Arne Fredly calls 80% of listed shipping companies 'pure fraud'

Norwegian tycoon Arne Fredly is not about to endear himself to fellow shipowners, following comments that up to 80% of listed shipping companies are "pure fraud".

In a series of interviews with Norwegian financial daily Finansavisen in the new year, the prime mover behind Oslo-listed VLCC company Hunter Group said investing in the sector had been a "sad story".

This was mostly because 60% to 80% of listed shipping companies are "pure fraud", the newspaper cited him as saying.