The shareholders in American Shipping Company ASA are invited to
attend the Annual General Meeting to be held on Wednesday 7 April 2010
at 09:00 hrs at Felix Conference Centre, Bryggetorget 3, Aker Brygge,
Oslo, Norway.

The Board of Directors of American Shipping Company, ASA today announced the appointment of Gregory J. Matecki as its new President and Chief Executive Officer to succeed Rob Kurz who recently resigned from the Company.

American Shipping Company ASA today announced that, effective December 31, 2009, Robert K. Kurz will resign from his position as President and Chief Executive Officer to pursue other opportunities.

American Shipping Company ASA (“AMSC” or the “Company”) today announced that it has entered into a settlement agreement (“Settlement Agreement”) with Overseas Shipholding Group, Inc. and OSG America, LP (collectively, “OSG”), that settles all of the outstanding commercial disputes between AMSC and OSG.

OSLO (October 21, 2009) – As announced last month, American Shipping Company ASA (“AMSC” or the “Company”) entered into a new nonbinding settlement proposal with Overseas Shipholding Group Inc. (“OSG”) and Aker Philadelphia Shipyard (“APSI”) to settle all of the commercial disagreements between the companies and to address liquidity issues currently facing the Company. We are pleased to report that progress continues to be made in this effort. Assuming a settlement is approved and signed by all parties, AMSC’s near term liquidity issues will be addressed. For more information, please see “Risks” section below.

In our second quarter financial release disclosed on August 5, 2009, American Shipping Company ASA (“AMSC”) disclosed that their previous nonbinding agreement in principle with Overseas Shipholding Group, Inc. (“OSG”) had not been implemented.

American Shipping Company ASA has today on 3 April 2009 held its
Annual General Meeting. All proposals to the AGM were approved.

The Board of Directors now consists of:

Robert N. Caruso (Board Chairman)
Mavis R. Hawkes
Annette Malm Justad
John Rose
Dag Fasmer Wittusen

The minutes of the meeting are attached, in both English and Norwegian. Enclosed please also find a copy of the Annual General Meeting presentation.

Minutes from AGM - Norwegian
Minutes from AGM - English
Presentation

Enclosed please find recommendations from American Shipping Company ASA’s Board of Directors in connection with the company’s Annual General Meeting on 3 April 2009.

Board of Director Recommendations (English)
CV Board members (English)

The shareholders in American Shipping Company ASA are invited to
attend the Annual General Meeting to be held on Friday 3 April 2009
at 09.00 hrs at Felix Conference Centre, Bryggetorget 3, Aker Brygge,
Oslo, Norway.

Five product tankers to be trading in 2008

OSLO / PHILADELPHIA (April 29, 2008) –
After close of first quarter, Aker American Shipping took delivery of its fourth product tanker, the Overseas New York, on April 11, 2008. This vessel was delivered on schedule and was bareboat chartered to OSG America L.P. The vessel subsequently went on time charter to Shell.