Fredriksen leaps into LNG shipping

John Fredriksen, who already owns Frontline, one of the world's largest oil tanker fleets, now plans to become a major player in the natural gas transport market. He has invested USD 190 million (NOK 1.65 billion) to take full control of Osprey Maritime, a Singapore based shipping line with 29 vessels. Mr. Fredriksen plans to focus Osprey on gas transport alone. The combined market value of Osprey and Frontline amounts to USD 1.2 billion (NOK 10.3 billion). That slightly exceeds the market value of Bergesen, a competing Norwegian company that has the world's largest fleet.