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American Shipping Company ASA : American Shipping Company ASA : Notice to AMSC investors

American Shipping Company ASA : American Shipping Company ASA : Notice to AMSC
                                  investors

American Shipping Company ASA ("AMSC" or "Company") - Notice to AMSC Investors

Oslo, 15 January 2013 - Reference is made to the Chapter 11 filing by Overseas
Shipholding Group, Inc. and affiliates ("OSG") on 14 November 2012, and
AMSC's Notice to Investors on this subject of the same date.

For your information, at the motion of OSG, the United States Bankruptcy Court
for the District of Delaware has approved OSG's request to continue to perform
all of its obligations under the bareboat charters and attendant agreements
with AMSC.

For the avoidance of doubt, OSG's election to continue to perform does not
constitute an assumption of the AMSC charter obligations within the meaning of
the Bankruptcy Code, a final decision on which will come later in the
bankruptcy proceeding.

We confirm that, so far, OSG has continued to make all of its charter payments
to AMSC on time.

Contact information:

American Shipping Company ASA
Fjordalleen 16
Postboks 1423 Vika
0115 Oslo
NORWAY

Dag Fasmer Wittusen 
President / CEO
Tel:  + 47 24 13 00 00        
Cell: +47 91 63 00 02
mail to: dag.wittusen@amshipco.no 

Leigh Jaros
CFO
Tel: +1 215 875 2669
Cell: +1 484 880 3741
mail to: leigh.jaros@amshipco.com

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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: American Shipping Company ASA via Thomson Reuters ONE
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