Royal caribbean cruises names replacement for retiring board member

(RTTNews) - Thursday, cruise operator Royal Caribbean Cruises Ltd. (RCL: News ) named shipping industry veteran Morten Arntzen as new board member replacing retiring board member Arvid Grudekjoen and will serve on the board's Environment, Safety and Security Committee.

Richard Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd., said that the company is pleased to have Arntzen join the board and looks forward to his 30 years of experience in the maritime industry to provide new and valued perspectives.

Arntzen who has been involved in the global shipping industry since 1979 was appointed president and ceo of Overseas Shipholding Group, Inc., a global energy transportation service provider which owns and operates 157 vessels, in January 2004.

Arntzen also serves as chairman of the board of OSG America, a public listed limited partnership shipping company carrying U.S. flag and formed by Overseas Shipholding Group, Inc.

Before joining Overseas Shipholding Group, Arntzen was ceo of American Marine Advisors, Inc., a U.S. based merchant banking firm specializing in maritime industry merger and acquisition advisory work and corporate restructuring for a global client base.

Previously, Arntzen ran the Global Transportation Group for Chase Manhattan Bank and assisted the bank to pioneer the introduction of shipping companies to the high yield market and in making the bank the largest arranger of shipping loans in the world. He also established and ran the Global Shipping Group for Manufacturers Hanover Trust Company. He also is a board member of the Seaman's Church Institute in New York and New Jersey.

Royal Caribbean closed Thursday's trading at $27.43, up $0.46 or 1.71% on the NYSE. In after-hours trade, the stock is currently trading at $26.9738, down $0.46 or 1.66%.