Presentation of Q4 201714 February 2018

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.

Fourth Quarter 2017 Highlights Adjusted net profit of USD 4.0 million*

Normalized EBITDA** of USD 22.1 million• No profit share

• DPO of USD 0.9 million

Declared Q4 dividend of USD 0.08 per share, consistent with prior guidance

• Ex-dividend date of 20 February 2018 with payment on or about 1st

March 2018

• Classified as a return of paid in capital

Improved market conditions for Jones Act tankers

• Increasing demand for transportation of both crude oil and clean

products

• Limited supply growth going forward

• TCE rates for short term fixtures reportedly above USD 50,000 per day

* 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 Q4 17 is USD 21.2 million

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

Stable, Predictable EBITDA

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• Normalized EBITDA* of USD 22.1 million in Q4 17 (USD 24.3 million in Q4 16)• No profit share in Q4 17 (USD 1.8 million in Q4 16)• DPO of USD 0.9 in Q4 17 (USD 1.0 million in Q4 16)

* Including Profit Share (except 2017 when profit share was zero) and DPO. Reported EBITDA for Q4 17 is USD 21.2 million

85 85 85 85

443110116

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2014 201720162015

Reported EBITDADPOProfit Share

21 21 21 22 21 21 21 21 21 21 21

4 33 4 3 2

21

1

02468

101214161820222426

1

Q2 15

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Q1 15

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Q1 16

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Q4 15

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Q3 15

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Q4 17Q3 17

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Q2 17

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Q1 17

1

Q4 16

1

Q3 16

11

Q2 16

1

Reported EBITDADPOProfit Share

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

Fleet Deployment Overview

5* All vessels excluding Overseas Tampa which is contracted to June 2025

2017-19 2019 - beyond

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Anacortes

Boston

Houston

Long Beach

Los Angeles

Martinez

New York

Nikiski

Tampa

Texas City

Vessel End users

• AMSC’s fleet is on firm BB Charters to OSG until December 2019* plus 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

Delaware Bay Lightening (Crude)

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

Crude from Corpus Christi, TX to LOOP (not shown)

Jones Act crude oil & products primary trade routes

A Critical Part of Oil Majors’ Transportation Logistics

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Jones Act Tanker Routes: Gulf Coast refineries to Florida and East Coast (Clean)

Mid-Atlantic to New England (Clean)

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

Cross-Gulf movements (Dirty)

1

2

3

4

5

6

7

Key US Oilfields

Key Pipeline / rail

Barges 16

4

2

5

3

US GULF

BAKKEN

EAGLE FORD

PERMIAN

Corpus Christi 1

Patoka, IL

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

Majority of Fleet carry Clean Products, but Swing Demand Derived from Shale Transportation

7Source: Navigistics’ Wilson Gillette Report, Dec 2017 and AMSC analysis

4 %2 %

7 %

16 %

49 %

22 %Idle

MSC

Chemicals

West Coast

Clean USG

Crude Oil

Seaborne products transport from Gulf Coast to East Coast is very consistent (Mbbls per month)

Increasing Clean Product Volumes

8Sources: EIA

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15

20

25

Mbb

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East Coast (PADD 1) Receipts by Tanker and Barge from Gulf Coast (PADD 3) of Total Petroleum Products

Intra PADD 3 Crude Oil Moves by Area of Loading, (KBD’s)

PADD 3 to PADD 1 Crude Oil Moves by Tanker and Barge (Mbbls per month)

Crude Shipping Volumes Stabilizing Intra Gulf whilst Returning to Peak Levels on East Coast

9Source: ClipperData December 2017, EIA, Marine Traffic and AMSC analysis

JA USG loading of 650m bbls per day utilizes~11 vessels for USG crude trade (assuming 5 days roundtrip)

Volumes poised to recover

Volumes in East Coast trade is back to ~5 tankers, up from ~1 tanker

Volumes driven by spread in pricing of US oil vsinternational alternatives

- Argus Houston vs. Bonny Light

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1

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3

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5

6

jan‐2013

mar‐2013

mai‐2013

jul‐2

013

sep‐2013

nov‐2013

jan‐2014

mar‐2014

mai‐2014

jul‐2

014

sep‐2014

nov‐2014

jan‐2015

mar‐2015

mai‐2015

jul‐2

015

sep‐2015

nov‐2015

jan‐2016

mar‐2016

mai‐2016

jul‐2

016

sep‐2016

nov‐2016

jan‐2017

mar‐2017

mai‐2017

jul‐2

017

sep‐2017

nov‐2017

jan‐2018

Mbb

l

PADD 3 to PADD 1 Crude Oil Moves

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

Crude Oil Price Spread - Argus Houston vs. Bonny Light

Oil Price Spread - Key Driver for Increase in PADD 3 to PADD 1 Crude Shipping Volumes

