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Shipping tycoon Fredriksen joins rival to set up new capesize firm
April 24, 2014 / 10:50 AM / in 3 years

Shipping tycoon Fredriksen joins rival to set up new capesize firm

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

Fredriksen’s Frontline 2012 FRNT.NFF 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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