During a panel discussion at the Shipping 2015 conference in Stamford Ole Hjertaker noted that the tycoon carries a copy of an industry almanac published by the Norwegian Shipowner’s Association.
While this isn’t a particularly groundbreaking revelation the executive told the audience that the copy in question is indeed unique in that it was printed over 40 years ago.
Hjertaker’s testimonial came during a question-and-answer session in which a delegate asked panelists whether they ever rely on historic cycles as a point of reference when producing market forecasts and timing the deployment of capital.
“When making investments it is wise to be mindful of market cycles,” the executive added after shedding light on Fredriksen’s favourite read, which includes a digest of data points from the tanker segment in 1973.
Art Regan, the chief executive of US tanker operator Principal Maritime, agreed that it is important to review what he called “historical patterns” but said this type of exercise should be approached with a certain degree of caution.
“The oil matrix is extremely complex,” Regan continued in reference to his particular area of expertise. “Drivers [of previous cycles] may not be the driver’s of today’s market. That said, it is important to identify and understand the variables.”
