The New Order

We take the words of comedian Will Rogers as our guide for this November issue of Marine Money: “Even if you’re on the right track, you’ll get run over if you don’t keep on moving.” We think the same is true of consolidation in the shipping industry and, in the following pages, we will show who why we think a two-tier market is forming for both shipowners and shipping lenders.

When we decided to take a look at Frontline Ltd., we were amazed at how little analysis was available on the company. As we began our research, we quickly discovered why: it is a very complicated company to capture. Not only is Frontline’s rapid growth and frequent financing a challenge to assemble, as the company continues to develop on a weekly basis, attempting to analyze it is a bit like hitting a moving target. But after several weeks, dozens of pages and charts, thousands of phone calls and hundreds of man-hours in the library and at the computer, we will argue that Frontline represents one of the shipowning paradigms that will prevail in the new millennium.

This is only an excerpt of The New Order

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