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Fredriksen: 'Won't be much money' in shipping for now

Fredriksen:  'Won't be much money' in shipping for now

Oslo: Arguably the world's most powerful man in shipping, John Fredriksen, is downcast on the immediate future of the tanker and dry bulk trades. The billionaire said yesterday there "won't be much money to earn" in shipping in the next two to three years after owners ordered too many ships.
"I'm negative to shipping, I've been that for a while," Fredriksen, head of Frontline, told reporters at a Pareto Securities ASA conference in Oslo. "Tanker rates, I don't have much belief in."
Fredriksen said there was "too much contracted on bulk and tanker," in a later interview.
Fredriksen is now being linked with a swoop for offshore contractor Transocean, a move that would likely see him strip down the assets of the Deepwater Horizon-linked firm and fold it into his Seadrill subsidiary.  [02/09/10]