Pareto Nordic Corporate Bond Conference7 March 2017

American Shipping Company ASA

Important information

This Company Presentation is current as of March 2017. Nothing herein shall create any implication

that there has been no change in the affairs of American Shipping Company ASA ("AMSC" or the

"Company") since such date. This Company Presentation contains forward-looking statements

relating to the Company's business, the Company's prospects, potential future performance and

demand for the Company's assets, the Jones Act tanker market and other forward-looking

statements. Forward-looking statements concern future circumstances and results and other

statements that are not historical facts, sometimes identified by the words "believes", "expects",

"predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and

similar expressions. The forward-looking statements contained in this Company Presentation,

including assumptions, opinions and views of the Company or cited from third party sources, are

solely opinions and forecasts which are subject to risks, uncertainties and other factors that may

cause actual events to differ materially from any anticipated development.

2

3

About AMSC Fleet overview

American Shipping Company (AMSC)

* Market cap. based on closing share price of NOK 28.0 per February 28rd, 2017

Ship financing company established in 2005

Publicly traded on the Oslo Stock Exchange under the ticker AMSC, with a market cap. of USD ~200m*

Fleet of 9 modern MR product tankers and 1 shuttle tanker operating in the U.S. Jones Act market

All vessels on bareboat contracts with one of the largest U.S. Jones Act ship owning companies, Overseas Shipholding Group, Inc. (OSG)

- The 9x MR tankers have firm bareboat contract until Dec 2019

- The 1x Shuttle tanker has a firm bareboat contract until June 2025

- All bareboats with evergreen renewal options for OSG

Firm EBITDA backlog of USD 314m with average weighted tenor of 3.6 years per Q4 2016

Aker is the largest shareholder with 49% of the economic interest in AMSC (19% of shares and remaining through TRS)

# Vessel Design Type Built

1 Overseas Houston Veteran Class MT 46 MR 2007

2 Overseas Long Beach Veteran Class MT 46 MR 2007

3 Overseas Los Angeles Veteran Class MT 46 MR 2007

4 Overseas Anacortes Veteran Class MT 46 MR 2008

5 Overseas Texas City Veteran Class MT 46 MR 2008

6 Overseas Boston Veteran Class MT 46 MR 2008

7 Overseas Nikiski Veteran Class MT 46 MR 2009

8 Overseas Martinez Veteran Class MT 46 MR 2010

9 Overseas New York Veteran Class MT 46 MR 2010

10 Overseas Tampa Veteran Class MT 46 Shuttle tanker 2011

Charters

include

S&P

rating

A

A-

AA-

BBB+

BB+

Long Term Contracts Returning Stable Cash Flow

4*Illustrative TC contract duration

**Tampa was converted to a shuttle tanker and is on a 10 year BBC backed by a 10 year TC

TC

TC

TC

TC

TC

TC

TC

TC

TC

TC

2017-19 2019 - Beyond

BBC

BBC

BBC

BBC

BBC

BBC

BBC

BBC

BBC

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Options

BBC Opt.BBC**

<6mths - 8yrs**

Bareboat charter to OSGAmerican Shipping Company TCs to blue chip charterers*

Bareboat Charter (fixed rate of USD ~88m/year)

+

DPO (fixed deferred charter hire, USD ~4m/year)

+

Profit Split (variable 50/50 sharing of profits)

=

Stable annual cash flows

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

KinderMorgan

Crowley OSG Seacor Bouchard Chevron Kirby CrowleyMarathon

USShipping

Keystone Moran Sea River Genesis M.S.C Reinauer

Jones Act tanker & ATB ownership based on carrying capacity

The Largest Listed Pure Play Jones Act Tanker Owner

5Source: Navigistics’ Wilson Gillette Report and AMSC AnalysisNote: Carrying capacity expressed in barrels; includes newbuildings

18

12

8

0

5

10

15

20

ATBs Tankers AMSC

AMSC fleet age vs. Jones Act Fleet

Debt Facilities (Pro forma post Bond refi)

Current debt structure (USD million)

678

MUSD 300 facility

(First Lien Secured)

MUSD 150 facility

(First Lien Secured)

Aker loan

Unsecured bond

Q4 2016Adjusted for new bond

Key terms on funding

Bank debt

Average weighted tenor: 6 years (80% of the loanamount with 5 year tenor and 20% with a 10 year tenor)

