Norwegian shipping industry tycoon John Fredriksen is known today as the shipping industry's Warren Buffet, who continues to increase ownership of rival tanker company Euronav, and is today the largest shareholder of Blue Chip Shipping shares. A few days after Splash reported that the 77-year-old became the second largest shareholder of the Antwerp company, the company quickly added investment. Frederickson's company holds about 19.85 million shares, equivalent to 9.8% of the ownership interest of the New York-listed tanker company, according to the latest Securities and Exchange Commission filing. European Navigation Systems shares closed at $10.16 on Wednesday, with Frederickson's holdings worth nearly $202 million. The shares were purchased through Famatown Finance at Seatankers Management, Cyprus, a private group responsible for Frederickson's investments. On Monday, Euronav announced Fredriksen had acquired a 5.5% stake in the company, sparking potential merger speculation. He is Warren Buffet of shipping, so the move itself will see others follow the example of brokerage firm Clarksons Platou, which said on Monday: “This could lead to a merger speculation between Frontline and Euronav (the merged fleet of super-large tankers will account for about 8% of the market share).” Meanwhile, many analysts advise investors that it is time to seize the industry’s rebound. For example, a report released by broker Arrow yesterday said: "We think the worst is over and the medium- and long-term outlook is improving. The next 6-9 months should be the best time to invest in the tanker industry." Peter Sand, chief shipping analyst at BIMCO, told Splash today that Frederickson also holds about 40% of the frontline and has been a shrewd tanker investor throughout his career. "In either way, his figure matters—it seems like it's still the case. Even with the downsides over the past decade, he's been building muscles and has reappeared," Sand said. "Sand then compared him to the legendary American founder of Berkshire Hathaway. "He is Warren Buffett of the shipping industry, so the move itself will see others follow suit," Sand advised. Norway Taggs Belegium Frederickson Group
