American Shipping Company ASA : Purchase of treasury shares

30 March 2017 - Reference is made to American Shipping Company ASA's ("ASMC" or
the "Company") stock exchange notice dated 29 March, 2017 where AMSC announced
its intent to purchase 25,000 treasury shares in connection with its incentive
scheme for employees. AMSC has today purchased 13,500 shares in the Company on
Oslo Børs at an average price of NOK 28.0469 per share, which implies a total
consideration of NOK 378,633. The purchase of treasury shares was carried out in
accordance with an authorization granted by the Annual General Meeting of the
Company held on April 27, 2016.

Following the purchase, AMSC holds a total of 13,500 treasury shares,
constituting approximately 0.02% of the Company's shares and votes. The shares
will be sold to MB Capital AS, a company controlled by the Company's CFO, Morten
Bakke.

***

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