Average weighted interest cost: Libor + 325 bps margin

Total annual installments:

• Y1: USD 8.3m

• Y2-4: USD 28.3m (annually)

• Y5: USD 44.3m (expect to refinanceafter year 4)

New unsecured bond

9.25% fixed rate, semi annual installments

Senior unsecured debt with maturity Feb 2022

Ammortization commencing at 42 months of USD 20m per year

Covenants include minimum cash, maximum debtrestrictions and dividends incurrence test

Aker loan

Accruing interest of 10.25% with maturity in 4Q 2020

Will be repaid by proceeds from Philly Tankers 6

300

144

212220

140

298

20

Company Structure

7

ASC Leasing

I

ASC Leasing

II

ASC Leasing

III

ASC Leasing

IV

ASC Leasing

V

ASC Leasing

VI

ASC Leasing

VII

ASC Leasing

VIII

ASC Leasing

IX

ASC Leasing

X

Overseas

Houston

Overseas

Long Beach

Overseas

Los Angeles

Overseas

New York

Overseas

Texas City

Overseas

Boston

Overseas

Nikiski

Overseas

Martinez

Overseas

Anacortes

Overseas

Tampa

American Shipping

Corporation

USD 150m secured facility

with CIT, Prudential and

AloStar (guaranteed by

each of the holding

companies*)

USD 300m secured facility led by

BNP Paribas, SEB and Credit

Agricole (guaranteed by each of the

holding companies *)

American Shipping Company

ASA

(Parent and Guarantor)

American Tanker Holding

Company

(Guarantor)

American Tanker Inc

(Issuer)Issuer

Guarantors

*Holding companies means American Shipping Company ASA, American Tanker Holding Company, American Tanker Inc and American Shipping Corporation

4

47

20

22

88

Contracted Revenue Provides Solid Cash Flow Buffer for Debt Servicing

Bank debt service

avg 2017-19

SG&A

expected

3

Fixed DPO

avg 2017-19

Fixed BBC

revenue

2016

Buffer / Cash

Flow to equity

New Bond

Coupon**

8

Debt service covered with only 8 vessels on fixed BBC contracts

TTM NORMALIZED EBITDA* PER

4Q (USDm)

AMSC’s annual cash-flow post bond-offering, EXCLUDING profit share

(USDm)

Reported EBITDA

Profit Share

DPO

Normalized EBITDA* of USD 99m

BBC revenue of USD 88m

SG&A of USD 3m

DPO of USD 4m

Trailing twelve months profit share

of USD 10m

• Used to repay the OSG credit currently at

USD 5m

85 85 85

6

11 101

3 4

91

99 99

TTM 4Q 14 TTM 4Q 15 TTM 4Q 16

85 8585

*Normalized EBITDA is reported EBITDA + DPO + Profit Share

** 9,25% coupon for new USD 220m bond which settled 22 Feb 2017

415 20

247

40

10

20

190

28 28 30

298

25

250

-

50

100

150

200

250

300

350

2017 2018 2019 2020 2021 2022 & after

US

Dm

Annual amortization Bank balloon Contemplated unsecured bondNew unsecured USD220m Bond

Debt Maturity Profile Post Bond Transaction

9

Overview of AMSC’s debt maturity profile post bond offering

Deleveraging through amortization of bank debt and bond amortization from 2020*

Deleveraging Through Debt Amortization

Deleveraging through amortization of bank and bond debt

Negative pledge with declining maximum 1st lien debt allowance on existing fleet

10

Note: Assumes refinancing of the 2020 bank debt maturity in 2019, and retaining the amortization profile (i.e. USD 28.3m amortized per year)**Excludes USD 20m loan from Aker ASA, which will be repaid by proceeds from Philly Tankers vessel sales **USD 134m replacement cost per vessel, 30 years useful economic life, depreciation to 0, and 8 years average fleet age in 2017

Year-end

410 381 353 325 296

220220

220210

190

965920

875831

786

-

200

400

600

800

1 000

1 200

2017 2018 2019 2020 2021

US

Dm

Bank debt Contemplated unsecured bond Replacement cost parity**New unsecured USD220m Bond

630601 573

535486

Overview of the Jones Act

The Jones Act generally restricts the marine

transportation of cargo and passengers

between points in the United States to vessels

that meet the following criteria:

