By Jonathan Saul

LONDON, Jan 26 (Reuters) – Norwegian-born billionaire John Fredriksen has teamed up with funding financial institution Arctic Securities to type a ship broking firm aimed toward taking over larger rivals and betting on a restoration within the world delivery market.

Many segments of the delivery trade, together with dry bulk commodities, are fighting harder situations as a result of world financial worries and a surfeit of vessels.

Fredriksen, through his household’s funding firm Geveran Trading Co, and Oslo-headquartered Arctic Securities mentioned on Monday that they had established a 50-50 three way partnership broking firm, Arctic Shipping Norway, which they anticipate to start out operations within the first half of this yr.

“I am truly convinced that both the shipping and the offshore markets will recover. Establishing a new business during tough times is not new to us. Arctic Securities was established in 2007, a short time before the financial crisis,” Arctic Securities chief government Mads Syversen mentioned.

The powerful setting for delivery has resulted in tie ups within the ship broking world, as firms hunt for scale.

Last yr, ICAP’s delivery enterprise accomplished a three way partnership with rival shipbroker Howe Robinson. This adopted main ship dealer Clarkson’s acquisition of Norwegian dealer and funding financial institution RS Platou in 2014 and Braemar Shipping Services’ acquisition of fellow British shipbroker ACM Shipping in 2014.

Fredriksen is among the many world’s prime gamers in world delivery and different sectors – with many pursuits managed through his Fredriksen Group corresponding to rig agency Seadrill, fish farmer Marine Harvest, tanker firm Frontline and dry bulk service Golden Ocean . (Editing by Alexander Smith)

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