Arctic Securities and the John Fredriksen family’s investment company, Geveran Trading Co, are together establishing a new shipbroking company, Arctic Shipping Norway, as a 50/50-owned joint venture.
Arctic Shipping Norway is expected to start operations during the first half of 2016. Several key people have already been employed, and dialogues with additional experienced brokers are taking place to ensure rapid growth. As a consequence of the new establishment, Arctic Securities will terminate its cooperation with Affinity Shipping in London.
“The establishment of Arctic Shipping Norway will provide exciting synergies for our corporate finance operations. With this initiative, another piece of our strategy to cover all aspects of shipping and offshore in-house in Arctic is in place,” said Mads Syversen, CEO at Arctic Securities, adding: “Our ambition is to take a strong and leading position in the shipbroking market. 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.”
Harald Thorstein from the Fredriksen Group commented: “We think it is very exciting to contribute to the creation of a new shipbroker. However, the new company will not receive any special treatment from our system when it comes to providing new business. Nothing comes for free in this market, and one has to work hard and stay competitive. With a team of young, hungry brokers and strong support from Arctic Securities, we have great confidence in the success of the new company.”
