Overseas Shipholding Group Inc., the New York-based tanker owner that sought bankruptcy protection in November, named a new chief executive officer after Morten Arntzen quit the role he held for nine years.
Robert Johnston, head of the company’s U.S.-flag business, will take over immediately, Overseas Shipholding said in a statement yesterday. He will become the company’s president, a role Arntzen also held before resigning.
Overseas Shipholding’s shares plunged 90 percent in the past year to 99 cents amid the worst market for its international crude oil carriers in more than a decade. The company filed for protection from creditors on Nov. 14, three weeks after saying it might do so because of a tax issue arising from the fact it’s U.S. based with international operations. It also said the three previous years’ results couldn’t be relied upon.
The company is the largest U.S.-based owner of tankers operating on international trade routes and has the biggest fleet of Jones Act carriers, the only kind permitted to haul fuel between the nation’s ports.
Arntzen became Overseas Shipholding’s CEO in January 2004 and guided the company through almost $2 billion in acquisitions, according to the company’s website. Johnston was named head of Overseas Shipholding’s U.S. flag unit in January 2009.