AI
Monday, September 17, 2012 5:36:30 PM
FRO....John Fredriksen invested $11 billion in his businesses, which include Frontline Ltd (FRO), SeaDrill Ltd (SDRL) and Golar LNG Ltd (GLNG).
.....2/7 yr......chartz
John Fredriksen is a Norwegian shipping magnate who owns the largest fleet of supertankers in the world, along with other vessels used for the transportation of grain, mineral and liquid gas; he also has other business interests, including deepwater drilling.
Fredicksen is in the process of investing $7 billion in his deep-water drilling business and $4 billion in the shipping business.
Frontline Ltd
Frontline Ltd and its subsidiaries are involved in the ownership and operations of oil tankers and OBO (oil/bulk/ore) vessels. The company transports crude oil, and basic materials, such as iron ore and coal, worldwide.
FRO, along with the rest of the industry, has faced financial turmoil ever since the economic meltdown in 2008. In December 2007, average weekly charter rates for supertankers peaked at $229,484 a day, the rates for crude carriers are hovering at their 10-year lows.
This excess supply has decreased the prices of buying new vessels in international markets to half their levels prior to the financial meltdown.
Fredriksen is of the opinion that tanker prices and charter rates have bottomed, as the global economic outlook improves and older vessels retire.
The way forward will be through fuel efficient vessels, which burn one-fourth less fuel as compared to the existing vessels, and will improve the profitability of the sector through lower operational costs, going forward.
http://seekingalpha.com/article/860551-3-stocks-to-buy-with-the-shipping-tycoon?source=msn
c
.....2/7 yr......chartz
John Fredriksen is a Norwegian shipping magnate who owns the largest fleet of supertankers in the world, along with other vessels used for the transportation of grain, mineral and liquid gas; he also has other business interests, including deepwater drilling.
Fredicksen is in the process of investing $7 billion in his deep-water drilling business and $4 billion in the shipping business.
Frontline Ltd
Frontline Ltd and its subsidiaries are involved in the ownership and operations of oil tankers and OBO (oil/bulk/ore) vessels. The company transports crude oil, and basic materials, such as iron ore and coal, worldwide.
FRO, along with the rest of the industry, has faced financial turmoil ever since the economic meltdown in 2008. In December 2007, average weekly charter rates for supertankers peaked at $229,484 a day, the rates for crude carriers are hovering at their 10-year lows.
This excess supply has decreased the prices of buying new vessels in international markets to half their levels prior to the financial meltdown.
Fredriksen is of the opinion that tanker prices and charter rates have bottomed, as the global economic outlook improves and older vessels retire.
The way forward will be through fuel efficient vessels, which burn one-fourth less fuel as compared to the existing vessels, and will improve the profitability of the sector through lower operational costs, going forward.
http://seekingalpha.com/article/860551-3-stocks-to-buy-with-the-shipping-tycoon?source=msn
c
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