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September 11, 2008

Arntzen joins Royal Caribbean board

The board of directors of Royal Caribbean Cruises Ltd. has elected shipping industry veteran Morten Arntzen as its newest member.

He 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. (NYSE: OSG) in January 2004. He's also chairman of the board of OSG America (NYSE: OSP), a publicly listed, U.S. flag shipping master limited partnership formed by Overseas Shipholding Group, Inc.

Before joining OSG, 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. He had 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.


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