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Shipping Industry Veteran Morten Arntzen Elected

Royal Caribbean Cruises board elects new member

eTN  Sep 11, 2008

MIAMI, FL (September 11, 2008) - The board of directors of Royal Caribbean Cruises, Ltd. has elected shipping industry veteran Morten Arntzen as its newest member.

Arntzen replaces retiring board member Arvid Grudekjoen and will serve on the board's Environment, Safety and Security Committee.

"We are pleased to have Morten join our board," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises, Ltd. "Morten brings nearly 30 years of experience in the maritime industry to our organization. His successful and extensive work in maritime banking and shipping will provide our board with new and valued perspectives. We look forward to his many contributions."

Arntzen has been involved in the global shipping industry since 1979, and was appointed president and chief executive officer of Overseas Shipholding Group, Inc. in January 2004. That company is a market leader in global energy transportation services and owns and operates an international and US-flagged fleet of 157 vessels (120 operating vessels and 37 under construction) that transport crude oil, petroleum products, liquid natural gas and dry bulk commodities throughout the world.

Arntzen also serves as chairman of the board of OSG America, the publicly-listed, US flag shipping master limited partnership formed by Overseas Shipholding Group, Inc.

Before joining Overseas Shipholding Group, Arntzen was chief executive officer of American Marine Advisors, Inc., a US-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. While in that position, he helped the bank pioneer the introduction of shipping companies to the high-yield market and assisted in making the bank the largest arranger of shipping loans in the world.

Arntzen held the same position at Chemical Bank before it merged with Chase Manhattan. He also established and ran the Global Shipping Group for Manufacturers Hanover Trust Company.

Arntzen holds a Bachelor of Arts degree from Ohio Wesleyan University and a Master of International Affairs degree from Columbia University. He has been a board member of Overseas Shipholding Group, Inc. since 2004. He also is a board member of the Seaman's Church Institute in New York and New Jersey.

Royal Caribbean Cruises board elects new member

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