Approved to trade on the OTCQX Market in the U.S.
American Shipping Company ASA ("AMSC" or the "Company"), one of the largest owners of vessels operating in the U.S. Jones Act market, announced today that the Company's ordinary shares have been approved to trade on the OTCQX Best Market. Effective today, 2 November 2017, AMSC's ordinary shares are available for trading in the United States on OTCQX under the symbol "ASCJF".
The OTCQX International Tier of the OTCQX Best Market is designed for established, investor-focused international companies that have met high financial standards, follow best practice corporate governance, are current in their home country financial reporting and have been sponsored by a professional third-party advisor. The OTCQX market is considered by the SEC as an "established publicmarket" for the purpose of determining the public market price of a security. Trading on OTCQX indicates that a company is committed to providing a transparent market for its investors and maintaining high financial and operating standards.
American Shipping Company ASA's Chief Executive Officer Pål Magnussen said in a comment: "AMSC is a leading pure play Jones Act tanker owner with modern assets contracted on long-term leases. As U.S. crude oil production continues to increase, we are seeing renewed interest in the Jones Act tanker market, an important component in U.S. oil majors' transportation logistics. We are pleased to create a new channel for increasing transparency and awareness of AMSC and the Jones Act tanker market through our OTCQX quotation. The quotation will also facilitate trading in our stock in U.S. dollars to make it easier for U.S. investors to invest in our company. "
U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for American Shipping on www.otcmarkets.com/stock/ASCJF/quote
About American Shipping Company
Established in 2005 and listed on the OSE, AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker 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 dividends to its shareholders. Further information is available at www.americanshippingco.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.