Shipping Billionaire Fredriksen Revises Chinese Vessel Orders

Shipping companies led by Norway- born billionaire John Fredriksen renegotiated the terms of orders for oil tankers and coal and iron ore carriers due to be built by a Chinese shipyard. Frontline Ltd., the world’s largest supertanker operator, and Golden Ocean Group Ltd. increased the number of vessels they are having built at Zhoushan Jinhaiwan Shipyard Co. and secured lower prices, according to statements from both companies today. Fredriksen is chairman of the two shipping lines.