- Built in the United States

- Registered under the U.S. flag

- Manned predominately by U.S. crews

- At least 75% owned and controlled by

U.S. citizens

Essential feature of U.S. national security,

ensuring non- dependency of ships controlled

by foreign nations

AMSC’s operation in the Jones Act market is

made possible by the lease finance exception of

the Jones Act

…and is a vital part of the U.S. economyThe Jones Act has been in place since 1920…

400,000

100,000,000,000

30,000,000,000

USD 30bn total investments in over

40,000 vessels

# jobs directly and indirectly impacted

by the U.S. maritime industry

USD 100bn contribution to the U.S.

domestic economy

Source: American Maritime Partnership and U.S. Maritime Administration11

The OSG fleet

Integrated Part of OSG’s Fleet

24

10

2

8

2

2

0

5

10

15

20

25

30

AMSCownedMRs

OSGownedMRs

ATBs LighteringATBs

MSPtankers

Total OSGcontrolled

# v

essels

12

OSG is a pure-play Jones Act company following its

spin-off of its international fleet into International

Seaways Inc.

AMSC’s 10 vessels are a core part of OSG’s Jones Act

tanker fleet

The AMSC fleet represent ~30% of all modern Jones

Act tankers below 10 years (36 in total including

newbuilds)

The AMSC fleet is the most cost-efficient modern fleet

in the Jones Act tanker market due to favourable

construction cost compared to newbuilds delivered

today

AMSC is important to OSG

Avg. age: 8 7 27/41* 7 8 19/26*

*Average age based on conversion / build year for converted ATBs

AMSC can offer charters at attractive levels…

Competitive Position Limits Re-chartering Risk

Notes: 1) Based on Philly Tankers

2) Based on newbuild cost for the tankers delivered to American Petroleum Tankers (Golden State excluded due to cost overrun)

3) New regulation adds NOx emission requirement that estimated will increase cost to USD 145-150m

4) Based on total consideration for 9 vessels, including additional expenses incurred by Kinder Morgan for taking delivery

5) Based on average price for 4 vessels

Source: Company materials

135

130 4)

148 3)

107

142 5)

157

1341) 134 2)

Newbuild prices Transaction valuesCost

13

…due to substantially discounted acquisition costs

Annual bareboat costs given various total capital IRRs with newbuild cost @ USD 134m

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

AMSC 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0%

Bare

boat

costs

(U

SD

/day)

Candidates for

scrapping

Yard delivery schedules Vessel age since delivery

5 Tankers Entering Fleet.. but Scrapping has Started

2017 2018 2019 Yard 2022

Matson container 1

Philly Tankers PT4

Kinder Morgan PT5

Philly Tankers PT3

Matson Con Ro 2

Matson Con Ro 1

Matson container 2

Seacor PT 3

Philly Tankers PT2

Vessel Contracted

Contracted

n/a

n/a

0

1

2

3

4

5

6

7

8

9

10

11

# vessels

1510152025303548 45 40

AMSC

Scrapped

ATBs

Tankers

n/a

14

n/a

Source: Navigistics’ Wilson Gillette Report and AMSC analysis

No new orders placed for product tankers for more than two years

Scrapping has started with more to come in the near future

1

16

4

2

5

3

Delaware Bay Lightening

Crude by shuttle tankers from deep water U.S. Gulf to Gulf Coast Refineries

MPSs trade internationally (not shown)

Crude from Corpus Christi, TX to LOOP (not shown)

Jones Act crude oil & products primary trade routes

A Critical Part of Oil Majors’ Transportation Logistics

15

US GULF

Jones Act Tanker Routes:

Gulf Coast refineries to Florida and East Coast

Mid-Atlantic to New England

Intra-west coast movements

Cross-Gulf movements

1

2

3

4

5

6

7

8

BAKKEN

EAGLE

FORD

PERMIAN

Key US Oilfields

Pipeline / rail

Barges

Corpus Christi

Historical Jones Act tanker fleet deployment by main trades (Tankers and ATBs)

Product tanker medium/long term time charter rates have softened with need for crude oil transport

Fleet Deployment has Shifted to Clean Products

16Source: Navigistics’ Wilson Gillette Report, December 2016 and AMSC analysis

42%

25%

20%

9%

3%

0%0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Clean US Gulf Crude Oil West Coast

