OSG Chief Executive Morten Arntzen Resigns

It’s been a tumultuous few months for the largest US-based tanker operator.

Today, OSG’s President and CEO Morten Arntzen announced his resignation.

Former Senior Vice President and Head of U.S. Flag Strategic Business Unit, Captain Robert Johnston has assumed the role as President and Chief Executive Officer of OSG effective immediately, OSG says.

“The Board thanks Morten Arntzen for his service, including during recent challenging times,” said Michael J. Zimmerman, Chairman of the Board of Directors of OSG. “The Board is pleased that Bob Johnston is available to lead the company through the next stages of its Chapter 11 reorganization.”

In November, Overseas Shipholding Group filed for Chapter 11 bankruptcy protection after they got shut out of the credit markets following some questionable financial reports which cast doubt over the ship owner’s financial condition over the past three years and threw investors into an uproar.

Not only that, but Bloomberg caught their tankers calling on Iranian ports which wasn’t well received by the United States Congress. Their credit application to fund a pair of US-built tankers was quickly rejected.