Norwegian-born billionaire John Fredriksen has partnered with investment bank Arctic Securities to form a ship brokering company aimed at taking on bigger competitors and betting on the recovery of the global shipping market.

Many segments of the shipping industry, including dry bulk commodities, are struggling with tougher conditions due to world economic worries and a surfeit of vessels.

Fredriksen, through his family's investment company Geveran Trading and Oslo-headquartered Arctic

Securities, said they had established a 50-50 joint venture brokering company named Arctic Shipping Norway, which they expect to start operations in the first half of this year.

"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.

For more of the Reuters story: www.reuters.com

Home
About CBN
Contact Us
Twitter

Current Issue
CBN Magazine Archive

Subscribe to Newswire
Featured Stories Archive
Newswire Archive
Techwire Archive
News Release Archive

Port Handbooks
Pacific Northwest Ports Handbook
Golden Gate Ports Handbook
Southern California Ports Handbook
Buy Handbooks

Advertise
Upload Files