Ultrapetrol chief executive Damian Scokin has resigned after two years at the diversified shipowner, which is in the midst of a restructuring effort.

Company chairman Eduardo Ojea Quintana, an energy executive, will replace Scokin at the helm of the New York-listed company. The change will be effective on 1 November.

Scokin is not departing Ultrapetrol altogether, as he will join the board of directors.

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