10Source: Bloomberg, Pareto

Steady cargo growth in Q4 2017

~ 5 tankers in shuttle activity from U.S. Gulf up to North East refineries

YTD 10x cargoes delivered or in transit

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

Spread has been sufficiently wide since Aug/Sept 2017

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‐1,5

‐1

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0,5

1

1,5

2

2,5

3

feb. 16

mar. 16

apr. 16

mai. 16

jun. 16

jul. 16

aug. 16

sep. 16

okt. 16

nov. 16

des. 16

jan. 17

feb. 17

mar. 17

apr. 17

mai. 17

jun. 17

jul. 17

aug. 17

sep. 17

okt. 17

nov. 17

des. 17

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aug.17 sep.17 okt.17 nov.17 des.17 jan.18 YTD feb.18

Candidates for scrapping

Fleet profile by vessel age Considerable fleet growth over the last 3 years, but scrapping likely to bring fleet back to 2015 levels

Limited Remaining Fleet Growth and Scrapping Continues

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25 510 150 3045 1540 35 20

# vessels Scrap/lay up AMSC

TankersATBs

11Source: Navigistics’ Wilson Gillette Report Dec 2017, broker reports and AMSC analysis

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5000

10000

15000

20000

25000

30000

2012 2013 2014 2015 2016 2017 2018 2019Fleet Scrapping

Actual ProjectedKbbls Capacity

2015 levels

Income Statement (unaudited)

*Applicable to common stockholders of the parent company

Figures in USD million (except share and per share information) Q4 2017 Q4 2016

Operating revenues 22.1 22.1

Operating expenses (0.9) (0.6)

Operating profit before depreciation - EBITDA 21.2 21.5

Depreciation (8.3) (8.7)

Operating profit - EBIT 12.9 12.8

Gain on investments (0.5) 2.2

Net interest expense (10.2) (9.2)

Unrealized gain/(loss) on interest swaps 1.8 6.3

Net foreign exchange gain/(loss) 0.0 0.0

Profit/(loss) before income tax 4.0 12.1

Income tax expense (2.3) 0.0

Non-cash income tax expense 4.7 (4.6)

Net profit for the period * 6.4 7.5

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

Earnings/(loss) per share (USD) 0.11 0.12

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Balance Sheet (unaudited)

Figures in USD millions 31.12.2017 31.12.2016

Vessels 745.6 779.5Interest-bearing long term receivables (DPO) 28.7 30.6Other non current assets 16.6 27.6Derivative financial assets 1.7 0.0Trade and other receivables 0.2 0.3Cash held for specified uses 2.3 2.3Cash and cash equivalents 52.0 49.1TOTAL ASSETS 847.1 889.4

Total equity 183.3 195.7Deferred tax liabilities 15.2 17.4Interest-bearing long term debt 600.1 636.1Derivative financial liabilities 0.0 0.1Interest-bearing short term debt 28.3 28.3Deferred revenues and other payables 20.2 11.8TOTAL EQUITY AND LIABILITIES 847.1 889.4

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Cash position increased during the quarterCASH DEVELOPMENT IN 4Q 17 (USD millions)

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21.2

4.3

7.3

4.8 54.30.8

48.7

Interest Dividends CB CashEBITDA Amortization OtherOB Cash

Investment Highlights

Highlights Comments

Increased crude shipments from U.S. Gulf to the U.S. North East Intra gulf volumes of crude shipments stabilizing Clean products trade to U.S. East Coast increased over last 18 months

INCREASED DEMAND IN KEY TRADES

NO NEW VESSEL ORDERS

LEADING MARKET POSITION WITH STABLE

CASH FLOWS

Final MR tanker delivered and only 2 smaller ATBs entering the market in 2018 No vessel orders for the past 3 years Scrapping / lay-up of older tonnage continues

AMSC has the most cost efficient modern Jones Act tanker fleet Stable cash flow from fixed rate bareboat contracts and upside potential from

profit share arrangement Committed to returning capital to shareholders through dividends, whilst

prudently managing the balance sheet and maintaining financial flexibility

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