Best post the whole article eh. It's actually not good news.
Fredriksen eyes VLCC orders
John Fredriksen is set to splash out on a series of VLCC newbuildings in defiance of current market conditions.
He has told the Financial Times of his audacious plans to invest "hundreds of millions of dollars" in new ships for his latest company Frontline 2012.
The tanker titan hopes to take advantage of low newbuilding prices on offer and ship designs with better fuel consumption.
“We’re looking to build new VLCCs. At today’s bunker prices, we’ll save $10,000 a day. We’ve been offered newbuildings down to $85m, so the risk is at least at less cost,” Fredriksen told the daily British business newspaper.
Fredriksen said that his idea for Frontline 2012 would “seem crazy to most people” when a glut of ships was dragging down the market.
He said the VLCC market will not return to balance until “at least 100 of the 570-strong existing fleet had been scrapped”.
In the FT interview he said he planned to place the orders by “the end of this year” and that the orders would be “substantial”.
Most within the industry had assumed that Frontline 2012 was formed as part of a rescue package for Frontline and that it would also buy ships from struggling competitors.
The initial fleet of Frontline 2012 includes the ten tankers trading that Frontline owned, including six VLCCs and four suezmaxes, as well as orders for five VLCC newbuildings.
Oh gee OK I guess I can be smart like you. And Goldman Sachs is a Cayman Islands corporation and would survive if the US sunk into the ocean.
Because Greece or the US sinking into the ocean wouldn't affect anything.
Need a brain bandaid boy genius?
OH MY GOD YOU ARE A RETARD!!!
I am not talking about what republic they are incorporated in, I am talking about where there business is located. They obviously incorporated in some tiny Micronesian nation for tax purposes, which certain doesn't make them any better.
Dude, there are Cayman Islands corporations in the US -- we don't call them Cayman Islands companies, we call them US companies.
You have got to be the stupidest person I have ever met.
Hi, you're an idiot.
80 Kifissias Avenue
Athens, 151 25
Greece - Map
Phone: 30 210 80 90 570
Fax: 30 210 80 90 585
Do they even have any firms left to present at? When I look at the news links I see they've presented at a dozen firms and it seems no one wants to write them a loan yet.