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.