Chemicals MSC Idle

0

20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016

US

D t

housands

Long/medium-term contract rate AMSC Bareboat charter rate

Recent spot fixtures

Seaborne products transport from Gulf Coast to East Coast has been remarkably consistent

U.S. Gasoline consumption continues to drive demand growth

Clean Product Volumes are Very Stable

17Sources: EIA

10

15

20

25

jan

-201

0

ma

i-2

01

0

sep

-201

0

jan

-201

1

ma

i-2

01

1

sep

-201

1

jan

-201

2

ma

i-2

01

2

sep

-201

2

jan

-201

3

ma

i-2

01

3

sep

-201

3

jan

-201

4

ma

i-2

01

4

sep

-201

4

jan

-201

5

ma

i-2

01

5

sep

-201

5

jan

-201

6

ma

i-2

01

6

sep

-201

6

Mbbl

PADD 1 receipts by tanker and barge from PADD3

8

9

10

jan

.10

ma

i.10

sep

.10

jan

.11

ma

i.11

sep

.11

jan

.12

ma

i.12

sep

.12

jan

.13

ma

i.13

sep

.13

jan

.14

ma

i.14

sep

.14

jan

.15

ma

i.15

sep

.15

jan

.16

ma

i.16

sep

.16

jan

.17

ma

i.17

sep

.17

jan

.18

ma

i.18

sep

.18

U.S. monthly gasoline consumption EIA forecast consumption

Corpus Christi Volumes

Crude Oil Volumes have Decreased

18Sources: EIA, Port of Corpus Christi

Shale oil production contracted in 2016 after 5 years of growth as OPEC flooded the market

Reduced crude production, especially from Eagle Ford, led to reduced shipments from Corpus Christi

Production may increase in 2017 and onwards as oil prices recover, which will likely lead to increased shipments out of Corpus Christi

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

0

100

200

300

400

500

600

700

800

900

kbbls

pd

Kbbls

pd

Corpus Christi Outbound Crude (Left Axis) Eagle Ford Production (Right Axis)

Drilled but uncompleted wells by region Eagle Ford crude oil drilling rig count

U.S. Shale is the World’s Incremental Producer

19Sources: EIA, Baker Hughes

253

617

704

815

1 284

1 706

- 200 400 600 800 1 000 1 200 1 400 1 600

Other

Marcellus

Niobrara

Bakken

Eagle Ford

Permian

20

25

30

35

40

45

50

55

60

65

Investment Highlights

Highlights Comments

Clean products and chemical trades remain steady, and U.S. shale production is expected to rebound

Vessel supply growth is constrained by limited shipyard capacity and high newbuilding costs, and scrapping of older tonnage has started

GOOD VISIBILITY INTO

JONES ACT MARKET

LEADING MARKET

POSITION

STABLE & PREDICATBLE

BUSINESS MODEL

AMSC is the largest listed pure play Jones Act tanker owner

Lowest break-even cost of all modern tankers, decreasing re-chartering risk

Attractive evergreen charter extensions

Stable cash flow from bareboat contracts at fixed rates and DPO

Upside potential from profit share arrangement

Committed to returning capital to shareholders through dividends, whilst prudently managing the balance sheet and maintaining financial flexibility

20

21

Thank You - Q&A

22

Appendix

23

AMSC management team AMSC board of directors

Appendix: BoD & Management

Pål Lothe

Magnussen

President /

CEO

President and CEO from January 2015 (CFO since

2014)

Previously: Director / Investment Banking Division /

DNB Markets, Vice President / Corporate Banking

Shipping and Offshore / DNB with experience from

New York, Singapore and Oslo

MBA from Columbia University,

MSc. from the Norwegian School of Management

Morten

Bakke

CFO

CFO from April 2016

Previously: Senior Vice President / DVB Corporate

Finance, Shipping Analyst / Moore Stephens LLP,

Analyst / Credit Suisse

MSc. Shipping, Trade and Finance from Cass

Business School and BA Business Studies from

University of Greenwich

Leigh

Jaros

Business

Controller /

Finance

Manager

Controller in AMSC from July 2008 and CFO July

2011 – May 2014

Previously: +10 years corporate financial

experience including financial reporting, analysis

and budgeting. Ms. Jaros was employed by Aker

Philadelphia Shipyard as its Accounting Supervisor

prior to joining AMSC.

