Marine Log

January 3, 2007

OSG's Arntzen named next CMA Commodore
Morten Arntzen

Morten Arntzen, President & CEO of Overseas Shipholding Group, Inc. (OSG), has been named the Connecticut Maritime Association (CMA) Commodore for the year 2007.

The award will be presented on March 21, 2007 at the Gala Dinner that concludes of the annual CMA conference and trade show.

The award is given each year to a person who has contributed to the growth and development of the international maritime industry.

Arntzen has been involved in the global shipping industry since 1979 and was appointed President and CEO of Overseas Shipholding Group, Inc. in January 2004.

Before joining OSG, he was CEO of American Marine Advisors, Inc. (AMA), a U.S.-based merchant banking firm specializing in maritime industry merger and acquisition advisory work and corporate restructuring for a global client base. Prior to AMA, he ran the Global Transportation Group for Chase Manhattan Bank (Chase), which held a $5 billion shipping portfolio.

Arntzen is a Board member of The Seamen's Church Institute of New York and New Jersey and is active with the American Bureau of Shipping and the American Maritime Association.

Arntzen is Presiding Director of Chiquita Brands International, Inc., where he is Chairman of the Nominating and Governance Committee and a member of the Audit Committee. He holds a bachelor of arts degree from Ohio Wesleyan University and a master of international affairs degree from Columbia University. He has been an OSG Board member since 2004.

Peter Drakos, President of the CMA, stated, "We are extremely fortunate to have had some of the industry's most distinguished and accomplished shipowners accept our annual Award, beginning with our first Commodore, Ole Skaarup. With the Board's choice this year of Morten Arntzen we continue the tradition of recognizing excellence. While the Award is presented to Mr. Arntzen it reflects the CMA Board's acknowledgement that OSG and its entire team have committed themselves to building an industry leading business. Over the years the CMA has celebrated the vision and energy of the shipping industry from around the world, and we are delighted to do so again with Morten Arntzen and OSG."

Former Commodores include: Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O'Neil, Richard du Moulin, Per Heidenreich, Mark Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day and Torben Jensen.