Fredriksen confirms The Container Company stake
John Fredriksen will invest in the new ‘budget’ container line The Container Company but has not yet decided how much money he is prepared to offer.
According to Mr Fredriksen’s long-term business partner Tor Olav Troim, the venture has offered some “encouraging economics” but the plans are still at an early stage.
“The idea is still on the design board, so no specific capital framework has been decided,” Mr Troim told Lloyd’s List.
The new line, which is being set up by Jakob Tholstrup-Moller of Oslo brokerage Boxton Marine, and Franck Kayser, a former senior executive at Denmark’s Maersk Line, is likely to initially target cheap charters from vessels currently in lay-up.
While barriers to entry into container shipping have been reduced over the past year, the TCC venture will still require a significant investment to get it of the ground. To launch a string with chartered tonnage is estimated to cost around $20m in the current market.
Confirmation of Mr Fredriksen’s involvement as an investor will raise hopes that the company can now meet that level of financing.
The Container Company will be Mr Fredriksen’s first big foray into container shipping although he has taken equity investments in listed container lines.
Mr Fredriksen has shown increasing interest in container shipping, taking a major stake in Hapag-Lloyd shareholder Tui. Back in 2004 he bought into Singapore’s Neptune Orient Lines.
His New York-listed Ship Finance International owns eight boxships and has five newbuildings of between 1,700 teu and 2,500 teu capacity to be delivered next year. One industry source has suggested that the new company could provide these vessels with employment.
According to Mr Fredriksen’s long-term business partner Tor Olav Troim, the venture has offered some “encouraging economics” but the plans are still at an early stage.
“The idea is still on the design board, so no specific capital framework has been decided,” Mr Troim told Lloyd’s List.
The new line, which is being set up by Jakob Tholstrup-Moller of Oslo brokerage Boxton Marine, and Franck Kayser, a former senior executive at Denmark’s Maersk Line, is likely to initially target cheap charters from vessels currently in lay-up.
While barriers to entry into container shipping have been reduced over the past year, the TCC venture will still require a significant investment to get it of the ground. To launch a string with chartered tonnage is estimated to cost around $20m in the current market.
Confirmation of Mr Fredriksen’s involvement as an investor will raise hopes that the company can now meet that level of financing.
The Container Company will be Mr Fredriksen’s first big foray into container shipping although he has taken equity investments in listed container lines.
Mr Fredriksen has shown increasing interest in container shipping, taking a major stake in Hapag-Lloyd shareholder Tui. Back in 2004 he bought into Singapore’s Neptune Orient Lines.
His New York-listed Ship Finance International owns eight boxships and has five newbuildings of between 1,700 teu and 2,500 teu capacity to be delivered next year. One industry source has suggested that the new company could provide these vessels with employment.