Billionaire Shipping Mogul’s Master Plan

 27 Jan 2016 11.10am

Norwegian-born billionaire oil tanker and shipping mogul John Fredriksen has joined investment bank Arctic Securities in a 50-50 joint-venture to establish a ship broking company entitled Arctic Shipping Norway, according to Reuters.

Fredriksen has taken the step into an uncertain market and is confident he will see a recovery in the market and be able to tackle the big names within the industry.

Mads Syversen, CEO of Arctic Securities, said: "I am truly convinced that both the shipping and the offshore markets will recover. Establishing a new business during tough times is not new to us. Arctic Securities was established in 2007, a short time before the financial crisis.”

Low freight rates and overcapacity are swamping the global shipping market and the bulk industry in particular has felt the effects of a struggling market place.

Hyundai Merchant Marine recently began talks to sell its bulk shipping business to private equity company Hahne & Company for US$500 million in a bid to resolve its financial situation.

Many vessels in the bulk industry have been sold and passed onto new owners in an effort to restore financial stability among struggling bulk carriers.

  Carriers, Environment , Finance, Going Places