Presentation of Q3 201920 November 2019

American Shipping Company ASA

Important information

Nothing herein shall create any implication that there has been no change in the affairs of American Shipping Company ASA ("AMSC" or the "Company") as of the date of this Company Presentation. This Company Presentation contains forward-looking statements relating to the Company's business, the Company's prospects, potential future performance and demand for the Company's assets, the Jones Act tanker market and other forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development.

Third Quarter 2019 Highlights

* Net profit after tax, adjusted for non-recurring items, currency fluctuations, mark-to-market of derivatives and changes to deferred tax ** Includes DPO, reported EBITDA for Q3 19 is USD 21.5 million

3

Adjusted net profit of USD 3.0 million*

Normalized EBITDA** of USD 22.4 million

• No profit share

• DPO of USD 0.9 million

Declared Q3 dividend of USD 0.08 per share, consistent with prior guidance

• Ex-dividend date of 26 November 2019 with payment on or about 5th

December 2019

• Classified as a return of paid in capital

Stable market conditions for Jones Act tankers

Normalized EBITDA* (USD millions) Normalized EBITDA* per quarter (USD millions)

4

• Normalized EBITDA* of USD 22.4 million in Q3 19 (USD 22.2 million in Q3 18)• No profit share in Q3 19 or Q3 18• DPO of USD 0.9 in Q3 19 (USD 0.9 million in Q3 18)

* Including Profit Share (except 2018 and 2017 where profit share was 0 for the full year) and DPO. Reported EBITDA for Q3 19 is USD 21.5 million

85 85 85 84

3 4 411 10

0102030405060708090

100

4

20172015 2016 2018

Profit Share Reported EBITDADPO

21 21 21 21 21 21 21 21 21 22

02468

1012141618202224

1

Q4 17

1 1

Q2 17 Q3 17

1

Q3 18Q1 18 Q1 19

11

Q4 18Q2 18

1 1 1

Q2 19 Q3 19

1

Reported EBITDAProfit Share DPO

Stable, Predictable EBITDA

Long-term fixed rate bareboat charters to OSG secures cash flow

Fleet Deployment Overview

5

Firm Charter Options

Houston

Long Beach

Los Angeles

New York

Texas City

Boston

Nikiski

Martinez

Tampa

Anacortes

Vessel End users

• AMSC’s fleet is on firm BB Charters to OSG with evergreen extension options

• AMSC receives fixed annual bareboat revenue of USD 88 million + ~50% of the profits generated by OSG under the time charter contracts

• OSG time charters the vessels to oil majors for U.S domestic trade

BBC exp. 2022

BBC exp. 2022

BBC exp. 2022

BBC exp. 2022

BBC exp. 2022

Exp. ‘20

Exp. ‘20

Exp. ‘20

Exp. ‘20

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

OptionsBBC exp. 2025

A Critical Part of Oil Majors’ Transportation Logistics

6

Jones Act Tanker Routes:

Gulf Coast refineries to Florida and East Coast (Clean)

Alaska and Intra-west coast movements (Clean/Dirty)

Cross-Gulf movements (Dirty)

4

BAKKEN

EAGLE FORD

PERMIAN

Patoka, IL

US GULF

Key US Oilfields

Clean Pipeline

Barges

Crude Pipeline

5

3

2

1

1 6

Primary trade routes for Jones Act crude oil and products

Pipeline project Start Incremental capacity

Total capacity

Local refining & existing pipelines 4.18

Cactus 2 - Initial Q3 ’19 0.37 4.55

EPIC - Initial Q3 ’19 0.30 4.85

Gray Oak Q4 ’19 0.90 5.75

EPIC - Final Q1 ’20 0.30 6.05

Cactus 2 - Final Q2 ’20 0.33 6.38

Wink-to-Webster Q3 ’21 1.00 7.38

Wink-to-Webster Q1 ’22 0.50 7.88

Source: Navigistics’ Wilson Gillette Report Sept 2019

The Permian Pipeline Crunch

2

3

Delaware Bay Lightening (Dirty)

Shuttle tankers from deep water U.S. Gulf to Gulf Coast Refineries (Dirty)

Gulf Coast crude to Northeast refineries (Dirty)

4

5

6

1

Permian Pipeline Capacity – New Projects and Production Growth, MBDs

Permian production growth has surpassed pipeline

takeaway capacity –additional pipelines to drive

tanker demand

Jones Act tanker fleet deployment by main trades (Tankers and ATBs)

7Source: Navigistics’ Wilson Gillette Report Sept 2019 and AMSC analysisNote: 1) Idle capacity refers only to old ATBs

Majority of Fleet Carry Clean Products

8%

17%

36%

36%

ChemicalsIdle1)

3%

MSC

West Coast

0%

Crude Oil

Clean USG

8%

17%

22%

48%

Chemicals3%

MSCIdle1)

Crude Oil

2%

West Coast

Clean USG

2015Total capacity: ~20 mbbls

Sept 2019Total capacity: ~23.5 mbbls

Rising seaborn transport from Gulf to East Coast Gulf Coast to Florida Trade Lane

