(KBHM) As I noted the other day, Fredriksen recently sold 24 million Seadrill shares, totalling a little under $1 billion. He is rumoured to use this money for building a larger position in commodity carriers, among others oil product vessels.
His right hand man Tor Olav Trøim comments on the sale to Reuters: "John wants to have large liquidity to expand in commodity shipping but it won't be tomorrow or next month".
He goes on to say "He is looking further out and expects markets to improve in 2014 or 2015. If you want to get newbuilds in 2015, you have to order them and make down payments in 2012-13". Does this mean we have to hold off until 2014-15 for better freight rates?
Seadrill (SDRL) currently trading at NOK 220.50, up 1.38%.
