Golden Ocean Group Ltd., a shipowner led by billionaire John Fredriksen, climbed to the highest level in more than two years in Oslo trading as investors bet on a rebound in rates to haul coal and iron ore.
China’s oil imports are contracting for the first time since 2009, reducing the biggest source of demand for crude tankers at a time when U.S. purchases are slowing and owners face the worst capacity glut in three decades.
Frontline Ltd., the oil-tanker company led by billionaire John Fredriksen, said an oversupply of the vessels is preventing the market recovery needed to be able to repay a convertible bond maturing in 2015.
Increasing seizures of oil tankers will help rates recover from record lows as oil companies and traders have to avoid struggling owners, according to Frontline Ltd., the company led by billionaire John Fredriksen.
Marine Harvest ASA, the world’s biggest salmon farmer, raised its takover bid for Norwegian fish-food maker Cermaq ASA and said it abandoned an even larger offer after talks between the companies failed to reach an agreement.
Seadrill Ltd., the offshore drilling company controlled by billionaire John Fredriksen, climbed to a nine-month high in Oslo as strong demand from oil and gas producers boosts the outlook for earnings and dividend growth.