Don't Expect to Make any Money out of Shipping for Next Two Years, Warns Billionaire Shipping Magnate John FredriksenBy Lloyds List, PRNE
Sunday, December 12, 2010
Speaking Exclusively to Lloyd's List in a Rare Interview, the World's Largest Tanker Operator John Fredriksen Talks Business Strategy, Market Prospects and Explains why he is Planning one Final Assault on the Tanker Market, When the Time is Right
LONDON, December 13, 2010 - Next month, John Fredriksen celebrates 50 years in shipping and despite
spending much of his remarkable career at the top of his game and being one
of the industry's most closely-watched figures, he remains something of an
unknown quantity… until now.
In an exclusive interview with Lloyd's List, Fredriksen offers a candid
assessment of the shipping markets, predicts where the real profit will be
made over the next few years and outlines his business strategies for the
He may be revered as one of the most influential tanker magnates of all
time, but as the Lloyd's List interview reveals, his real power currently
lies outside of shipping for a good reason - he does not expect to make any
real money out of shipping over the next two years - at least not until the
next wave of tanker consolidation kicks in.
In a rare insight into the Fredriksen empire, Lloyd's List reveals how
his offshore interests are about to dominate the market, his LNG (liquefied
natural gas) businesses are about to ripen, and the overwhelming strength of
his fish farming interests currently make his shipping businesses look like
minnows by comparison.
"But it's going to be another couple of years at least before real
profits return on the tanker side and a lot of ships will have changed hands
by then," Fredriksen tells Lloyd's List.
Once the market has rebalanced, the 66-year-old serial entrepreneur has
promised that he will be "back on the scene," potentially in a big way, with
significant profits from other ventures to spend.
"If it gets cheap enough, we'll be there," says Fredriksen, who now
controls a network of companies worth in excess of $24 billion.
Subscribers can see the full article featuring the interview with John
Fredriksen and his long-term business partner and friend, Tor Olav Trøim, by
logging onto www.lloydslist.com
For further information, a PDF of the full interview, photographs and/or
an interview with Richard Meade of Lloyd's List, please contact:
Kirstin Stocker, +44(0)7716756453
Tags: December 13, Lloyd’s List, London, United Kingdom