With crude oil prices unlikely to drop below US$70/barrel in the short term, the heavy lift market has entered into a frenzy of (mainly) financial activity. As oil majors and heavy industries ramp up production the spotlight has been turned on the heavy lift and project cargo sector resulting in a flurry of new entrants and a surge in newbuilding projects.
Market leader Dockwise has been the centre of financial attention since it was astutely sold by its major shareholder Heerema to the investor 3i for €537M last December. 3i then oversaw the merger of Dockwise and the newly formed Sealift, established by tanker operator John Fredriksen through his Frontline group. Although Sealift was a start-up company with no ships, such is the reputation that Fredriksen commands in shipping circles, the new “virtual” operator was accepted as a major player in this sector....
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This complete item is approximately 2000 words in length, and appeared in the October 2007 issue of WorldCargo News, on page 55.
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