Pursuits
Oil-Tanker Billionaire Fredriksen Revives Market-Share Quest
This article is for subscribers only.
John Fredriksen, the billionaire who made his fortune investing in crude tankers, is reuniting two businesses he split three years ago to help gain a greater share of the oil-shipping market.
Frontline Ltd. will pay about $1.5 billion for Frontline 2012 Ltd., which was split off to control the company’s most modern ships and orders for new carriers. The combination will create a business that’s big enough to attract investment for further expansion, said Eirik Haavaldsen, an analyst at Pareto Securities AS in Oslo.