BSc in Finance and Economics from West Chester

University

Anette

Malm

Justad

Chairman

Board member since December 2007

Previously: CEO / Eitzen Maritime Services and

various positions in e.g. Yara International, Norgas

Carriers / IM Skaugen and Norsk Hydro

MSc. In Technology Management from

MIT/NTH/NHH in addition to MSc in Chemical

Engineering from NTH

Peter D.

Knudsen

Board

Member

Board member since March 2012

Previously: CEO / Jason Shipping, CEO / Eitzen

Maritime Services and various positions in

Christiania Bank, Nordea Bank and GIEK and

others

MBA from Oslo Business School / Arizona State

University

Audun

Stensvold

Board

Member

Board Member since May 2016

Currently Investment Director in Aker ASA

Prevously: CFO and Investment Director in i

Converto Capital, Financial Advisor in Selmer and

Financial Analyst in DNB.

MSc in Norwegian School of Economics (NHH)

Income Statement (unaudited)

*Applicable to common stockholders of the parent company

** 2015 numbers are restated. Refer to Q4 2016 press release for more information

Year to date

Figures in USD million (except share and per share information) Q4 2016 Q4 2015 ** 2016 2015 **

Operating revenues 22.1 22.1 88.0 87.8

Operating expenses (0.6) (0.2) (2.9) (2.9)

Operating profit before depreciation 21.5 21.9 85.1 84.9

Depreciation (8.7) (9.2) (34.3) (34.2)

Operating profit 12.8 12.8 50.8 50.7

Gain on investments 2.2 0.0 2.7 0.0

Net interest expense (9.2) (10.3) (37.2) (48.9)

Unrealized gain/(loss) on interest swaps 6.3 (0.9) 0.6 12.5

Net foreign exchange gain/(loss) 0.0 0.0 0.1 (0.2)

Profit/(loss) before income tax 12.1 1.6 17.0 14.1

Non-cash income tax expense (4.6) (4.4) (9.9) (4.4)

Net profit/(loss) for the period * 7.5 (2.9) 7.1 9.7

Average number of common shares 60,616,505 60,616,505 60,616,505 60,616,505

Earnings/(loss) per share (USD) 0.12 (0.05) 0.12 0.16

24

Balance Sheet (unaudited)

Figures in USD millions 31.12.2016 31.12.2015 *

Vessels 779.5 813.8

Interest-bearing long term receivables (DPO) 30.6 32.6

Other non current assets 27.6 24.9

Trade and other receivables 0.3 0.4

Cash held for specified uses 2.3 1.6

Cash and cash equivalents 49.1 31.7

TOTAL ASSETS 889.4 905.0

Total equity 195.7 216.4

Deferred tax liabilities 17.4 7.5

Interest-bearing long term debt 636.1 660.6

Derivative financial liabilities - long term portion 0.1 0.2

Interest-bearing short term debt 28.3 10.2

Derivative financial liabilities - short term portion 0.0 0.6

Deferred revenues and other payables 11.8 9.5

TOTAL EQUITY AND LIABILITIES 889.4 905.0

25* 2015 numbers are restated. Refer to full press release for more information

Modern High Quality Fleet

Company's fleet consists of ten handysize

product tankers (45,800 dwt) with an average

age of 8 years, compared to an average age

of ~16 years for the rest of the Jones Act

tanker fleet

- MT46 Veteran Class tanker

- Hyundai Mipo Design

- 183m length – transporting 330.000 b.o.e

Built at Philly Shipyard

- Series of 12 ships

- 2 ships sold to OSG

Technical specifications

- Length overall 183.0 m

- Beam 32.2 m

- Depth 18.8 m

Design/scantling draught 11.0 / 12.20 m

- Deadweight 40,700/45,800 t

- Gross tonnage abt 29,200

- Tank capacity in holds 52,650 m³

Slop-tank 1,150 m³

total 53,800 m³

26

Vessel description

Vessel DWTDate

Delivered

Age

(years)

Overseas

Tampa45,800 Apr 2011 6

Overseas

Anacortes45,800 Aug 2010 7

Overseas

Martinez45,800 May 2010 7

Overseas

Nikiski45,800 Jun 2009 8

Overseas

Boston45,800 Feb 2009 8

Vessel DWTDate

Delivered

Age

(years)

