Billionaire Fredriksen Almost Doubles Ship Orders Amid Glut
This article is for subscribers only.
Frontline 2012 Ltd., the shipping company led by billionaire John Fredriksen, almost doubled the number of vessels it’s building at a time when the maritime industry is contending with record low earnings and a glut.
Orders for new ships increased to 53, from 28 at the end of last year, the Hamilton, Bermuda-based owner said in a statement today. While the market is “massively oversupplied” in some cases, Frontline 2012 placed orders for fuel-efficient carriers after construction prices slumped, it said.