AMSC - Primary insider notification

Reference is made to previous stock exchange announcements, i.a. on 29 June
2011 and 29 December 2011, issued by Converto Capital Fund AS ("CCF"), a
subsidiary of Aker ASA, relating to a TRS agreement with financial exposure to
9,182,520 underlying shares in American Shipping Company ASA ("AMSC"), equal to
33.27 per cent of the share capital of AMSC with final expiry date on June
29, 2012. The swap may be issued as three months rolling contracts and CCF has
on 29 March entered into a new three months contract with expiry 29 June 2012,
with a swap price of NOK 0.9609 per share.

CCF  holds 5,493,430 shares in AMSC, equaling 19.90 per cent of the shares and
votes of AMSC.

Lars Solbakken, CEO of Ocean Yield AS which is a wholly owned subsidiary of Aker
ASA, is a board member of AMSC.

The information contained herein is subject to the disclosure requirements of
sections 4-1 of the Norwegian Securities Trading Act.





[HUG#1598354]