Niels Johnsen is retiring as chief executive of International Shipholding (ISC), the company reported a wider first-quarter loss.

And the over-the-counter-listed diversified shipowner will stick to the tradition of keeping the top leadership seats in the hands of the founding family, with president Erik Johnsen taking the helm.

Erik Johnsen, 58, will also take the chairman job from cousin Niels, who will remain a director.

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