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Marine Log

November 6, 2007

Kurz named President of American Shipping Corporation

Robert Kurz has been named President of American Shipping Corporation (ASC), the Aker American Shipping ASA subsidiary that owns and charters out Jones Act vessels built at its sister company, Aker Philadelphia Shipyard, Inc.

Robert Kurz is the former President of Keystone Shipping Co. He is a graduate of Lafayette College (BA) and received an MS in Transportation Management (along with a USCG Third Mate License) from SUNY Maritime College. His 25 year career with Keystone began in 1980 where he held a number of operational, commercial and management positions before being named President. He has extensive experience in the domestic maritime industry dealing with the US Maritime Administration, the Military Sealift Command and US Transportation Command.

Mr. Kurz replaces Gary Mandel who was the former President of ASC. Gary will continue in his position of Vice Chairman of Aker American Shipping ASA's (AKASA) Board of Directors which is the parent of ASC and APSI. AKASA is a listed company on the Oslo Stock Exchange.

Dave Meehan, who has served as President & CEO of AKASA since it's inception in 2005, will continue as President & CEO of AKASA and President of Aker Philadelphia Shipyard, the position he has held since 2003.

Additionally, effective November 06, 2007, American Shipping Corporation has appointed Mr. Fredrik Nygaard as its interim Finance Director. Mr. Nygaard has background as Vice President of M&A and Business development in Aker ASA and has been with the Aker Group since 2002. He is a graduate of the Norwegian School of management (BI) and holds a master in Business and Economics.

"Aker American Shipping is pleased to welcome both Rob and Fredrik to their new positions. We look forward to Rob's leadership of ASC to achieve new and promising business opportunities in the Jones Act market, and welcome Rob to the executive management team of the Aker American Shipping companies," says Dave Meehan.