Norwegian Billionaire Bets on Global Shipping Market Recovery



Norwegian billionaire John Fredriksen along with investment bank Arctic Securities has formed a new ship broking firm.  Amidst the tough shipping market, economic slowdown and surfeit of vessels where dry bulk commodities, are struggling with tougher conditions, this billionaire aims at betting on a recovery of the global shipping market.

This is a 50-50 joint venture company proposed to commence its business from the first half of this year.

Being one of the top ten players in global shipping and other sectors, Fredrickson is also involved in rig firm Seadrill, fish farmer Marine Harvest, tanker company Frontline and dry bulk carrier Golden Ocean under his Fredriksen Group companies.

“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,” Arctic Securities chief executive Mads Syversen said.

Source: Reuters


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