Increasing Clean Volumes Into Florida

8Sources: EIA

1

PADD 1

PADD 3

PADD 2

Jacksonville

Port Everglades

Tampa

Corpus Christi

HoustonBeaumont

New Orleans

Pascagoula

Mbbls per month

12.5

17.5

22.5

27.5

Mbb

l

PADD 1 Receipts of Products by Tanker and Barge from PADD 3 Trendline 5% CAGR

PADD 3 to PADD 1 Crude Oil Moves by Tanker and Barge

Trade lane carrying Crude from Gulf Coast to U.S. Northeast

9Source: EIA, Marine Traffic and AMSC analysis

PADD 1

6

PADD 3

PADD 2

Jacksonville

Port Everglades

Tampa

Corpus Christi

HoustonBeaumont

New Orleans

Pascagoula

Washington

New YorkPhiladelphia

Boston

Crude Trade to East Coast stabilizing

East Coast volumes back to ~6 tankers, up from ~1 tanker during 2017

Volumes driven by spread in pricing of U.S. oil vs international alternatives

0

1

2

3

4

Mbb

l

PADD 3 to PADD 1 Movements of Crude by Tanker (3M Rolling Ave)

PADD 3 to PADD 1 Crude Oil Moves by Number of Tanker Liftings

Crude Oil Price Spread - WTI Houston vs. Bonny Light

10Source: Argus and Marine Traffic

On average 7 MR voyages per month of crude to U.S. Northeast refineries

Crude loaded in Houston vs. West Africa needs to be minimum $1.50 cheaper to be competitive for purchase by U.S. Northeast Refiners

Spread has been sufficiently wide since Aug/Sept 2017

Oil Price Spread - Key Driver forCrude Shipping Volumes

0

2

4

6

8

10

12

14

Aug‐17

Sep‐17

Oct‐17

Nov‐17

Dec‐17

Jan‐18

Feb‐18

Mar‐18

Apr‐18

May‐18

Jun‐18

Jul‐1

8Au

g‐18

Sep‐18

Oct‐18

Nov‐18

Dec‐18

Jan‐19

Feb‐19

Mar‐19

Apr‐19

May‐19

Jun‐19

Jul‐1

9Au

g‐19

Sep‐19

Oct‐19

‐1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Fleet profile by vessel age Considerable fleet growth in past years, but scrapping likely to bring fleet back to 2015 levels

0

1

2

3

4

5

6

7

8

9

10

11

12

50 30 152045 40 35 25 10 5

AMSCTankersScrap/lay up

ATBs

11Source: Navigistics’ Wilson Gillette Report Sep 2019, broker reports and AMSC analysis

Fleet Reduction as Scrapping Continues

Number of vessels

Candidates for scrapping

Kbbls capacity

0

5000

10000

15000

20000

25000

30000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Fleet Scrapping

Actual Projected

2015 levels

*Applicable to common stockholders of the parent company

Figures in USD million (except share and per share information) Q3 2019 Q3 2018

Operating revenues 22.1 22.1

Operating expenses (0.6) (0.8)

Operating profit before depreciation - EBITDA 21.5 21.3

Depreciation (8.5) (8.5)

Operating profit - EBIT 13.0 12.8

Gain on investments - -

Net interest expense (10.0) (10.4)

Unrealized gain/(loss) on interest swaps 0.1 0.1

Net foreign exchange gain/(loss) - -

Profit/(loss) before income tax 3.1 2.5

Income tax expense - (0.2)

Non-cash income tax benefit/(expense) (0.2) 0.1

Net profit / (loss) for the period * 2.9 2.4

Average number of common shares 60,616,505 60,616,505

Earnings/(loss) per share (USD) 0.05 0.04

12

Income Statement (unaudited)

Figures in USD millions 30.09.2019 30.09.2018

Vessels 686.5 720.3Interest-bearing long term receivables (DPO) 25.3 27.2Other non current assets - 16.4Derivative financial assets - 4.2Trade and other receivables 0.1 0.1Cash held for specified uses 2.4 2.1Cash and cash equivalents 50.5 47.3TOTAL ASSETS 764.8 817.7

Total equity 166.0 180.6Deferred tax liabilities 12.7 12.3Interest-bearing long term debt 533.2 580.7Derivative financial liabilities 0.9 -Interest-bearing short term debt 41.6 28.3Deferred revenues and other payables 10.4 15.8TOTAL EQUITY AND LIABILITIES 764.8 817.7

13

Balance Sheet (unaudited)

CASH DEVELOPMENT IN 3Q 19 (USD millions)

14

57.252.9

21.514.4

7.1

4.8 0.5

OtherEBITDAOB Cash Interest Amortization Dividends CB Cash

Cash position decreased during the quarter

15

Highlights

Investment Highlights

Comments

INCREASING DEMAND IN KEY TRADES

Stable crude shipments from U.S. Gulf to the U.S. Northeast

Growing clean trade into Florida

Jones Act time charter rates approaching USD 60,000 per day

REDUCING FLEET CAPACITY

Scrapping of older tonnage continues with 2 MRs and 5 ATBs retired in 2018 and two additional ATBs to date in 2019

10 tankers and ATBs approaching 35 years or older in 2020; with Special Surveys coming up

Slim orderbook with only two barges for delivery in 2020

LEADING MARKET POSITION WITH STABLE CASH FLOWS

Bareboat contracts provide stable cash flows with profit share upside potential

Existing modern fleet that is integral to OSG’s business

Well positioned to take advantage of growth opportunities in a strengthening market

FLEET WELL POSITIONED TO BENEFIT FROM MARKET

UPSIDE

AMSC owned vessels already committed on new time charters for most of 2020

The fleet is well positioned to capitalise on increased time charter rates through the profit split