Shipping tycoon Fredriksen joins rival to set up new capesize firm

OSLO, April 24 Thu Apr 24, 2014 6:47am EDT

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OSLO, April 24 (Reuters) - Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which will compete with Fredriksen's own dry bulk company Golden Ocean.

Fredriksen's Frontline 2012 and Knightsbridge Tankers will together own a fleet of 39 modern vessels, the firms said on Thursday.

"(This) is in line with our strategic plan of creating pure plays in different shipping segments through consolidation, divestments and spin offs," Fredriksen said in a statement. (Reporting by Ole Petter Skonnord and Gwladys Fouche)

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