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Economy
In reply to the discussion: Weekend Economists' Harvest Ball September 21-23, 2012 [View all]xchrom
(108,903 posts)61. Shipping magnate John Fredriksen sticks to his ‘gut feeling’: Invest
http://www.washingtonpost.com/business/shipping-magnate-john-fredriksen-sticks-to-his-gut-feeling-invest/2012/09/21/0432903c-00dc-11e2-b260-32f4a8db9b7e_story.html
(Henry Bourne/Bloomberg Markets) - John Fredriksen, 68, chief executive of Bermuda-based Frontline, is the most influential oil-tanker owner since the days when Greek tycoon Aristotle Onassis ruled the sea lanes.
The flow of much of the worlds oil is controlled from a small suite of offices perched over a Tiffany & Co. store in the Chelsea section of London. Thats where John Fredriksen, a Norwegian shipping magnate worth $13.2 billion, manages the worlds largest fleet of supertankers, the most valuable deep-water drilling company and an armada of about 128 vessels that carry minerals, grains and liquefied gases.
Every morning, he plows through a stack of reports on the operations of his maritime empire. Whenever he makes a bet-the-company move, which he does every few years, Fredriksen sets the data aside. I still work on a gut feeling, he says in a conference room adorned with a painting of a supertanker named Kathrine, after one of his two daughters.
As he navigates the worst shipping market since the 1970s, Fredriksens instincts are telling him to buy. Hes investing $7 billion in 18 rigs to pump oil from beneath the ocean floor and $4 billion in four dozen new vessels to transport liquefied natural gas, gasoline, propane and other fuels. Although Fredriksen loves tankers, hes trying to increase his dominance over the global trade of liquid energy in most of its forms.
Fredriksen, 68, is making the biggest wager in a swashbuckling career that has brought billions of dollars in windfalls as well as bitter setbacks such as the four months he spent in jail charged with fraud. A stout man with the weathered face of a mariner, Fredriksen is fond of joking that 42 of the 50 years he has worked in the tanker trade have been awful.
(Henry Bourne/Bloomberg Markets) - John Fredriksen, 68, chief executive of Bermuda-based Frontline, is the most influential oil-tanker owner since the days when Greek tycoon Aristotle Onassis ruled the sea lanes.
The flow of much of the worlds oil is controlled from a small suite of offices perched over a Tiffany & Co. store in the Chelsea section of London. Thats where John Fredriksen, a Norwegian shipping magnate worth $13.2 billion, manages the worlds largest fleet of supertankers, the most valuable deep-water drilling company and an armada of about 128 vessels that carry minerals, grains and liquefied gases.
Every morning, he plows through a stack of reports on the operations of his maritime empire. Whenever he makes a bet-the-company move, which he does every few years, Fredriksen sets the data aside. I still work on a gut feeling, he says in a conference room adorned with a painting of a supertanker named Kathrine, after one of his two daughters.
As he navigates the worst shipping market since the 1970s, Fredriksens instincts are telling him to buy. Hes investing $7 billion in 18 rigs to pump oil from beneath the ocean floor and $4 billion in four dozen new vessels to transport liquefied natural gas, gasoline, propane and other fuels. Although Fredriksen loves tankers, hes trying to increase his dominance over the global trade of liquid energy in most of its forms.
Fredriksen, 68, is making the biggest wager in a swashbuckling career that has brought billions of dollars in windfalls as well as bitter setbacks such as the four months he spent in jail charged with fraud. A stout man with the weathered face of a mariner, Fredriksen is fond of joking that 42 of the 50 years he has worked in the tanker trade have been awful.
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