Overseas

Texas City45,800 Sept 2008 9

Overseas

New York45,800 Apr 2008 9

Overseas

Los Angeles45,800 Nov 2007 10

Overseas

Long Beach45,800 Jun 2007 10

Overseas

Houston45,800 Feb 2007 10

Vessel specifications

Appendix: AMSC History and Milestones

27

2005 2007 2008 2009 2010 2011 2012 2013 2014

Final delivery of 1 PT

Extended maturity of

NOK bond for 6 years

Extension of vessel

debt to June 2016

BB extensions with

OSG to December

2019

OSG filed for Chapter

11 – all payments still

made in accordance

with agreements

Recapitalizing through a

private placement of USD

120m and a subsequent

offering of USD 12m

Converted NOK bond to

USD bond and amended

call structure and

dividend restrictions

Pål Magnussen

appointed CFO and

later CEO

OSG comes out of

Chapter 11

AMSC invested USD

25m for 20% stake in

Philly Tankers (two

newbuild PTs with

options for two more)

Take out financing of

10 vessels and NOK

700m bond

Split of AMSC from

PHLY

Took delivery of 3 PTs

Final settlement with

OSG

Delivery of 2 PTs

Sold 2 shuttle tankers

shipbuilding contracts

to OSG

Delivery of 2 PTs

Aker ASA

reduced

ownership to

19.9%

Delivery of 2 PTs 10 ship BB agreement with

OSG, corresponding

agreement with PHLY

Philadelphia Shipyard

acquired by AMSC –

Subsequent listing on the

OSE

2015

Refinancing of secured

vessel debt completed with

USD 450 million in new

secured debt

Philly Tankers secured long-

term time charters on its first

two ships, declared its two

options and entered into

agreements to sell all four

tanker contracts upon

delivery

2016

Delivery of first

Philly Tankers

vessel, the

American

Endurance

OSG spun off its

international fleet

into International

Seaways, Inc.,

effective December

2016

88.0

20.4

103.9

212.3

Illustration of the OSG profit share arrangement: trailing 4 quarters financials, USD millions

Appendix: Profit Share

T/C hire

received by OSG

BBC hire

paid to AMSC

OPEX, profit layer to

OSG and dry-dock

provision

Profit to share

50/50% with AMSC- - =

Note: Market rate not adjusted for utilizationNote: AMSC’s 50% share of the profit split is used to reduce the OSG credit, to USD 4.9m as of end Q4 2016. When the OSG credit has been fully repaid, AMSC will receive its 50% share of the profit in cash

28

AMSC share of profit

split last 12 months is

USD 10.2m

DPO explained Split of bareboat rate for PT 1-5 first 7 years, USDk/d

Estimated yearly DPO payments to AMSC, USD millions

Appendix: DPO Cash Flow

DPO = “Deferred Principal Obligation”

OSG paid a reduced cash rate on the first 5

vessels for 7 years, accruing up to USD 7m on

each vessel

- Originally structured to reduce OSG’s

cash costs during the startup period

- Structured as a loan from AMSC to OSG

Payable to AMSC after 7 years, over 18 years

including interest @ 6.04%

- Each vessel’s DPO would be due in full if

OSG does not extend that particular

vessel

4Q 15 first quarter with full cash effect from

DPO

Cash rate

DPO rate

23.5

20.4

3.1

2033

0.3

2032

1.2

2031

2.1

2030

2.2

2018

3.7

2017

3.8

2016

3.9

2015

3.3

2014

1.4

29

Appendix: Significant Industry Consolidation with Kinder Morgan in the Lead

Dec 2013: Kinder Morgan acquired 4 existing and 5 newbuild tankers from

AMPT for a total transaction value of USD 1.2bn

Nov 2014: Kinder Morgan acquired 2 product tankers from Crowley for a

consideration of USD 270m

Aug 2015: Kinder Morgan acquired Philly Tankers, previously majority owned

by PHLY for a total transaction value of USD 568m

April 2014, Crowley acquired profit-share interests in 2 vessels from PHLY for

a total transaction value of USD 40m

Oct 2014: Genesis Energy acquired a 2-year old tanker for USD 157m

30

31