting of AMSC on 23 April 2014.

The shares in AMSC will be traded ex.dividend from and including 21 July 2014.
The dividend will be paid on or about 30 July 2014 to the bank account
registered on the relevant shareholder's securities depository (VPS) account.

***

About American Shipping Company ASA:

AMSC is a shipowning company with ten modern handy size product tankers 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 and
growing dividends to its shareholders.

Contacts at American Shipping Company ASA:

Dag Fasmer Wittusen, CEO
Oslo, Norway
Tel: +47 916 300 02

Pål Magnussen, CFO
Oslo, Norway
Tel: +47 905 45 959

Leigh Jaros, Business Controller/Finance Manager
Pennsylvania, USA
Tel: +1 (484) 880- 3741



[HUG#1824770]