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Arntzen exits OSG

Morten Arntzen has resigned as chief executive of OSG with immediate effect, it was announced late Monday.

Morten Arntzen

Captain Robert Johnston, the head of OSG’s US Flag strategic business unit, will take over the roles of president and chief executive.

“The board thanks Morten Arntzen for his service, including during recent challenging times,” OSG chairman Michael Zimmerman said in a short statement.

“We are pleased that Bob Johnston is available to lead the company through the next stages of its Chapter 11 reorganization.”

OSG filed for Chapter 11 bankruptcy protection in Delaware in mid November after finally admitting defeat in its restructuring efforts.

The company had warned investors back in October last year that a bankruptcy filing was possible due to the dire tanker markets.

Arntzen was appointed as the president and chief executive of the then US-listed tanker company in January 2004.

Under his tenure the company saw its fleet – crude oil, products and US Flag – nearly doubling from 53 to more than 100 ships.

Prior to joining OSG, Arntzen was chief executive of US-based merchant banking firm American Marine Advisors (AMA).

The company specialized in maritime industry merger and acquisition advisory work and corporate restructuring.

Arntzen is also a board member of Royal Caribbean Cruises and serves on its audit committee and environment, safety and security committee.

Tankers

Dale Wainwright in Singapore

 12 February 2013, 02:05 GMT