American Shipping Company ASA : Appointment of new CFO

American Shipping Company ASA (OSE:AMSC), today announced the appointment of Morten Bakke as new Chief Financial Officer (CFO) of the Company, with effect from 1 May 2016.

Morten Bakke has 13 years of corporate finance, shipping and offshore experience of which 10 years with DVB Corporate Finance. He was previously at Chartered Accountants Moore Stephens and Credit Suisse, both in London. Morten has advised multiple offshore, shipping and private equity firms on a variety of M&A deals and holds a MSC in Shipping, Trade and Finance from Cass Business School and BA in Business Studies from University of Greenwich.

In announcing the appointment, Pål Lothe Magnussen, Chief Executive Officer of AMSC, commented, "We are pleased to have Morten Bakke join our team. His solid background and deal experience from shipping finance will make him a valuable addition to our team".

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The information contained herein is subject to the disclosure requirements of section 4-2 of the Norwegian Securities Trading Act.

About American Shipping Company ASA:

AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker all 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 and growing dividends to its shareholders.

Contacts at American Shipping Company ASA:

Pål Magnussen, CEO

Lysaker, Norway

Tel: +47 90 54 59 59

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: American Shipping Company ASA via Globenewswire

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