FT: “Fredriksen about to order VLCC newbuildings”

The Financial Times is reporting that John Fredriksen “plans to invest hundreds of millions of dollars in new ships for his latest company, in defiance of market conditions”

Mr. Frederiksen told the FT his new company Frontline 2012 is “looking to build new VLCCs. At today’s bunker prices, we’ll save $10,000 a day. We’ve been offered newbuildings down to $85 million, so the risk is at least at less cost.”

Read the story HERE

February 13, 2012