Shipping magnate John Fredriksen has teamed up with Arctic Securities to establish a shipbroking company, Arctic Shipping Norway.

Fredriksen’s family investment firm Geveran Trading and Arctic Securities will each hold 50% stake in the joint venture.

Arctic Shipping Norway is scheduled to start operations during the first half of this year, and several key people have already been employed, according to a statement from Arctic Securities.

Mads H. Syversen, ceo at Arctic Securities, said the initiative is “another piece of our strategy to cover all aspects of shipping and offshore in-house in Arctic”.

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.”

Arctic Securities has expanded with new offices in New York and Stockholm last year. It is also looking for business opportunities in Asia, in addition to further developing its Norwegian operations.