- Norway edition
- Change edition:
- France |
- Germany |
- Sweden |
- Switzerland
May 17, 2012
Norwegian billionaire to buy 10 oil tankers: report
Published: 13 Feb 2012 03:31 GMT+1
Updated: 20 Feb 2012 04:33 GMT+1
Norwegian-born shipping tycoon John Fredriksen plans to spend millions of dollars to buy 10 oil tankers, hoping that their fuel capacity will give him an edge in a market facing severe overcapacity, the Financial Times reported on Monday.
- Double-barrel profit hike for Norway's Statoil (08 Feb 12)
- Three seriously injured after crane snaps (09 Feb 12)
Fredriksen plans to buy the medium range oil carriers from an as yet undisclosed builder for Frontline 2012, which was created last year as part of a massive restructuring of Frontline, one of the world's leading oil tanker shipping companies, the British financial daily reported.
The plan of adding more new tankers to a market already facing a significant glut might "seem crazy to most people," Fredriksen acknowledged to the paper.
But he insisted that "at today's bunker prices, we'll save $10,000 a day" due to the new vessels' high fuel capacity, and pointing out he had been offered prices down to $85 million per vessel compared to the peak price of $180 million.
Fredriksen, who lives in London and has become a citizen of Cyprus for taxation reasons, owns 52 percent of Frontline 2012.
Last year, Fredriksen ranked 72nd on Forbes' list of world billionaires, with a personal net worth of $10.7 billion.
Fark It!
Digg This
Share everywhere
Send to a friend
Printable version
Twitter This- Ina, 22: 'I'm going to die now' »
- Ryanair threatens to pull out of Norway »
- Kiwi-Bob hits Norway sell-by date jackpot »
- Soaring oil prices swell Norway's surplus »
- Man in flames tried to enter Oslo court »
- Woman abused husband for 40 years: prosecutors »
- Norwegian farmers launch bread blockade »
- What happened next? Comedy goal drama in Norway »
- Video: See Nirvana rouse this little drummer boy »
- Breivik victim removed bullet and swam to safety »
Jobs in Norway
|
Senior Engineer Sales & Tendering
Location: Oslo, OSLO
|
|
Senior Engineer Sales & Tendering
Location: Fornebu
|
|
Change Management Consultant
Location: Fornebu
|
|
Package Responsible Engineers - Subsea Power Equipment
Location: Fornebu
|
|
Specialist Engineer â Subsea Electrical Power Equipment Finite Element Design
Location: Fornebu
|
|
Specialist Engineer â Subsea Electrical Power System Simulations
Location: Fornebu
|
|
Team Leader â Subsea Electrical Power Equipment Delivery
Location: Fornebu
|
|
Team Leader â Subsea HV Connections & Power Module Delivery
Location: Fornebu
|
|
Manager â Subsea Electrical Power Equipment Delivery
Location: Fornebu
|
|
Team Leader â Subsea Electrical System Engineering
Location: Fornebu
|
|
Buyer
Location: Fornebu
|
|
Srructural PDMS Designer
Location: Kristiansand
|
|
Cost Controller
Location: Fornebu
|
|
Maintenance and Materials Technology
Location: Tromsø
|
|
Electrical
Location: Tromsø
|
|
Mechanical
Location: Tromsø
|
|
Safety and Environment
Location: Tromsø
|
|
Planning (preferably SAFRAN)
Location: Tromsø
|
|
Structural CAD Design (preferably PDMS)
Location: Tromsø
|
|
Piping Stress Analysis
Location: Tromsø
|
|
|
|
|
|
|
|
|
|
UKForex Currency Converter
More news from Sweden at thelocal.se
- 17/05 New Berlin airport 'should open next March' »
- 17/05 Germany loses Astra production to UK factory »
More news from Germany at thelocal.de
- 26/03 Swiss customs seize Roman sarcophagus »
- 26/03 Roche extends hostile $5.7 billion Illumina bid »
More news from Switzerland at thelocal.ch
- 26/03 Sarkozy bans controversial cleric »
- 26/03 Toulouse gunman divorces wife hours before assault »
More news from France at thelocal.fr
Parliamentary election in Algeria an important step forward (Wed, 16 May)
“I am pleased that the election in Algeria has proceeded peacefully, and that that the proportion of women in the parliament has increased considerably,” said Minister of Foreign Affairs Jonas Gahr Støre.
17 May – Norway’s National Day and International Day Against Homophobia (Wed, 16 May)
Every 17 May, we celebrate Norway’s constitution. This is a day for commemorating the ideals of freedom and equality. It is also the date of the International Day Against Homophobia and transphobia, which will be marked all over the world.
NATO, Russia and Tactical Nuclear Arms (Tue, 15 May)
The Chicago summit should send a strong signal of NATO’s resolve to engage with Russia on nuclear issues. Our aim is to strengthen the partnership between NATO and Russia, and to contribute to Euro-Atlantic security, writes Foreign Minister Støre together with Poland's Foreign Minister Radoslaw Sikorski.
Comments after Launch of Report about Green Growth (Tue, 15 May)
Minister of Inernational Development Heikki Holmås took part at the Norad seminar about the World Bank Report: "Inclusive Green Growth; The Pathway to Sustainable Development" 15 May and had some comments after Marianne Fay's presentation of the report.
Volunteer Venture is dedicated to promoting community tourism by welcoming volunteers and travelers to discover the cultural differences in Nepal as English teaching volunteers, orphanage volunteers, Monk teachers and many more
http://www.volunteerventure.org/
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.