Fahdi Shipping

"The Norwegian Northern Shipping AS never showed large profits. The company covered its costs, but not much more. The income was brokerage fees, primarily from John Fredriksen and his young, talented British broker Simon Day, but also from co-owner Peter Siemer. No one has ever become really rich from that. It would indeed have helped if the brokerage fees had gone entirely to Northern Shipping on Karl Johans street. However, along the way from their main customer Fahdi Shipping in Athens, a significant portion of the revenues disappeared. Instead, they went to an account in Jersey, which is not troubled by any noteworthy taxation."

"It is not easy for a new and unknown Liberian company to take in ships at a fixed price. The owner of the ship cannot be sure to get their settlement if the market falls, and the company does not have significant capital. However, initially, it was a question whether the shipowners knew that their ships ended up in Ocean Tanker, and not in Fahdi Shipping, which most were well acquainted with. It all went through Northern Shipping as a broker, and Northern was so active that many shipowners perhaps did not think to ask any further."