John Fredriksen’s Frontline reported a narrow profit the third quarter despite the sharp downturn in tanker markets, and lined-up $870m in bank financing for its newbuilding programme.
The weakening tanker market saw Frontline’s net profit fall to $14.3m in the second quarter of the year compared to $78.9m in the first three months.
John Fredriksen’s flagship tanker company Frontline reported a net profit of $58.6m for Q4, and remains upbeat about the outlook for the tanker market.
Shipping magnate John Fredriksen has teamed up with Arctic Securities to establish a shipbroking company, Arctic Shipping Norway.
John Fredriksen’s Seadrill slumped to a massive net loss of $1.9bn in the third quarter hit by impairment charges to investments and goodwill.
Longstanding container shipping merger candidate Neptune Orient Lines (NOL) has been reportedly put up for sale.
John Fredriksen's Frontline has reported a $31.1m profit for the first quarter, as the crude tanker market improved and bunker prices remained low.
Strong crude tanker rates helped drive John Fredriksen’s Frontline 2012 to a $103.5m profit in the first quarter of 2015, and the company said it is committed to a US listing.