New Chair to Take Helm at Team Tankers

Team Tankers International, a company established by Eitzen Chemical within its restructuring process, has entered into an agreement to name Morten Arntzen as chairman of the company.

The agreement is subject to Mr. Arntzen being voted onto the Board of Directors by a special general meeting, which is to take place in the company’s office in Bermuda on or about 23 April 2015.

Concurrent with Mr. Arntzen’s appointment, Mads Meldgaard will resign from his current role as chairman and will continue on as a director. Mr. Meldgaard had been made the temporary chairman following the closing of the Eitzen Chemical restructuring in January of this year. Mr. Meldgaard will also resign as the managing director of the company, which role will be taken over by Mr. Arntzen.

Mr. Arntzen has been involved in the global shipping industry continuously since 1979 and has acted in a variety of capacities including banker, underwriter, advisor, investor, and chief executive officer.

“I am excited to join Team Tankers following their very successful financial restructuring and look forward to working with the Board, Senior Management and the employees of the company worldwide to build a stronger and more prosperous shipping company,” said Mr. Arntzen.